Headlines and Blogs from Around the Web
After some efforts didn't exactly curb foreclosures, the feds are trying again. They're about to launch a simplified loan modification program to lower payments in hopes of keeping homeowners in default from ending up fully in foreclosure. How simplified? Eligible borrowers won't have to document financial hardship.
Uncle Sam may be good at many things - but collecting fines and paying them out isn't one of them. U.S. federal agencies corral only a small fraction of the penalties they levy. Foreclosure-abuse settlements with domestic banks show they're just as bad at doling out lawsuit proceeds to victims. Government glitches are always to be expected. But such widespread incompetence only encourages scofflaws.
A single Bank of America shareholder suggested that it might not be such a bad idea for the bank to put together an independent review system for its mortgage servicing operations. It's no surprise that Josh Zinner would do so at the company's annual shareholders meeting. After all, he is with the community advocacy group Neighborhood Economic Development Advocacy Project.
You know that national mortgage settlement causing Bank of America and Wells Fargo a new round of heartburn this week? Turns out others involved in the settlement are stumbling as well.
Bank of America Corp will sell a commercial mortgage servicing rights portfolio valued at around $110 billion to a KeyCorp unit for an undisclosed amount, the latest offloading of servicing assets which many big banks consider costly to collect on.
Bank of America finally agreed to settle its 5-year mortgage fight with MBIA. The settlement entitles the bond insurer, MBIA, to a payment of $1.6 billion from Bank of America. In addition, Bank of America will pay back its other debts to MBIA. It will also extend a $500 million credit line to MBIA.
A multi-bank settlement with regulators over past foreclosure abuses ran into new problems when some borrowers received smaller checks than they should have, the Federal Reserve said on Wednesday.
Richmond-based SunTrust Mortgage Inc. has reached an agreement with federal housing regulators, settling allegations that the lender denied mortgage loans to two couples because the women were on maternity leave.
When is $33 billion a bargain? When you're a lawyer for Bank of America rying to put a lid on mortgage-related legal costs related to Countrywide. Actually, that $33 billion figure is almost certainly light, but more on that later. Before we get into all the whys and wherefores, let's take a moment to celebrate the people who make America great: our lawyers, of course!
Foreclosure mediation—you ever seen one of these work? You may have fuzzy photos, but there are better portraits of the Loch Ness monster than a clear picture of success through foreclosure mediation. In theory it is great; in practice it is....
Freddie Mac, the U.S.-owned mortgage-finance company, will pay $7 billion to the Treasury Department after reporting the second-largest quarterly net income in the company’s history.
Police plan to step up their presence in uptown Charlotte on Wednesday for Bank of America’s annual shareholders meeting, which last year drew as many as 600 protesters who blocked the streets.
America’s mortgage foreclosure crisis is at least five years old, and two of the nation’s largest banks apparently still can’t handle all the paperwork. New York Attorney General Eric Schneiderman on Monday threatened to sue Wells Fargo & Co. WFC and Bank of America Corp. for violating terms of the national mortgage settlement reached last year with the nation’s five largest mortgage banks.
The Mortgage News Ticker is a collection of news articles, magazine stories and blog posts from around the web. The opinion expressed are those of the news sources and do not reflect that of National Mortgage Professional Magazine, NationalMortgageProfessional.com, NMP Media Corp. or its affiliates.