Robosigners

Lenders, Servicers Scramble To Shift Foreclosure Cases To New Firms

December 17, 2010

News came out this week that foreclosures fell in November to their lowest levels in the past 18 months (http://tiny.cc/92wrq). This seemingly positive data is clearly a result of the foreclosure freeze enacted by most banks following the revelation that lenders improperly handled millions of foreclosure cases. As lenders and loan servicers scramble to correct […]

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492 Days From Default to Foreclosure

December 8, 2010

According to mortgage-data provider LPS Applied Analytic, 492 days have elapsed since the average homeowner in foreclosure made a mortgage payment. In short, people are defaulting on their mortgage loans faster than banks are able to effectively carry out the foreclosure process. Homeowner’s that owe considerably more on their mortgage than the fair market value of their home […]

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US Banks Likely To Face Another Round of Crisis in the Future

December 8, 2010

A recent case in New Jersey involving Bank of America ignited the “robosigner” crisis by exposing lenders’ suspect foreclosure practices and called into question the validity of millions of foreclosures throughout the US.  As a result, many experts have weighed in as to whether the lenders, by way of securitization and complex trust agreements, ever […]

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