Over the past decade we've seen a number of scandals floating around debt ownership and robosigning. That's the process where creditors swear they are the real owners of a particular debt but can't actually produce the proof when pushed to.
Bank of America and JPMorgan Chase say they’ve fulfilled their obligations to troubled borrowers mandated by a settlement
Nearly a third of all foreclosed borrowers who faced proceedings brought by the biggest U.S. mortgage companies during the height of the housing crisis came to the brink of losing their homes due to potential bank errors or under now-banned practices, regulators have revealed.
"In the end, California’s non-judicial foreclosure process, that has served the state well and allowed a faster recovery
"We are servicing the first mortgage on behalf of an investor and we own the second mortgage," Bank of America spokeswoman
Underwater homeowners, though, should not wait for the market to bounce back, Donovan said. Rather, they should apply for
So what to do with an unelected official who won't bend to the political winds? Many lawmakers think the moral hazard is
Five years into the country's unprecedented foreclosure crisis, hard data about the exact nature of the mortgage companies
In other words, the foreclosure process does not need to be overseen by a judge. That left the conduct of lenders in California
The settlement with Bank of America, Wells Fargo, Ally Financial, Citigroup and JPMorgan Chase came after a long investigation
Shaun Donovan, secretary of the Department of Housing and Urban Development, said last week that a deal "will be finalized
The settlement is worth $25 billion, a sum which will be distributed to homeowners who were wrongfully foreclosed on as well
Specifically, as homes increase in value, consumers are more willing to spend money, stimulating the economy. At the same
The Obama administration, along with a coalition of state law enforcement officials, is pursuing a settlement with big banks
In October 2011, Delaware Attorney General Beau Biden filed suit against Mortgage Electronic Registration System, claiming
"Bank of America is reviewing the case and will reach out to the borrowers," said spokeswoman Jumana Bauwen. She continued
As I've tried to make sense of the Robo-Signing, Document-Backdating Foreclosure Scandal That Never Ends, a couple of things have popped in my head: Animal House and Alan Greenspan. Stay with me here.