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It's the next big shoe to drop in the robo-signing foreclosure scandal. Call it part two.
Two failed subprime mortgage lenders are trying to convince federal bankruptcy judges in Delaware today that they should be able to destroy thousands of boxes of original loan documents.
The economy has improved in the last six months, signaled by greater consumer spending, durables purchases and some signs of increased investment, Daniel K. Tarullo, Federal Reserve governor, told CNBC Friday, echoing what his boss, Chairman Ben Bernanke said on Thursday.
More than 10 percent of loans made possible through A federal program might have been to borrowers who were not eligible because they did not meet the minimum financial requirements and might not have had the means to pay them back, reports The New York Times.
Today's report from RealtyTrac serves as a warning to big banks, Fannie, Freddie and local communities; The foreclosure glut is coming, and they'd better be ready to get rid of that glut in a big way.
Mortgage, housing and banking analysts took the weekend to pontificate on the ramifications of last Friday's decision by Massachusetts' highest court to void two foreclosures due to improper paperwork. A coalition of state pension funds took a different tack: They fired a shot across the bow of the big banks.
More troubled homeowners are dropping out of the Obama administration's main foreclosure-relief program, which has been widely criticized for failing to help more people keep their homes.
To protect homeowners seeking loan modifications, California banned payment to lawyers before the work was done. Now lawyers say they cannot afford to help, The New York Times reports.
The effects of the so-called "Robo-signing" scandal showed up in drastic numbers in a new report today from RealtyTrac. The number of properties receiving some kind of foreclosure filing fell 21 percent month to month and 14 percent year over year.
Foreclosures fell dramatically in November, but it was mostly due to bank foreclosure freezes and the holiday slowdown, a report released Thursday said.
Bank of America restarted about 16,000 home foreclosure cases across the United States earlier this week, a company spokesman said Friday.
We know that there are investors out there looking to get into the market, and that's a good thing, especially since investors are almost exclusively all-cash these days. But there aren't enough investors to soak it all up, so we have to look to the demand side for regular, organic buyers.
Sources on both sides of the 50-state attorney's general investigation into so-called "robo-signing" foreclosure practices tell me they are nearing a settlement.
In California’s Simi Valley, 4,000 employees of Bank of America handle 50,000 calls a day about mortgages and homes in peril, the New York Times reports.
Foreclosure filings were reported on 332,172 properties in October, according to RealtyTrac. That's a 4 percent drop from the previous month and unchanged from October of 2009. While notices of default, the initial stage of the process, fell about 2 percent, the big drop was in bank repossessions, down 9 percent from the previous month.
Foreclosure activity dropped over 4 percent in October because of a foreclosure moratorium headed by mortgage lenders, according to a report by RealtyTrac released Thursday.
Big lenders like Chase, Wells Fargo and PHH have increased their jumbo volumes by a lot in just the first six months of this year.
Do-it-yourself house possession cases have been popping up all over the country — and these self-proclaimed owners play an odd role in a real-estate mess that never seems to end. The NYT reports.
The combined Real Estate Owned inventory of the three rose 24 percent quarter to quarter and 93 percent year over year.
The Pending Homes Sales Index fell 1.8 percent in September...the first indicator of the foreclosure scandal's impact on potential buyers.