foreclosures

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Fla. Woman Fights Epic 25-Year Foreclosure Battle

She hasn't paid since '85, vows she's going to die there

(Newser) - A retired Florida woman who hasn't paid her mortgage since 1985 is engaged in one of the longest foreclosure battles ever. Armed with a stack of legal challenges both legit and frivolous and protected by a 105-pound pit bull, the 71-year-old has successfully staved off six lenders in a cautionary...

Woman Facing Foreclosure Begins Hunger Strike

'This is an impossible system to navigate'

(Newser) - A Baltimore woman who received a foreclosure notice last week says she's on the second day of a hunger strike to call attention to the mess people around the country are in. "It's about representing a lot of people who are going through this," Lauren Rymer tells the...

States Asked for Foreclosure Probe—3 Years Ago

Federal regulators turned down request, put off matter

(Newser) - State regulators suspected that there was something fishy about banks' foreclosure procedures as far back as three years ago, but federal regulators forbid them to take action, the Washington Post reports. The federal comptroller told the states his office was already planning an investigation, and that banks should only respond...

Be a 'Foreclosure Supervisor'—for $10 an Hour

Pro Publica looks at want-ads, finds little has changed

(Newser) - In the wake of news that banks and law firms hired unqualified people to process the backlog of foreclosures, Pro Publica decided to spin through the want-ads to see whether things had changed. Not so much. The results varied, but "requirements for many foreclosure jobs—often advertised by staffing...

Alvin Greene Still With Us— as Comic Superhero

Failed Senate candidates fights foreclosures in 'Ultimate Warrior'

(Newser) - Those saddened by the departure of Alvin Greene from the national stage can take solace—he's still around as a comic book superhero. Greene spent much of his election night party after the loss to Jim DeMint talking up the Ultimate Warrior, his comic book alter ego who uses super-human...

Bernanke: Fed Probing Foreclosure Scandal

Will examine debacle's effect on real-estate market

(Newser) - Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes, Federal Reserve Chairman Ben Bernanke said today. "We are looking intensively at the firms' policies, procedures, and internal controls," Bernanke said. "We take violations of...

Feds Start Criminal Probe of Bank Foreclosure Mess

Lenders may have broken fraud laws with flawed paperwork

(Newser) - Banks have begun making moves to get foreclosures moving again, even as federal investigators begin a criminal investigation into the whole sorry affair, reports the Washington Post . The task force will look at whether banks broke wire and mail fraud laws or misled federal housing agencies by submitting flawed paperwork...

Florida Law Firm Bribed Workers to Forge Foreclosures

...and big bribes at that: jewelry, cars, houses

(Newser) - Employees at Florida’s largest “foreclosure mill” routinely altered and forged documents to speed up the foreclosure process—and were rewarded with jewelry, cars, and other lavish gifts as a result, witnesses tell Florida’s Attorney General. Three former employees of the law offices of David J. Stern have...

GMAC, BofA Restarting Foreclosures
 GMAC, BofA 
 Restarting 
 Foreclosures 
UPDATED
Oct 19, 2010 9:17 AM CDT

GMAC, BofA Restarting Foreclosures

Two vast banks at center of crisis find no significant problems

(Newser) - Bank of America and GMAC, two huge players in the mortgage crisis, are moving to resume foreclosures, effectively ending a self-imposed moratorium meant to give them time to look for errors, the Wall Street Journal reports. A BofA spokesman said the bank would resubmit paperwork for 102,000 cases by...

BofA Moves to Restart Foreclosures
 BofA Moves to 
 Restart Foreclosures 
BRIEF RESPITE
Oct 18, 2010 4:29 PM CDT

BofA Moves to Restart Foreclosures

Bank resubmits affidavits in 102,000 pending actions

(Newser) - Bank of America moved to re-start foreclosures today, moving to resubmit paperwork for 102,000 cases and effectively ending the moratorium it enacted to give it time to look for errors, the Wall Street Journal reports. A BofA spokesman said that so far "no cases" of improper foreclosures have...

Speedy Evictions Made for Big Profits
Speedy Evictions Made for Big Profits
analysis
Oct 16, 2010 10:54 AM CDT

Speedy Evictions Made for Big Profits

Mortgage companies like Fannie became foreclosure factories

(Newser) - The Washington Post fleshes out a fuller, and more outrageous, picture of how the foreclosure mess came to be. Big mortgage companies—including government-owned Fannie Mae—had so many cases to clear off the books, they gave law firms and other processors bonuses for speed and penalties for delays. Guess...

Years of Bank Incompetence Led to Foreclosure Crisis

Banks ignored warning signs, hired 'Burger King kids'

(Newser) - As the foreclosure crisis continues, the stories of clueless employees just get worse. Swamped with delinquent customers, banks hired inexperienced walk-ins one former executive called “Burger King kids,” who, for years, processed mortgages at an astonishing rate. Overwhelmed employees not only signed papers without reading them—they sometimes...

'Recovery' Looking Like 10-Year Recession

Uncertainty is the 'new normal' in America

(Newser) - For many Americans, "recovery" feels a lot like recession—and it may take a decade for that to change, finds the New York Times . At the current rate of job creation, for instance, it would take nine years to recapture jobs lost thus far. Home prices, meanwhile, are down...

Bank 'Foreclosure Experts' Couldn't Define 'Mortgage'

Workers with no experience or training signed paperwork

(Newser) - Work experience as a hair stylist or at Wal-Mart was good enough to get you hired as a "foreclosure expert" at financial institutions rushing through thousands of foreclosures, a Florida court heard yesterday. A lawyer defending thousands of homeowners produced depositions from mortgage company workers who testified that they...

Dozens of States Plan Foreclosure Probe

Joint investigation may force lenders to rewrite large numbers of loans

(Newser) - A coalition of up to 40 state attorney-generals is preparing to launch a joint probe into allegations that mortgage-servicing firms used fraudulent paperwork to kick people out of their homes. Bank of America has already suspended evictions in all 50 states while it looks into "robo-signed" foreclosure documents, and...

Irish Bank Sues to Foreclose on Chicago Spire

Ireland could own under-construction skyscraper

(Newser) - It's supposed to be one of America's iconic skyscrapers, but Chicago's problem-plagued Spire is a step closer to being Irish-owned today after a lender filed to take possession of the under-construction project, the AP reports. Anglo Irish Bank has filed a $77 million foreclosure lawsuit against Irish developer Garrett Kelleher,...

White House Not Backing Foreclosure Moratorium

Says legit foreclosures need to go through

(Newser) - The wave of botched foreclosures is a "serious problem," David Axelrod told CBS today, but shutting the process down entirely isn't likely the solution because "there are in fact valid foreclosures that probably should go forward." "Our hope is this moves rapidly and that this...

It's Amazing These Homeowners Keep Paying Their Mortgage

May make more sense to stop and live rent-free for a while

(Newser) - As the foreclosure mess gets worse almost literally by the day , Brett Arends poses a question to all those underwater homeowners still making mortgage payments: Are you nuts? He's actually far more diplomatic than that, but to him "the big question" in all this isn't why so many "...

Foreclosure Scandal Messing Up Home Sales
Foreclosure Scandal Messing Up Home Sales
UPDATED
Oct 8, 2010 9:41 AM CDT

Foreclosure Scandal Messing Up Home Sales

Thousands of sales thrown into limbo

(Newser) - Hundreds of thousands of foreclosures have been thrown into limbo in the wake of revelations that major lenders didn’t properly review the foreclosure documents, creating a big mess for people trying to buy those homes, the New York Times reports. JPMorgan and GMAC have suspended foreclosures in the 23...

Jon Stewart on Foreclosure Crisis: 'We're F***ed'

If the banks won't read the fine print, who will?

(Newser) - When it comes to the foreclosure crisis , “we are f***ed,” declares Jon Stewart—“and the sad part is, Rube Goldberg himself could not have designed a more convoluted method to, in fact, f*** us.” Stewart explained the situation last night as only he can: “Everybody...

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