Foreclosure Fight Needs to Find Fast Answers
As federal regulators clamp down on foreclosure procedures at the big banks, and the government sets new lender requirements for risk retention in residential mortgages, the cry from the industry is that this will only hamper the housing recovery and p…
Federal Regulators Hit Banks on Mortgage Practices
The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision released enforcement action against fourteen major bank/servicers in the form of consent orders.
Robo-Settlement Snags
Word was last week that federal banking regulators, not the state attorneys general, were going to announce some kind of “enforcement action” against 14 big banks/servicers in the so-called “robo-signing” foreclosure paperwork mess today or tomorrow. N…
Home Builders and Foreclosures: If You Can’t Beat ‘Em, Join ‘Em
Right now banks are pushing foreclosures to market faster than ever, perhaps due to improving paperwork procedures, and perhaps due to the fear of some kind of settlement/penalty coming down the pike from state attorneys general and federal regulators….
Banks Fight Mortgage Principal Reduction
At the end of a day-long negotiation session over the foreclosure paperwork mess at the Department of Justice, Iowa Attorney General Tom Miller and Associate Attorney General Thomas Perrelli came out for a brief chat with reporters. They essentially sa…
Big Banks Lose: Mortgage Risk Retention Doesn’t Expire
Yesterday morning I attended the FDIC’s background press briefing before the vote on proposed risk retention rules. While the rules covered a vast ground, I was of course most interested in those that focus on the “Qualified Residential Mortgage.” The …
Paperwork Issues Still Stall Foreclosures
Despite the fact that banks claim they are ramping up repossessions again and refiling foreclosure documents, the numbers don’t appear to prove that. Foreclosure filings fell 14 percent in February month to month and fell 27 percent year over year. Tha…
JPMorgan Fights Back on Forced Principal Forgiveness
It’s not like we didn’t already know the banks were opposed to forgiving principal on troubled loans, even though they claim they are doing a little of that now. But today CNBC’s Melissa Francis got an earful from JPMorgan Chase’s Charlie Scharf, CEO o…
Protesters Ream State AGs over Foreclosure Settlement
There is no multi-billion dollar fund or penalty and there is no word from Federal Regulators as to how the banks will ultimately “fix” the foreclosure paperwork issues…But a meeting here in DC of the fifty state attorneys general was too good to pas…
Will Banks Be Forced to Reduce Loan Principal?
I’m reporting today from a Wells Fargo two-day mortgage modification event in Portland, OR. This is the 20th such event WFC has held since September of 2009, meeting face to face with over 19,000 borrowers.
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