Foreclosure activity to resume in July, some banks say

Some of America’s biggest banks have said they’ll start resuming foreclosures on delinquent mortgages this summer when COVID-19 forbearance programs expire. The Mortgage Bankers Association says over 2.1 million American homeowners are still in forbearance plans that suspend their mortgage payments and protect them from eviction. Meanwhile, around 1.8 million more are not in forbearance

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Wells Fargo sued for placing borrowers in forbearance without consent

Wells Fargo is being sued in a class-action lawsuit that accuses the bank of putting some of its borrowers’ mortgages into forbearance without their consent. By doing so, the borrowers’ credit reports were negatively impacted, and that prevented them from obtaining other financial services, they say. The bank responded to the accusations by saying that

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Wells Fargo admits it wrongly foreclosed on over 500 homeowners

Wells Fargo has admitted that a calculation error led to it foreclosing on hundreds of homeowners that were actually eligible for assistance from the bank. In total, some 545 homeowners who were behind on their mortgages had their homes taken from them after requesting assistance with their late payments. Moreover, a total of 870 homeowners

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Wells Fargo looks to boost African American home ownership

Wells Fargo & Company is hoping to propel a minimum of 250,000 African Americans towards home ownership within the next ten years with a brand new initiative.

Wells Fargo agrees to record-breaking $1.2bn FHA settlement

Wells Fargo set a new record when it agreed to pay the federal government $1.2 billion in settlement fees for the Federal Housing Administration.

Wells Fargo down payment assistance program helps 11,000 homeowners

NeighborWorks America has teamed up with Wells Fargo to offer residents of more than forty communities down payment grants via its newly created Neighborhood LIFT program.

Affordable Homes of South Texas gets $600K to further its mission

Community-based non-profit organization Affordable Homes of South Texas, Inc. (AHSTI) has been given a $600,000 cash injection from Wells Fargo & Company

Wells Fargo wins discrimination lawsuits in L.A. & Chicago

Wells Fargo & Co, the largest U.S. mortgage lender, on Friday won the dismissal of two major lawsuits accusing the banking giant of predatory lending practices.

Are Credit Score Requirements Too Strict?

Executives at FICO, the creator of a credit score widely used in the mortgage industry, say that the high credit score “cutoffs” that mortgage lenders imposed following the housing crisis are stricter than necessary.

Will the New Mortgage Rules Change the Real Estate Market

Bureaucracy may move slowly but it does move. Years after the collapse of the real estate market and another year after its recovery, the Consumer Financial Protection Bureau came out with new rules last week intended to protect consumers from the mortgage industry.

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