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Al Franken Asks Regulators To Investigate Mortgage Mischief
Senator Al Franken is asking the feds to launch investigations into potential criminal activity by Ally and its subsidiary GMAC Mortgage, which have come under scrutiny of late for allegedly using...
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The Many Ways Banks Have Illegally Foreclosed on Borrowers
On the front page of today’s New York Times, Gretchen Morgenson describes the dizzying heights of incompetence and fraudulence at the core of a rising tide of “improperly handled” foreclosure...
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Justice Department Digs Into Foreclosure Foibles
Attorney General Eric Holder is joining several state attorneys general in an escalating legal inquiry over reports of legally dubious foreclosure proceedings initiated by major lenders like JPMorgan...
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Will Foreclosures Spike For the Holiday Season?
Foreclosure filings were down 19 percent in New York City last month and 35 percent compared to this time last year. But that could simply mean a cold holiday season for homeowners. There were 1,466...
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Fire Sale: Could Nation’s Home Values Fall By Half?
We sure do miss those homebuyer tax credits. According to a report out from Zillow today, homes are on track to lose $1.7 trillion in value this year, 63 percent more than the $1 trillion in value they...
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Foreclosure Investigations: Schneiderman Has Every Right to Pry
Amid revelations that foreclosures around the country have been improperly processed, State Attorney General Eric Schneiderman is stepping up an investigation of the cottage industry that foreclosures...
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The Foreclosure Fiasco Will Not End Until 2073
At least it feels good. (Getty) At least not in the Empire State, as a cover story from the Sunday Times explains: In New York State, it would take lenders 62 years at their current pace, the longest...
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Who Loves Foreclosures? Patti Harris’ Husband
Nice suit, Mark. (Patrick McMullan) If it is going to take at least six decades to unwind the foreclosure fiasco in New York, that can only mean two things: bad news for homeowners and good news for...
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Home Sick: The Housing Crisis Is Trying to Kill Us
We don't feel so well. (Getty) For almost five years now, the housing crisis has been a drag on the U.S. economy, the U.S. psyche, the U.S. spirit. It turns out it is also dragging down Americans’...
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State Senate Passes Bill Banning ‘Predatory’ Yield Spread Premiums
Sen. Liz Krueger (Photo: Facebook) The State Senate passed a bill yesterday banning “yield spread premiums,” which are payments given to mortgage brokers or lenders for directing borrowers to more...
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Watch The Foreclosure Crisis Take Hold Of New York
Foreclosures in Dec. 2011 Foreclosures in Feb. 2007 Want to experience the housing market crash in less than a minute? You’re in luck! The New York Fed has released an interactive map that displays...
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Cities in California Consider Using Eminent Domain To Seize Mortgages
The government wants in. (BasicGov, flickr) California has been the ‘cool kid’ of states, reinstating hippie-esque garb for daily wear and passing laws that appeal to a weed-loving population. Now, the...
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Wells Fargo’s Collections Division in Great Shape (When it Comes to...
If Wells Fargo’s shareholders were looking for some positive news—or really, any reason to have fuller faith and confidence in the next quarterly statement—they need look no further than the American...
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City Councilmen Blast Banks for Refusing to Abide by Federal Foreclosure...
Councilmen Rory I. Lancman Dan Garodnick and I. Daneek Miller are calling on banks to abide by federal foreclosure mandates.
View ArticleNJ Politics Digest: Should State Buy Foreclosed Homes to Provide Affordable...
An idea to have the cash-strapped state buy up homes in foreclosure to help address affordable housing issues in New Jersey is getting renewed attention now that Gov. Phil Murphy is in office.
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Legal Fights Prolonging Housing Pain
The heartwarming stories of people who are avoiding dubious foreclosures carry with them a perverse downside: Legal wrangling over foreclosure filings will prolong the time it takes for U.S. home...
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