New York: To Fight Foreclosure, NYC Buying Mortgages Facing Foreclosure

New York: To Fight Foreclosure, NYC Buying Mortgages NEW YORK (AP) — New York City is taking a novel approach to addressing enduring pockets of the home foreclosure crisis by buying long-unpaid mortgages, with plans to help owners stay in their homes if possible or use the properties as affordable housing if not, officials say. … Read more

Zombie Docket Keeps Foreclosures From The Financial Crisis Alive

Zombie Docket Keeps Foreclosures From The Financial Crisis Alive After the housing market crash, a lot of foreclosure cases got started and then were abandoned. A court clerk in Queens discovered it’s hard, lonely work to tie up a loose end of the financial crisis. DAVID GREENE, HOST: The housing crisis might be over, but … Read more

NHLT 2016: Nationstar Issues Fifth Securitization of Inactive Reverse Mortgages

Nationstar Issues Fifth Securitization of Inactive Reverse Mortgages Nationstar Mortgage recently issued its latest securitization of nonperforming Home Equity Conversion Mortgages (HECMs), making this the company’s fifth transaction backed by inactive reverse mortgages. Nationstar HECM Loan Trust 2016-2 (NHLT 2016-2) comprises first-lien inactive HECMs covered by FHA insurance to individuals secured by properties in the … Read more

Wells Fargo Foreclosed Home Filled with Feces and Trash Now Getting Cleaned Up

Wells Fargo Foreclosed Home Filled with Feces and Trash Now Getting Cleaned Up JACKSONVILLE (KATV) — A Jacksonville home filled with garbage, feces, rats and cockroaches, is finally getting cleaned. It’s a story KATV first reported on two weeks ago, when homeowners in Jacksonville felt they had reached a dead end. Scott Camp, a homeowner … Read more

U.S. Supreme Court to Weigh Miami Predatory Lending Lawsuit Against Bank of America, Wells Fargo

U.S. Supreme Court to Weigh Miami Predatory Lending Lawsuit Against Bank of America, Wells Fargo The U.S. Supreme Court on Tuesday agreed to decide whether Miami can pursue lawsuits accusing major banks of predatory mortgage lending to black and Hispanic home buyers resulting in loan defaults that drove down city tax revenues and property values. … Read more

Foreclosure Processors: Ocwen Bangalore Now Hiring 20 Walkin Candidates 29th June – 1st July 2016

Walkin Interview from 29th June – 1st July 2016 Job Description • Candidate has to communicate with stakeholders to ensure timely action on foreclosure files. • Liaise with internal departments to fulfil business requirements for proceeding with foreclosure cases. • Communicate verbally and in writing with internal and external parties to take appropriate action on … Read more

Violation Tracker 2.0 – National Search Engine on Corporate Misconduct

Violation Tracker 2.0 – National Search Engine on Corporate Misconduct Washington, DC, June 28, 2016– Since the beginning of 2010, two dozen major U.S. and foreign-based banks have paid more than $160 billion in U.S. penalties to resolve a wide range of cases brought against them by the Justice Department and federal regulatory agencies. Bank … Read more

How Much Did Banks Pay For The 2008 Financial Crisis? Fines And Settlements Of Over $160 Billion

How Much Did Banks Pay For The 2008 Financial Crisis? Fines And Settlements Of Over $160 Billion In Past 8 Years In the eight years since the  2008 financial crisis rocked markets and sent world economies into a downward spiral, many of the big banks that came to be seen as the face of that recession … Read more

Disappearing Investments: Investors Say They Lost Thousands Trying to Buy Foreclosed Homes

Disappearing investments: Investors say they lost thousands CHICAGO (WLS) — Hopeful homeowners say they thought they were investing in properties but instead they lost thousands of dollars. Customers say they trusted the people offering deals because they attended business meetings at church. They say they paid thousands of dollars to obtain abandoned or foreclosed homes. … Read more

Understanding Wall Street’s Great Foreclosure Fraud

Understanding Wall Street’s Great Foreclosure Fraud A review of Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud by David Dayen @@@@@ (5 out of 5) Recent events have made us all aware that police officers sometimes act outside the law, not just in fiction but in reality. But what about … Read more

The Foreclosure Sleuth: How a Sports Agent Uncovered the Greatest Financial Fraud in American History

The Foreclosure Sleuth: How a Sports Agent Uncovered the Greatest Financial Fraud in American History New Republic contributor David Dayen’s book Chain of Title focuses on three individuals in South Florida—cancer nurse Lisa Epstein, car dealership worker Michael Redman, and Lynn Szymoniak, a lawyer specializing in insurance fraud—who stumbled upon the biggest consumer fraud in … Read more

DASP: Protecting Communities on the Road to Recovery – Why Strong Standards Are Critical

Protecting Communities on the Road to Recovery Why Strong Standards Are Critical for the Distressed Asset Stabilization Program More than 778,000 homeowners with loans backed by the Federal Housing Administration, or FHA, and the two government-backed mortgage corporations—Fannie Mae and Freddie Mac—are at serious risk of foreclosure. A full housing recovery in the fragile neighborhoods where … Read more