The unfolding foreclosure fraud crisis isn’t easy to understand, but here it is boiled down. Banks need proper documentation to repossess a home from a family. They need documents about everything from the family’s financial situation to its history of missed payments to its assets. And they need to verify More…
Breaking news, from Zero Hedge:
As we expected when we reported that the Delaware AG got into the foreclosure fray (Delaware not being a judicial state), it was only a matter of time before foreclosures would be halted in all 50 states. Sure enough, Diana Olick has just reported
Today, President Obama announced he will not sign H.R. 3808, the Interstate Recognition of Notarizations Act of 2010, quietly passed through the Senate with no debate on Sept. 27. Instead, the president will return the bill to the House, effectively killing the legislation. White House Communications Director Dan Pfeiffer 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,
Soon after Rep. Brad Miller (D-N.C.) came to Washington in 2002, a fellow member of the House Financial Services Committee told him to pick an arcane financial issue — any issue — and to make it his pet topic. Miller chose mortgage finance. He knew little about it. Banking lobbyists More…
The Home Affordable Modification Program, HAMP, continues to sputter, converting 26.7 percent fewer trial modifications into permanent modifications in September than in August.
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.
Guess who wrote this and when:
“We are sitting on a time bomb,” the mortgage analyst said — a huge increase in unconventional home loans like balloon mortgages taken out by consumers who cannot qualify for regular mortgages. The high payments, he continued, “are just beginning to come due and
At FireDogLake, David Dayen has done great work to show how the Home Affordable Modification Program — the Obama’s signature effort to keep financially distressed homeowners in their homes — has not just failed, but has actually hurt the people it is meant to help.
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