From Chicago Tribune: The Obama administration on Friday announced it would significantly broaden the pool of consumers eligible for mortgage modifications by opening its program to owners of rental properties and homeowners burdened by medical and credit card bills and second mortgages. Under an expansion of the Home Affordable Modification…
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From ABC News: A new federal and state task force was created [yesterday] to investigate mortgage fraud that contributed to the 2008 financial crisis, and the panel immediately subpoenaed 11 financial institutions. Attorney General Eric Holder said the new unit would consist of 55 Justice Department lawyers and analysts and…
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From NYT: For years, a self-made real estate magnate named Edul Ahmad personified the collective dreams of Richmond Hill, Queens, which is populated by many immigrants from Guyana, in South America. Mr. Ahmad drove a yellow Lamborghini, sponsored a cricket team and held white-glove parties at a lavish banquet hall…
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From Post-Tribune: Bank of America agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers on home loans. The settlement with the U.S. Justice Department was filed Wednesday with the Central District court of California…
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There is a new report by the GAO with regard to the costs of vacant properties inflicted by the national foreclosure crisis. From the GAO: According to Census Bureau data, nonseasonal vacant properties have increased 51 percent nationally from nearly 7 million in 2000 to 10 million in April 2010,…
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From ThinkProgress: [T]he Center for Responsible Lending has found 76 percent of payday loan volume (and $3.5 billion in annual fees) is due to “churning,” which is repeat borrowing by customers who paid off their loan, but because of the interest, require another loan before their next paycheck…. Major banks…
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From NYLJ: A lender has dropped, at least for now, a challenge to a state requirement that attorneys attest to the information they file in foreclosure proceedings. The motion in Erie County Supreme Court by Beneficial Homeowner Service Corporation seeking to have the requirement declared unconstitutional was withdrawn without prejudice…
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From ThinkProgress: [Last Monday], a Deutsche Bank branch in Atlanta had requested the eviction of Vita Lee, a 103-year-old Atlanta woman, and her 83-year-old daughter. Both were terrified of being removed from their home of 53 years and had no idea where they’d go next. But when the movers hired…
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