A settlement between a coalition of federal and state agencies and banks over foreclosure practices will come in a “matter of weeks,” Shaun Donovan, secretary of Housing and Urban Development, told the Los Angeles Times.
via latimes.com.
May 30
Recently, the California Supreme Court denied a petition for review from a homeowner who is fighting to keep his property from being taken from him and his family through foreclosure. The Court chose not to review a 4th Appellate District Court decision that upheld the right of the Mortgage Electronic Registration Systems to the deed of trust on the home, giving MERS the right to foreclose
via RISMedia.
May 29
The nation’s biggest banks and mortgage lenders have steadily amassed real estate empires, acquiring a glut of foreclosed homes that threatens to deepen the housing slump and create a further drag on the economic recovery.
via NYTimes.com.
May 29
State attorneys general told five of the nation’s largest banks on Tuesday they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn’t reached to address improper foreclosure practices, according to people familiar with the matter.
via WSJ.com.
May 28
Slight drop in strategic defaults unlikely to last as more people do the math, see they cant recover and make a business decision to walk away from their mortgage, even if it ruins their credit
via chicagotribune.com.
May 23
Five years after the housing market started teetering, economists now worry that the rise in lender-owned homes could create another vicious circle, in which the growing inventory of distressed property further depresses home values and leads to even more distressed sales. With the spring home-selling season under way, real estate prices have been declining across the country in recent months.
via NYTimes.com.
May 19
The Federal Deposit Insurance Corporation (FDIC) has filed against CoreLogic for $129 million and demanded a jury trial regarding allegedly faulty appraisals provided to Washington Mutual Bank (WaMu) which the FDIC seized in 2008 prior to facilitating its sale to JP Morgan Chase. The FDIC has also filed suit against CoreLogic competitor
via agentgenius
May 19
WASHINGTON — The Office of the Comptroller of the Currency today announced formal enforcement actions against eight national bank mortgage servicers and two third-party servicer providers for unsafe and unsound practices related to residential mortgage loan servicing and foreclosure processing.
The eight servicers are Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo. The two service providers are Lender Processing Services (LPS) and its subsidiaries DocX, LLC, and LPD Default Solutions, Inc.; and MERSCORP and its wholly owned subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS).
via OCC
