Real Estate, Foreclosure | featured news

The U.S. government said on Thursday that the biggest U.S. banks will provide $25 billion in relief to distressed homeowners and states, as officials hold lenders responsible for taking illegal shortcuts during foreclosures and other mortgage paperwork.

California's attorney general said on Thursday her state will receive up to $18 billion in benefits under a federal-state mortgage settlement to be announced later today.

Court hearings meant to protect New York homeowners from foreclosure are hopelessly slowed by endless paperwork and requests for additional information.

As the nation's five largest mortgage lenders edge close to a $25 billion settlement over foreclosure abuses, it's becoming clear that the deal will have little or no impact on their future bottom lines.

More and more, homeowners say that mortgages they thought were dead and buried are springing back to life, sometimes haunting them all the way into foreclosure.

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.

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

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.

Financial firms trying to negotiate a settlement with states and the U.S. over the foreclosure mess are squabbling over who is most accountable, threatening a further delay in talks that already have dragged on.