Posted by US Loan Auditors in
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Mortgage Crisis on 08 20th, 2010 |
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by Ellen Brown
Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans. At the heart of this disconnect was the Mortgage Electronic Registration System, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands...
Posted by US Loan Auditors in
Featured Articles,
Mortgage Crisis on 08 4th, 2010 |
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by Colin Barr, CNN Money
Countrywide is paying the biggest tab yet in settling a subprime class action suit
And like it or not, the deal brings a rare bit of good news for some embattled former executives of the troubled mortgage lender, including longtime CEO Angelo Mozilo (right).
angelo mozilo
A federal judge signed off Monday on a settlement under which former shareholders of the troubled mortgage will get $624 million, the Los Angeles Times reported. The plaintiff lawyers called the sum the...
Posted by US Loan Auditors in
Company News,
Featured Articles,
Loan Auditors on 04 8th, 2010 |
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Walt Gray interviewer for California’s KCRA Channel 3 digs deeper into the foreclosure audit scam that is sweeping across the state. Attorney General Jerry Brown held a news conference last week warning of the dangers regarding phony foreclosure specialists.
Attorney General Jerry Brown warned citizens of California to be on alert. He mentioned that foreclosure consultants are prohibited by law from collecting upfront fees for services; to never ignore letters from your lender; never transfer...
Posted by US Loan Auditors on 04 7th, 2010
Predatory lending is unfortunately something that we will come into contact directly or indirectly at one point of our lives. When a lender underwrites a mortgage, there are laws and guidelines that have to be observed. If that is not the case, you will have fallen prey to that kind of lending and you are legally entitled to fight it back. And that is exactly what this forensic loan auditing company...
Posted by US Loan Auditors on 10 28th, 2010
by Christopher Peterson
On monday the American Banker ran a well written story by Jeff Horwitz on the document problems slowing down foreclosures. It focuses on whether document custodians actually have the possession of key documents, including especially promissory notes. The article (subscription requried; 2010 WLNR 21191843) quotes document custodians insisting that they have all the documents...
Posted by US Loan Auditors on 10 8th, 2010
By Inman News,
Bank of America said it’s extended its review of foreclosure documents to all 50 states, and will stop all foreclosure sales until the review is completed.
The ongoing assessment, previously confined to 23 states where courts have jurisdiction over foreclosures, “shows the basis for foreclosure decisions is accurate,” Bank of America said in a statement.
Bank of America...
Posted by US Loan Auditors on 10 6th, 2010
TALLAHASSEE, FL - October 6, 2010 - (RealEstateRama) — Attorney General Bill McCollum today announced a multi state agreement with Wells Fargo Bank over allegations of deceptive marketing of payment option adjustable rate mortgage loans (POA’s) by Wachovia Corporation and Golden West Corporation, before Wells Fargo acquired the companies. From April 1, 2010 through the term of the agreement, more...
Posted by US Loan Auditors on 10 5th, 2010
September of 2010 could be the beginning of a foreclosure halt by the Top 7 banks across the United States. Ally Financial, a unit of GMAC has already agreed to halt foreclosures in 23 states. JP Morgan Chase has reportedly halted 56,000 foreclosures as well.
This foreclosure halt was instituted after it was discovered that Ally employees were signing affidavits on foreclosures cases yet having no...
Posted by US Loan Auditors on 09 27th, 2010
Mortgages exceed home values across the Central Valley, with more than six out of ten homes in Stockton, for example, underwater, according to new reports Thursday from real estate information company CoreLogic Inc. of Santa Ana.
While Stockton is the deepest underwater market reported by CoreLogic, it has plenty of company.
• In Modesto, 59.6 percent, or 58,892, of all residential properties with...
Posted by US Loan Auditors on 09 2nd, 2010
By ROBBIE WHELAN, WSJ
New data suggests that mortgage fraud—which got tougher to pull off after the collapse of the U.S. real estate market—is returning in a big way.
Data prepared for The Wall Street Journal by research firm CoreLogic, examining about seven million home loans made by hundreds of lenders, show that losses from mortgage fraud—ranging from falsified credit reports to identity theft—rose...
Posted by US Loan Auditors on 08 24th, 2010
Obama mortgage-aid effort is struggling to stem the rising number of foreclosures in US
WASHINGTON (AP) — Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday’s report from the Treasury Department...
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