WASHINGTON -(Dow Jones)- The largest U.S. banks have submitted plans to fix their troubled mortgage-servicing operations, responding to orders issued in April, a bank regulator said Wednesday. The Office of the Comptroller of the Currency, which regulates national banks, said eight institutions–including Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM), Wells Fargo … Continue reading Large US Banks Submit Plans To Fix Foreclosure Operations

Wells Fargo & Co. (WFC) agreed to pay $125 million to settle accusations by investors that the bank misled them about the risks of mortgage-backed securities it sold. The plaintiffs in the consolidated group case, or class action, include the General Retirement System of Detroit, New Orleans Employees Retirement System and other public pensions, according … Continue reading Wells Fargo to Pay $125 Million to Settle Mortgage-Backed Securities Case

Its hardly news that the near meltdown of Americas financial system enriched a few at the expense of the rest of us. Whos responsible? The recent report of the Financial Crisis Inquiry Commission blamed all the usual suspects Wall Street banks, financial regulators, the mortgage giants Fannie Mae and Freddie Mac, and subprime lenders which … Continue reading Washington and Wall Street: The Revolving Door

NEW YORK (CNNMoney) — The Federal Reserve announced a record $85 million fine Wednesday against Wells Fargo for allegedly pushing borrowers with good credit into expensive mortgages and falsifying loan applications. The Fed accused the nation’s fourth largest bank by assets of steering potential borrowers who could have qualified for prime rates into more expensive … Continue reading Fed hits Wells Fargo with $85 million fine

LOS ANGELES It seemed Maria Campusano’s financial problems were behind her when the mortgage on her Victorian home in a Massachusetts mill town was chopped by hundreds of dollars a month. She soon learned that her troubles had just begun. Weeks after making her first payment under the new rate, the school district staffer began … Continue reading Mortgage modifications don’t end trouble for some homeowners

One of the many tragic stories of the Great Recession involves Jefferson County, Alabama. As Matt Taibbi explained in an article in Rolling Stone last year, mega bank JP Morgan Chase used a predatory refinancing deal on sewer bonds to reap billions while the local area was financially devastated. Now, Jefferson County, still reeling from … Continue reading JP Morgan Records Largest Profit Ever, While Community Devastated by Its Predatory Lending Sheds 1,000 Workers

A rise in mortgage delinquencies is often accompanied by an increase in foreclosure rescue scams. The prospect of losing your home and damaging your credit is enough to scare anyone, but when you add the additional threat of being duped out of your hard-earned money by an unscrupulous scam artist, it’s easy to see why … Continue reading How To Spot A Foreclosure Scam: A Guide To Common Fraud Warning Signs

MERS has become somewhat of a mysterious figure in the recent foreclosure boom. Many attorneys that work in the industry remain unsure of what exactly MERS is and who exactly works for MERS. Its found its way into numerous magazines and newspaper articles and Im pretty sure my mom has asked me about it a … Continue reading Bank of New York v. Silverberg & why it’s important

FOR more than a decade, the American real estate market resembled an overstuffed novel, which is to say, it was an engrossing piece of fiction. Mortgage brokers hip deep in profits handed out no-doc mortgages to people with fictional incomes. Wall Street shopped bundles of those loans to investors, no matter how unappetizing the details. … Continue reading MERS? It May Have Swallowed Your Loan

In an opinion with possible far reaching consequences, a New York appellate court has held that a party does not have standing to commence a foreclosure action when that party’s assignor, in this case, Mortgage Electronic Registration Systems, Inc. (hereinafter MERS), was listed in the underlying mortgage instruments as a nominee and mortgagee for the … Continue reading MERS cannot foreclose unless it is the holder of the underlying note.