Proposed Settlement To Force Lenders To Pay For Principal Loan Reductions

February 24, 2011

The Wall Street Journal is reporting that The Obama administration is trying to push through a settlement with the major loan servicers that could force America’s largest banks to be on the hook for reductions in loan principal worth billions of dollars.  News of the proposed settlement is noteworthy because it would be the first […]

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Bank Regulators Likely To Fine Banks Over Foreclosures

February 18, 2011

MSNBC reported today that US Bank regulators are close to punishing mortgage servicers for widespread violations of state and federal laws that resulted in thousands of defective foreclosures throughout the United States.  If anyone ever wanted to see the types of errors the banks were making, take a look at this assignment actually recorded by the […]

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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 ( 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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