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Occupy protests move to foreclosed homes

Occupy Wall Street

The Occupy Wall Street protests are moving into the neighborhood. Finding it increasingly difficult to camp in public spaces, Occupy protesters across the country are reclaiming foreclosed homes and boarded-up properties, signaling a tactical shift for the movement against wealth inequality.

 

Mass. AG sues five major banks over foreclosures

Massachusetts' top lawmaker has sued five top U.S. banks for allegedly foreclosing illegally on homes in the state and for deceptive loan servicing, including robo-signing.

 

Jon Huntsman Would Break Up Big Banks, Wants Tough Settlement For Mortgage Fraud

Republican presidential candidate Jon Huntsman called Monday for a major financial overhaul that would break up too-big-to-fail banks and deliver justice to homeowners and investors harmed by rogue foreclosures.

 

Report: Banks netted $13B from Fed loans

Banks earned $13 billion in secret cut-rate loans from the Federal Reserve during the financial crisis, Bloomberg reports... "Many Americans are struggling to understand why banks deserve such preferential treatment while millions of homeowners are being denied assistance and are at increasing risk of foreclosure," Cummings wrote in his letter.

 

Victims of improper foreclosure practices can submit claims

Victims of improper foreclosure practices can submit claims

Fourteen mortgage servicers have begun mailing out 4.3 million letters to potential victims of robo-signing. The letters will invite borrowers to submit their cases for a free review by independent consultants. Aggrieved homeowners ensnared by a foreclosure system riddled with misconduct and error are set to get their first shot at winning some cash back from the banks.

Senh: At least some homeowners might possibly get some money back from the banks, but I'm not sure if this helps the housing crisis much. If banks can settle with homeowners of improper foreclosure by lowering principal and/or refinancing loans at current low rates, then it would. But I doubt banks will do that.

 

Analysis: Mortgage probe may open new path for housing relief

Analysis: Mortgage probe may open new path for housing relief

Five major banks could be required to commit roughly $15 billion to reduce principal balances for struggling homeowners and modify loans in other ways under a proposed deal to settle allegations linked to the "robo-signing" scandal... Five major banks could be required to commit roughly $15 billion to reduce principal balances for struggling homeowners and modify loans in other ways under a proposed deal to settle allegations linked to the "robo-signing" scandal.

Senh: Principal reduction and refinancing for underwater mortgages would be a two steps in the right direction. The only problem what happens to homeowners who have already done loan mods? Would they still qualify for principal reduction and/or refinance? It also sucks that certain programs are only available from one bank, but not another.

 

Foreclosure deal near as banks win more immunity

Foreclosure deal near as banks win more immunity

Talks between states and top banks over mortgage abuses are nearing agreement on a major sticking point that has bogged down settlement negotiations for more than a year.

Senh: The sooner they get this done, the better. The sad part of all of this is that people who have been current with their mortgage payments can't even take advantage of today's low mortgage rates and refinance because their homes are underwater. Although I kinda feel like we're letting the banks off too easily.

 

White House could unveil mortgage plan next week

The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages.

 

Bank Of America Seeks Immunity In Mortgage Deal With Prosecutors

Bank Of America Seeks Immunity In Mortgage Deal With Prosecutors

Bank of America is reportedly willing to pay its way out of future mortgage and foreclosure claims.

 

Foreclosures fall in many U.S. cities

Foreclosures declined in more than 84% of U.S. metro areas during the first half of the year, according to the latest report from RealtyTrac, an online marketer of foreclosed properties.

 

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