Articles about Foreclosure Crisis
Over the past month, all 50 state attorneys general have been questioning banks incessantly concerning the continuing robo-signing scandal, where foreclosure paperwork and affidavits were submitted to the courts without due process (review). There could be a kink in the works, though: elections were held last Tuesday. A 12 member executive committee had been formed [...]
Ohio Attorney General Richard Cordray is up in arms concerning the continuing robo-signing scandal. Wells Fargo had announced last week that they were going to submit new foreclosure affidavits and proceed with foreclosures. Cordray feels that this “band-aid” is more of a cover-up than a cure. He thinks that Wells Fargo and several other banks, [...]
Tam Doan used to be an employee with Bank of America. He was a part of the bank’s Southern California’s pre-sale foreclosure department. His job, he stated, was not to actually read the paperwork that he was signing. Doan also admitted that sometimes he had no clue what documents he was signing-off on. The chaos [...]
Wells Fargo, along with Bank of America and JPMorgan Chase, currently hold about 30% of the industry’s deposits. Due to its more conservative approach to homeowner lending, the mortgage crisis that began in 2008 seemed to hurt Wells Fargo less than other major banks. The mortgage robo-signing scandal first began to come to light in [...]
The Congressional Oversight Panel, which oversees the Troubled Asset Relief Program, will convene the first public hearing in response to the robo-signing foreclosure scandal. The Panel was formed, in large part, to keep an eye on the government’s programs to alleviate the foreclosure crisis, which includes the Home Affordable Modification Program. In 2008 Congress convened [...]
The ongoing Mortgage robo-signing scandal just keeps getting worse every day. Just last week, Bank of America announced that they would resume the 102,000 pending foreclosures that they currently hold. The problem is that, they stated in this announcement, they did a “thorough review” of its foreclosure processes and didn’t find any fault. On Sunday, [...]
It looks like a major fiasco involving two well established mortgage giants Freddie Mac and Fannie Mae may wind up costing the American people nearly 259 million dollars. That is twice what was thought to be the original cost. It has been discovered that the 135 million dollars originally calculated was well off this latest [...]
The recent incidents surrounding foreclosures should not come as a surprise to anyone. Bank of America is halting foreclosures across the country after reports pouring in of rob-signings sans any verification of affidavits. JPMorgan Chase is not seeking foreclosure judgments in 41 states until it has completed reviewing its documents. Iowa’s Attorney General Tom Miller [...]
