Category Archives: National Foreclosure Information

NEW YORK/WASHINGTON (Reuters) – Securities regulators have broadened their inquiry into the mortgage industry, asking big banks about the early stages of securitizing home loans, two sources familiar with the probe said.
The Securities and Exchange Commission launched the new phase of its investigation by sending out a fresh round of subpoenas last week to big [...]

The effects of the so-called “Robo-signing” scandal showed up in drastic numbers in a new report today from RealtyTrac. The number of properties receiving some kind of foreclosure filing fell 21 percent month to month and 14 percent year over year. It was the biggest monthly drop in the history of the survey.
A new [...]

Your lender is legally required to respond to all “qualified written requests” within 20 days of receipt.
This means that if you call your lender and whine and complain, legally, they MIGHT be able to get away with giving you the run around.
BUT if you write them a letter… they MUST respond promptly. And most do. [...]

Curt Anderson and Michelle Conlin,
NEW YORK (AP) — Foreclosure-fraud class action lawsuits are starting to pile up against major banks across the U.S., threatening a besieged industry with billions more in potential losses.
Bank executives are swarming Capitol Hill this week to defend themselves against multiple foreclosure-related investigations, including one by all 50 state attorneys general. [...]

One of the controversial pieces of the foreclosure fallout is the possibly illegal procedure known as “robo-signing” that has gained media attention in the last two weeks.
But, what is robo-signing? How does a mortgage get to that point?
We’ll start at the beginning, with the loan for a house. Let’s say a couple, Mr. and [...]

With more borrowers filing legal challenges to foreclosure, many mortgage lenders have turned their back on using MERSCORP Inc., which operates an electronic loan registry, to bring foreclosure actions. Some lenders are even returning to the old-fashioned, paper-based system of physically recording mortgage assignments at county recorder offices to ensure an unbroken chain of title.
The [...]

Keeping track of all the new developments in our brave new world of screwed-up foreclosures, misrepresented mortgage loans and toxic mortgage securities is a bewildering, Sisyphean task. Just this week, even as the Bank of America and GMAC both announced they were ending their self-imposed foreclosure moratoriums, the Obama administration’s Federal Fraud Enforcement Task Force [...]