Bank of America Adopts Different Approach to Cut Foreclosures



The biggest US mortgage servicer, the Bank of America, is adopting a different approach towards foreclosures and abandoned properties, which includes demolishing the most decrepit of them. It’s donating 100 foreclosed homes in the Cleveland area, in conjunction with a local agency which manages such properties, and in certain cases will contribute towards their demolition. […]

US Banks Strive to Win Broad Liability Releases



Apparently efforts by US banks to win broad liability releases are proving to be a major obstacle in talks to resolve foreclosure practices and mortgage servicing. The liability releases would give the US Banks protection from further state and federal probes into their mortgage practices, including the lending and securitization of loans, and would form […]

NY and Delaware Probe Trustee Banks



The Attorney General of New York, Eric Schneiderman, has requested more information from a number of financial institutions as part of an ongoing investigation into the way mortgages were sold to investors. Eric Schneiderman’s office has requested documents from the Bank of New York Mellon Corp and Deutsche Bank, as it continues to look into […]

Top Housing Official Jumps Ship For Lobbying Job



Last week David H. Stevens announced he would step down as commissioner of the Federal Housing Administration, and this week its being announced that he will be named the next chief executive of the Mortgage Bankers Association (MBA). During his two-year stint in the Obama administration, he was a key adviser on housing-finance policies. He will succeed John A. Courson, a former mortgage banker who took the helm of the MBA in 2008. Mr. Courson’s departure is seen as a unexpected upheaval to a trade association that has had an extremely vociferous three year period.

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