Banks, Foreclosure Probe | featured news

Analysis: Banks largely reserved for U.S. mortgage pact cost

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.

 

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.

 

JPMorgan pushes out mortgage head Lowman

JPMorgan Chase & Co has pushed out its head of home lending, David Lowman, who was sidelined in February after the bank racked up billions of dollars in losses on soured mortgages and became mired in litigation over a wave of foreclosures.

 

Foreclosure Fraud Price Tag: $20 Billion

Foreclosure Fraud Price Tag: $20 Billion

The nation's largest mortgage companies are operating on the assumption that they will have to pay as much as $20 billion to resolve claims of widespread foreclosure abuse, an amount four times what they had originally proposed, the top federal official overseeing the discussions told state officials Monday, according to people who participated in the conversation.

 

Officials in 49 states launch foreclosure probe

Officials in 49 states launch foreclosure probe

Officials in 49 states have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.

 

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