Category Archives: Foreclosure

SEC charges former execs of Fannie, Freddie

By doris | Published: December 17, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — The Securities and Exchange Commission charged six former executives of Fannie Mae and Freddie Mac with securities fraud on Friday for misrepresenting their holdings of high-risk mortgage loans. The SEC is targeting three former executives of Freddie Mac (FMCC, Fortune 500), including chief executive officer Daniel Mudd, [...]

Also posted in Business, CEO, Financial, Scheme | Leave a comment

Foreclosure flood may not have crested yet

By doris | Published: May 22, 2011

Full Story at msnbc.com If the national foreclosure crisis were a baseball game, we would be in about the top of the sixth. And we may have to go to extra innings. Since the housing market peaked in 2006, some 6.5 million homes have been lost to foreclosure. There are likely another 4.3 million more [...]

Also posted in Banking, Economy, Financial, Home, Loans, Market, Money | Leave a comment

CNBC: 3 big banks cutting deal on foreclosures

By doris | Published: November 17, 2010

Full Story at msnbc.com WASHINGTON — Three big U.S. banks are nearing a settlement in which they would compensate borrowers whose homes were improperly foreclosed upon, according to a CNBC report. Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. would also agree not to start foreclosure proceedings until they have [...]

Also posted in Business, Financial, Home, Money | Leave a comment

We’d like to return these bad loans, please

By doris | Published: October 24, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The foreclosure document fiasco has already caused a major headache for U.S. banks — and that headache may soon escalate into a migraine. But the additional pain isn’t coming from the Obama administration or state attorneys general, both of whom have stepped up pressure on the banks. [...]

Also posted in America, Banking, Business, Economy, Financial, Legal | Leave a comment

Tab for Fannie, Freddie could soar to $363B

By doris | Published: October 23, 2010

Full Story at msnbc.com WASHINGTON — The government spelled out Thursday just how much the most expensive rescue of the financial crisis will end up costing taxpayers — as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac. That figure would be nearly twice the amount Fannie and Freddie have received so [...]

Also posted in Banking, Business, Credit, Financial, Home, Loans, Market, Money, Reccession | Leave a comment

Foreclosure-document mess growing, FBI now involved

By doris | Published: October 21, 2010

Full Story at msnbc.msn.com WASHINGTON — The foreclosure-document crisis just keeps on growing, and now the FBI is getting into the fray. A federal law enforcement official told the Associated Press that the agency is in the initial stages of trying to determine whether the financial industry may have broken criminal laws in the mortgage [...]

Also posted in Banking, Business, Corporate, Economy, FBI | Leave a comment

Bank of America to resume some foreclosures

By doris | Published: October 19, 2010

Full Story at msnbc.msn.com WASHINGTON — The pace of U.S. home foreclosures may not slow much after all. Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process [...]

Also posted in Banking, Business, Closing, Economy, Home, Legal, Money | Leave a comment

Homeowners may gain ground in foreclosures

By doris | Published: October 11, 2010

Full Story at msnbc.msn.com SAN FRANCISCO — Feeling the weight of mortgages on two properties and several thousand dollars of credit card debt, Jason and Kristin Koontz filed for bankruptcy last year. The couple surrendered one property to foreclosure but say they were still making payments for their house in Mishawaka, Ind. EverHome Mortgage Co. [...]

Also posted in America, Banking, Business, Financial, Home, Lawsuit | Leave a comment

Obama won’t sign foreclosure challenge bill

By doris | Published: October 8, 2010

Full Story at msnbc.msn.com WASHINGTON — President Barack Obama will not sign legislation that could have made it more difficult for homeowners to challenge unjustified foreclosure actions, the White House said on Thursday. White House communications director Dan Pfeiffer said Obama was sending the bill back to the House of Representatives for further discussion of [...]

Also posted in Banking, Business, Government, President | Leave a comment

Holder says Justice Dept. studying foreclosures

By doris | Published: October 7, 2010

Full Story at msnbc.com WASHINGTON — The government is looking into allegations that mortgage lenders in the foreclosure crisis have been evicting homeowners using flawed court papers, Attorney General Eric Holder said Wednesday. President Barack Obama’s financial fraud enforcement task force has a mortgage component to it, Holder noted during a news conference. In a [...]

Also posted in America, Banking, Business, Failing, Financial, Money | Leave a comment

Foreclosure prevention program losing its punch

By doris | Published: August 21, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The president’s signature foreclosure rescue plan is losing its punch, according to a federal report released Friday. Only 36,695 troubled homeowners received long-term mortgage modifications in July under the Obama administration’s Home Affordable Modification Program, known as HAMP. This brings the total to 434,717 borrowers who have [...]

Also posted in Banking, Business, Economy, Financial, Government, Loans, Lose, Money | Leave a comment

Foreclosure relief plan still coming up short

By doris | Published: March 26, 2010

Full Story at msnbc.com The government’s foreclosure relief program just isn’t working. That was the assessment Thursday of two reports from government watchdogs and a panel of witnesses at a congressional hearing trying to find out why the Obama administration is falling far short of its goal of preventing millions of Americans from losing their [...]

Also posted in America, Banking, Business, Economy, Financial, Market | Leave a comment

Program to pay homeowners to sell at a loss

By doris | Published: March 8, 2010

Full Story at msnbc.com NEW YORK – In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. This latest program, which will allow owners to sell for less than they owe [...]

Also posted in America, Banking, Business, Economy, Failing, Financial, Government, Home, Stimulus | Leave a comment

You lost your house – but you still have to pay

By doris | Published: February 4, 2010

Full Story atmoney.cnn.com Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these “deficiency judgments” are ticking time bombs that can explode years after borrowers lose their homes. It can even happen to people [...]

Also posted in Banking, Home, Money, Repay | Leave a comment