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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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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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 Strictly Business Blog: National mortgage servicing giant Freddie Mac has barred its loan servicers from referring any new foreclosure or bankruptcy cases in New York State to Steven J. Baum PC, delivering a severe blow to a firm that depends on such work. According to a new bulletin posted…
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