Fed’s $8.5 Billion Payout Leaves Many Unanswered Questions

Some have suggested that the Federal Reserve’s $8.5 billion payout will have brought an end to the long running issue of wrongful foreclosure, but these people are seriously mistaken. In all likelihood, all the lenders have achieved is to give themselves an even bigger headache than they had before…

Bank of America – Settlements – Distance from Wrongdoing

Yesterday the biggest settlement of the ongoing financial crisis was hammered out between bankers and loan buyers such as Fannie Mae. The civil settlements, to the tune of $19 billion forthcoming from the bankers, may signal the coming of the end for Federal regulatory probes.

Banks To Face Millions Of Foreclosure Reviews

An estimated 4.5 million foreclosure cases are set to be reviewed involving both current and former homeowners, with banks set to pay compensation to anyone who is found to have been wronged. Eligibility for the foreclosure reviews – which will be executed as part of a new mandate federal regulators have to the country’s banks […]

Deadline Extended For Banks To Revamp Foreclosure Practices

Federal regulators have given the nation’s 16 leading mortgage lenders another month to work out how they are going to tackle the widely publicized problems they are facing with loan modification and foreclosure procedures. Mortgage lenders and servicers were initially given a 45-day deadline by federal regulators to come up with their plans – a […]

Lawmakers Call For Lower Down Payments

A mortgage proposal that calls for a 20% down payment on even the safest of mortgages is the target of a group of lawmakers who are desperate to convince federal regulators to overhaul the move. The move, say lawmakers, would threaten the chances of the US making a full recovery from recession “for years”. A […]

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