From NYLJ: After the number of foreclosure cases filed in state court plummeted during the past two years, the courts are now seeing a “markedly higher” rate of filings and coping with a rise in settlement conferences, according to an Office of Court Administration report. Despite the sharp jump in…
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From WP: The latest federal lawsuit over alleged mortgage fraud paints an unflattering picture of a doomed lender: Executives at Countrywide Financial urged workers to churn out loans, accepted fudged applications and tried to hide ballooning defaults. The suit, filed Wednesday by the top federal prosecutor in Manhattan, also underscored…
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Download Obama’s Second Term Agenda Booklet here. From The National Journal: The Obama campaign plans on printing 3.5 million copies of the plan and it will be distributed to campaign field offices, Politico reports. The 20-page “Blueprint for America’s Future” booklet will be released at a campaign event in Florida…
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From CAP: More than five years into the worst foreclosure crisis since the Great Depression, we’re finally starting to see signs of a housing recovery. Home prices have risen in markets across the country for three consecutive months. Construction on new homes has surged to its highest levels since 2008.…
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From ThinkProgress: New York Attorney General Eric Schneiderman (D) has filed a civil lawsuit against JP Morgan Chase alleging “widespread fraud in the sale of mortgage-backed securities,” the Wall Street Journal reports. The suit is the first action brought by the Obama administration’s mortgage fraud task force, which Schneiderman chairs.…
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GreenPath has put together a list of the key changes of the HAMP program to take effect June 1, courtesy of the Obama administration. You can find the summary of the HAMP changes here. (13)
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This is capitalism/corporate welfare in America, folks: In February, the Federal Housing Finance Agency, which oversees the government-backed mortgage companies Fannie Mae and Freddie Mac, announced that it would sell about 2,500 homes in a pilot program in eight metropolitan areas, including Atlanta, Chicago and Los Angeles. And Bank of…
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From NYT: Large debt collectors and credit reporting companies would face regular federal oversight for the first time under a broad new proposal announced on Thursday by the consumer finance watchdog. The Consumer Financial Protection Bureau proposed a draft rule that would allow the agency to supervise two significant corners…
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