Latest Foreclosure Settlement – Whitewash For Banks Or Proof That Banks Are Not Guilty?



The latest 8.5 billion dollar foreclosure fraud settlement has the top ten banks paying out this money to mortgage borrowers who were involved in a foreclosure proceeding in 2009 and 2010, without regard for whether that borrower was wronged or not.

Principal Reduction in Loan Mods: Good or Bad?



Few topics have sparked more debate among housing market watchers than mortgage principal reduction. Its proponents tout debt forgiveness as one of the surest ways to counteract the housing slump. Its critics label it a handout that would cost taxpayers and spur further defaults.

Foreclosure Filings Pick Up Steam



January saw the number of foreclosures on the market increase once again, as banks steadfastly work through the huge number of backlogs which resulted from highly publicized cases of foreclosure abuse, according to the latest stats from RealtyTrac.

Foreclosure Process Takes Twice as Long



The average length of a foreclosure process has more than doubled since the housing crisis gripped the nation in 2007. Back then, the average length of time for a home to be foreclosed was just 253 days. Now, the average length of a foreclosure process is almost two years – 674 days, to be absolutely precise.

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 […]

California Attorney General Pulls Out Of Bank Settlement



California’s Attorney General Kamala Harris has announced she is pulling out of multi-state foreclosure practice negotiations which are currently under way with some of the country’s biggest banks, saying she intends to pursue her own investigations in an attempt to reduce foreclosure numbers and reform bank practices. Harris, in a letter to the committee, said […]

US Banks Are Still Robo-Signing



In March the major mortgage lenders in the US said they would stop dodgy foreclosure proceedings which caused such scandals last year, but according to a Reuters investigation many are still continuing to use techniques such as robo-signing. Their investigation has found that many loan providers are continuing to file foreclosure documents that have been […]

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