The head of JPMorgan Chase said Wednesday that banks would not consider writing down mortgages for homeowners who can't make payments, an idea at the center of talks aimed at fixing the mortgage mess.
The Massachusetts high court ruled on Friday that two foreclosures are invalid because the banks could not prove they had the proper paperwork to foreclose.
Big banks are having trouble restarting the foreclosure process after this fall's "robo-signing" scandal, and the once booming market for foreclosed homes has been hit hard as a result.
As part of a probe into loan servicers' foreclosure practices, state attorneys general want banks to revamp their procedures and stop foreclosure proceedings on homeowners seeking loan modifications.
A Congressional watchdog group said Tuesday that U.S. banks should undergo stress tests to determine whether or not they have enough money to absorb losses that could stem from investigations into their foreclosure processes.
Foreclosures fell in October, but it's not because fewer people are losing their homes. Instead, the market is seeing a temporary stay from banks freezing foreclose auctions to review loan documents.
Banks don't always fix up repossessed homes before they sell them -- which means some great deals for you. Here are five bargains from around the nation.
The state attorneys general have been pressing the banks hard over the past month, questioning them over foreclosures and falsified legal paperwork. But Tuesday's election could impact that effort.
The foreclosure document fiasco has already caused a major headache for U.S. banks -- and that headache may soon escalate into a migraine.
Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.
Categories: Economy, Interest Rates, Mortgage's, Refinance Tags: Allegations, banks, foreclosures, Hundreds Of Thousands, Legal Documents, Loan Documents, Loan Servicers, Steam Pressure