U.S. banks will have to make “significant investments” to clean up foreclosure practices and some lenders potentially face strong pressure from investors to buy back faulty mortgages, a top Federal Reserve official said Wednesday. Get the full story »
Inside these posts: Foreclosure documents
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Dec. 1, 2010 at 5:35 p.m.
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Filed under: Banking, Economy, Investigations, Policy, Politics, Real estate U.S. sees big costs for banks to fix foreclosures
Lawmakers hit banks, regulators on foreclosures
Lawmakers pressed major banks and federal regulators on Thursday to explain how they allowed faulty paperwork problems to fester into a controversy that could slow home sales and raise costs for new borrowers. Get the full story »
JPMorgan wants foreclosure problem fixed quickly
JPMorgan Chase & Co.’s chief financial officer on Wednesday joined a growing chorus of industry executives calling for a speedy resolution of the probes into the industry’s foreclosure practices as a settlement may be on the horizon. Get the full story »
Illinois AG calls for more foreclosure transparency
An abandoned foreclosed house in Highland Park in 2009. (David Trotman-Wilkins/Chicago Tribune)
Mortgage servicers would not be able to put a home into foreclosure until they could detail specifically why all modification efforts failed, under legislation proposed Tuesday by Illinois Attorney General Lisa Madigan.
The bill, which would amend the Illinois Mortgage Foreclosure Act, also is intended to prevent the practice of cutting corners and rubber-stamping foreclosure files as accurate as they head toward judgment, a practice that has drawn headlines and spawned an ongoing investigation into lenders’ internal practices by the attorneys general of all 50 states. Get the full story »
Bank of America finds foreclosure mistakes
Bank of America Corp acknowledged some mistakes in foreclosure files as it begins to resubmit documents in 102,000 cases, the Wall Street Journal said. The bank found errors in 10 to 25 out of the first several hundred foreclosure it examined starting last Monday, the newspaper said. Get the full story »
