Three thoughts on the foreclosure documentation scandal
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...
Bank of America halts foreclosure sales in all 50 states
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...
Foreclosure Freeze nationwide?
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...
Homeowners’ Rebellion: Could 62 Million Homes Be Foreclosure-Proof?
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...
Grand Jury charges three with foreclosure fraud
A grand jury in Santa Clara County has indicted three individuals with foreclosure fraud. The case involves homeowners across California and six other states and homeowner of mostly Latino descent. The indictment against Rene Alvarez, age 39, Mariano Ortega, age 34 and Cydney Sanchez, age 60 alleges...
CA Communities re-victimized by bank practices
Lending institutions that practiced predatory lending in California communities in Los Angeles, Oakland, Sacramento, San Diego and Stockton with high cost subprime loans are failing to prevent foreclosures in those communities. The California Reinvestment Coalitions new report reveals that there is a...
25 Million Foreclosures before Crisis Ends?
The numbers are almost unbelievable however forecasters predict that within the next two years the number of home mortgage foreclosures will reach an overwhelming figure of twenty five million. The number of foreclosures since this housing crisis started in 2007 to present is just over eight million....
Compliance issues are stopping foreclosures
Homeowners that are delinquent on their property mortgages are attempting to stop mortgage servicers from foreclosing on them by citing compliance mistakes, lost documentation and predatory lending. An attorney in California has boosted about his success in halting mortgage lenders from foreclosing...
Minister fights to save home from foreclosure
Forest Park, Oklahoma Reverend Horace Scott and his wife Michelle are fighting to keep their home of fourteen years. The Scotts are in a catch twenty two of mortgage mess brought on by Countrywide’s’ predatory lending practices. Scotts are not along in this situation and their story is just one of...
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