Ingham County Register of Deeds Curtis Hertel, Jr. spent Tuesday evening at the African American Health Initiative in Lansing explaining the roots and complications of the ongoing foreclosure crisis.
Secretary of State Ruth Johnson took home a load of campaign cash last week from a fundraiser held by Linda Orlans, owner of Orlans Associates Law Firm, which has been implicated in robo-signing fraud in Michigan and Massachusetts.
The event was touted as a “special reception to honor Secretary of More…
The Federal Housing Finance Agency filed suit Friday against 17 national and international banking giants for their roles in the toxic mortgage securities scandal that led to the current housing crisis.
Leadership in the U.S. House Financial Services Committee will hold a subcommittee hearing this week in advance of four bills aimed at terminating federal programs designed to keep Americans in their homes.
Reuters notes that Wall Street types are complaining that coverage of the current foreclosure crisis — in which banks might have taken houses away from homeowners without the proper documentation — elides the fact that the defaulters are in fact in default.
“If you didn’t pay your mortgage, you
Today, J.P. Morgan Chase revealed that it made a third-quarter profit of $4.4 billion, despite dwindling revenues. The bank set aside far less money — $6.6 billion, or 67 percent, less than it did at the same time last year — to cover losses on things like mortgages and More…
The unfolding foreclosure fraud crisis centers on mortgage servicers, companies that collect and organize mortgage payments on behalf of banks. (Many are actually subsidiaries of big financial-service companies, like J.P. Morgan Chase.) When a homeowner misses payments, the servicers are meant to carefully review their financial statements and to notify More…
This afternoon, Sen. Harry Reid (D-Nev.), the majority leader, released the text of a letter he sent to mortgage servicers in Nevada, asking them to stop foreclosing on homes until the legal fiasco around botched foreclosure documents is cleared up. Here is the full text:
I write to request that
David Dayen reports some big news on the foreclosure fraud scandal:
[Richard Cordray, the Attorney General for the state of Ohio] has filed a lawsuit in Lucas County (Toledo) Common Pleas Court against GMAC Mortgage and their parent company Ally Financial, in a suit which names Jeffrey Stephan,
The foreclosure crisis is far from over. Rather, as this chart from Daniel Indiviglio at The Atlantic shows, it is in some ways just peaking. Last month, banks foreclosed on more homes than ever before. More than a million families are predicted to lose their homes this year.
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