KABOOM – Allstate Insurance Co et al v. Countrywide Financial Corp, Bank of America, et al
Here is the complaint and update from the earlier post… Allstate sues Bank of America, others over $700 million in Toxic Loans Allstate sues BofA, others over Countrywide losses NEW YORK (Reuters) – Allstate Corp has sued Bank of America Corp and 18 other defendants over losses it said it suffered on more than $700 million … Read more
Allstate Sues Bank of America, Others Over $700 Million in Toxic Loans
Allstate sues BofA, others over Countrywide losses NEW YORK (Reuters) – Allstate Corp has sued Bank of America Corp and 18 other defendants over losses it said it suffered on more than $700 million of mortgage debt it bought from Countrywide Financial Corp. In a complaint filed Monday in Manhattan federal court, Allstate, the largest … Read more
Florida Bar News | Progress made in moving foreclosures, but courts brace for even more filings to come
The Senate Banking and Insurance Committee in December held hearings that we are now finding out about. We have submitted a written request (see below) to get the recording of the hearing and will publish once it is received. Here are some excerpts from the Florida bar News on what went down… Progress made in … Read more
Florida Trend Magazine Announces Newsmakers of the Year – Foreclosure Fighters
Lisa Epstein and blogger Michael Redman uncovered fraudulent practices by mortgage holders. [Photo: Steve Mitchell/Newscom] Florida Newsmakers of the Year Business – Florida Newsmakers of the Year by Mike Vogel • FORECLOSURE FIGHTERS Forcing the Issue For many, the bottom line in any mortgage dispute is whether the payments are being made. But Lisa Epstein, … Read more
Bloomberg | Ally Settles Fannie Buyback Demands for $462 Million
Ally Settles Fannie Buyback Demands for $462 Million Ally Financial Inc., the auto and home lender majority owned by the U.S. government, said its mortgage unit reached a $462 million settlement to resolve repurchase claims by Fannie Mae on $292 billion in home loans. Ally, formerly known as GMAC Inc., said the settlement covers loans … Read more
PB Post | Problems with Foreclosure Notices Loom as Next Flaw in Process
Problems with foreclosure notices loom as next flaw in process By Kimberly Miller Palm Beach Post Staff Writer Improperly served foreclosure notices may be the mortgage industry’s next roadblock to repossessing homes. The Florida attorney general’s office is investigating two of the state’s largest companies that serve court summonses on homeowners, while at the same … Read more
Cordray Urges Federal Reserve Not to Erode Consumer Rights
Cordray Urges Federal Reserve Not to Erode Consumer Rights (COLUMBUS, Ohio) — In a letter sent today to the Federal Reserve’s Board of Governors, Ohio Attorney General Richard Cordray urged the Fed to maintain existing protection for homeowners who currently have the right to undo loan agreements where material disclosures were not made, in violation … Read more
Bail Out the Insolvent Banks, One Last Time, to Help Us All?
Claire Hill and Prentiss Cox: Help banks, one last time, and help us all How to clear the way for both foreclosures and loan modifications. As America’s housing bubble has collapsed, it is clear that banks eager to foreclose quickly on defaulting homeowners have cut corners. In some cases, they have lied to courts and … Read more
