BofA wording may cause more foreclosures
Originly by Kirsten Grind: When her Edmonds condo went on the market, Mindy Moore thought she had managed to avoid foreclosure. Moore listed the home in Edmonds for about $30,000 less than she owed on the mortgage. She thought the “short sale” agreement signed with the bank meant the bank would absorb...
Comparing white-collar sentences
Originaly by LA Times: Shorter sentences: Bernard Madoff’s 150-year prison sentence far exceeds those given for other white-collar crimes of the last three decades. Ivan Boesky The central player in Wall Street’s insider trading scandals of the 1980s served 22 months of a three-year sentence...
City to make case against Wells Fargo
Originaly by Julie Bykowicz: Lawsuit claims Baltimore harmed by predatory lending practices Baltimore City will attempt to show a federal judge on Monday that it has lost millions of dollars because of what it contends were racially biased predatory lending practices by Wells Fargo. In what will amount...
Lakeville (MN) woman charged with theft from real estate closings
Originaly by MFR: In the following press release Dakota County Attorney James Backstrom announced that Kuntee Singramdoo, age 49 of Lakeville, has been charged with five counts of Theft and three counts of Theft by Swindle (all felonies), in connection with the theft of over $220,000 while she worked...
Mpls. homeowner must post $50,000 bond to avoid eviction, judge rules
Originaly by Abby Simons: Embattled homeowner needs to post a $49,940 bond by Monday. Her supporters may try to block the eviction A Minneapolis woman who has battled eviction could be forced out of her house as early as next week unless she can post a $50,000 bond. Although negotiations between Rosemary...
Fighting for justice
Originaly by Sue Dremann: Community Legal Services of East Palo Alto takes on the challenges of the elderly, immigrants and poor Attorney Shirley Hochhausen recalled the day she prevented the sale of Jaqueline Marcelos’ foreclosed home. The sale was scheduled for completion at 1 p.m.; Hochhausen...
Wells Fargo gave wealthy blacks subprime loans more often than poorer whites
Wells Fargo gave high-cost, subprime loans more often to its highest-earning African-American borrowers in Baltimore and Chicago than to its lowest-earning white borrowers in 2007, according to an analysis of mortgage lending data by The Chicago Reporter.    In 2007, nearly 25 percent of Wells Fargo’s...
Inside the Liar’s Loan
Originaly by Mark Gimein: How the mortgage industry nurtured deceit. Here’s the narrative we’ve heard about the mortgage meltdown: miscalculation and unfounded optimism, clueless investors, cash-strapped home buyers clobbered by rate resets. But there’s one piece of the mortgage-meltdown...
House Passes Miller, Watt, Frank Mortgage Reform Anti-Predatory Lending Bill
Representative Miller speaks in support of HR1728, Mortgage Reform and Anti-Predatory Lending Bill which passed the House today.
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