foreclosure settlement - Articles

Mortgage Modifications Still Taking Banks Too Long, Report Says

By Andrew Miga WASHINGTON -- A new report says homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers. Such delays can plunge borrowers deeper in debt. Joseph A. Smith, the independent monitor of last year's... Continue Reading »

Homeowners to Get Foreclosure Settlement Payments Starting Friday

By Aruna Viswanatha Borrowers whose homes were in foreclosure in 2009 or 2010 can expect to receive between $300 and $125,000 under settlements reached between top banks and regulators earlier this year. The payments will begin going out on Friday, the Federal Reserve and the Office of the Comptroller of the Currency said... Continue Reading »

Robo-Signing Scandal: Hundreds More Military Members Were Victims

While millions of Americans were affected by the robo-signing scandal that resulted in massive amounts of improper foreclosures over the past several years, it seems that a number of those victims were military members. In all, some of the nation's largest mortgage lenders improperly foreclosed upon some 700 military... Continue Reading »

Do Banks or Homeowners Win in Mortgage Settlement?

Hundreds of thousands of Americans stand to benefit from the latest mortgage-abuse settlement, but consumer advocates say U.S. banks may be getting the best of the deal. Banks have agreed to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the wake of the 2008 financial... Continue Reading »

Mortgage Settlement's Next Step: Banks to Pay $8.5 Billion in 'Robo-Signing' Mess

U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners. The deal announced Monday could compensate hundreds of thousands of Americans whose homes were seized because of abuses... Continue Reading »

Banks Modify Home Loans, Reduce Rates for 300,000

By Les Christie More than 300,000 homeowners have received $26 billion in relief under the big foreclosure abuse settlement reached earlier this year, according to a recent government report. Five of the country's largest mortgage lenders have modified home loans, reduced interest rates or forgiven debt as part of a... Continue Reading »

Foreclosure Settlement Money: Are States Using It the Right Way?

About six months after 49 states' attorneys general agreed to a massive settlement with the nation's largest mortgage lenders over their practices in foreclosing on consumers, many of those states haven't put their payouts to proper use. The national mortgage settlement, which totaled $25 billion in all, was supposed to... Continue Reading »

Whistleblowers Win $46.5 Million in Foreclosure Settlement

By James O'Toole NEW YORK (CNNMoney) -- Getting served with foreclosure papers made Lynn Szymoniak rich. While she couldn't have known it at the time, that day in 2008 led to her uncovering widespread fraud on the part of some of the country's biggest banks, and ultimately taking home $18 million as a result of her... Continue Reading »

Hope That U.S. Can Weather New Foreclosure Storm

Like a dark, ominous cloud, the menace of a foreclosure onslaught has loomed portentously over the U.S. real estate market in recent months, threatening to wash away a fledgling recovery. Now it looks like the storm has hit -- but this time we may be ready for it. After more than two years of sputtering, the... Continue Reading »

Mortgage Settlement Windfall May Be Diverted in Some States

Homeowners who welcomed the recent "robosigning" settlement while thinking that it might offer them some relief on their "underwater" mortgages may see those funds diverted for other purposes in nearly half of the states involved. The $25 billion settlement over illegal foreclosures that was reached between state... Continue Reading »

Mortgage Settlement Will Lead to More Foreclosures, Experts Say

By Chris Isidore, CNNMoney NEW YORK -- Even as the $26 billion mortgage settlement helps hundreds of thousands of troubled homeowners, it will bring a wave of new foreclosures. Many lenders held off on reposessing homes during the complex negotiations between 49 state attorneys general, and federal officials. That's... Continue Reading »

How the Foreclosure Settlement Could Affect You

Marking the conclusion of the largest joint state-federal settlement in history, the National Association of Attorneys General announced today that the nation's five largest mortgage servicers -- Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup, Inc., and Ally Financial -- have... Continue Reading »

National Mortgage Settlement Finally Reached

WASHINGTON -- Forty-nine U.S. states have reached a $25 billion deal with the nation's biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst. Federal and state officials announced the deal Thursday. It is the biggest settlement involving a single industry since a 1998 multistate... Continue Reading »

Foreclosure Settlement Missing Some Key States

By Jennifer Liberto WASHINGTON -- More than 40 states have signed on to a draft settlement with the nation's largest banks that's aimed at helping homeowners struggling with loans bigger than the value of their homes. But several key states -- including California, New York, Nevada, Florida and Delaware -- remain... Continue Reading »

States Mull $25 Billion Mortgage Settlement With Big Banks

WASHINGTON -- The nation's five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday. A draft settlement between the banks and U.S. states has been sent to state officials for review. Those who lost... Continue Reading »

State AG Sues Fannie and Freddie for Answers

SAN FRANCISCO -- California's attorney general filed lawsuits against mortgage giants Fannie Mae and Freddie Mac on Tuesday, demanding that the companies that own some 60 percent of the state's mortgages respond to questions in a state investigation. Attorney General Kamala Harris, whose office filed the lawsuits in San... Continue Reading »

Mass. AG Breaks Ranks, Sues Big Banks Over Foreclosures

NEW YORK -- Massachusetts sued five major banks Thursday over deceptive foreclosure practices such as the "robo-signing" of documents, potentially undermining negotiations between lenders and state prosecutors across the nation over the same issue. The lawsuit named Bank of America Corp., JPMorgan Chase & Co., Wells... Continue Reading »

Foreclosed Homeowners May Gain Little in Huge Bank Settlement

By Arthur Delaney Foreclosed borrowers abused by their lenders won't get their homes back, but they could get a little cash from a settlement under negotiation between state officials, the Obama administration, and the nation's biggest banks. A coalition of attorneys general led by Iowa AG Tom Miller and federal housing... Continue Reading »

Victims of Robo-Signing: Fight the Machine!

With the national foreclosure settlement ramping up, victims of the housing crisis may finally be getting some satisfaction. Starting this week, more than 4 million homeowners who faced foreclosure between 2009 and 2010 may be able to get their cases reviewed to determine whether their lenders engaged in robo-signing and... Continue Reading »

Foreclosure Settlement Imminent?

Fox Business has learned that the potential $20 billion settlement by the big banks over improper foreclosure practices may be announced as early as this week. In the video below, reporter Elizabeth MacDonald explains how the deal -- which she likens to the BP oil-spill relief fund -- would work. Continue Reading »

Viewpoint: Kamala Harris for President

When the player with the most skin in the game makes a bet, it's worth taking notice. California Attorney General Kamala Harris made her play when she walked out last week from the 11-month-long settlement negotiations between the 50 state attorneys general and the major U.S. banks. And now, Massachusetts Attorney General... Continue Reading »

California Pulls Out of 'Inadequate' Foreclosure Settlement

SACRAMENTO, Calif. -- California Attorney General Kamala Harris [pictured left] said Friday that she will not agree to a settlement over foreclosure abuses that federal officials and other state attorneys general are negotiating with major U.S. banks. Her announcement is the latest to undermine a resolution that had been... Continue Reading »

Mortgage Settlement Deal a Good Deal for Homeowners?

WASHINGTON -- State and federal prosecutors are pressing to complete a proposed settlement with the nation's five largest home loan companies over alleged mortgage abuses, even though they've only initiated a limited investigation that hasn't examined the full extent of the alleged wrongdoing, according to interviews... Continue Reading »

Foreclosure Fraud May Cost Big Banks $20 Billion

The nation's largest mortgage companies are operating on the assumption that they will have to pay as much as $20 billion to resolve claims of widespread foreclosure abuse, an amount four times what they originally had proposed, the top federal official overseeing the discussions told state officials Monday, according to... Continue Reading »

Foreclosed Homeowners May Not See Settlement Cash

Will homeowners see a penny of the reimbursements that the government has ordered 16 mortgage lenders to pay? Not likely, foreclosure victims and housing activists say. Under a settlement between regulators and banks announced on Wednesday, an independent review will be conducted of all foreclosures that took place in... Continue Reading »

National Foreclosure Settlement Still Months Away

Closure for the thousands of homeowners affected by faulty foreclosure proceedings may still be several months away, despite the joint efforts of federal and state agencies, according to HousingWire. Following a national investigation initiated by the 50 state attorneys general in October, a settlement was proposed in... Continue Reading »

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