robosigning settlement - Articles

Foreclosure Settlement: Ocwen Agrees to $2 Billion in Mortgage Relief

AP By Marcy Gordon WASHINGTON -- Ocwen Financial Corp. will reduce struggling borrowers' loan balances by $2 billion in an agreement with federal regulators and 49 states over foreclosure abuses. The Consumer Financial Protection Bureau and state attorneys general announced the deal Thursday with the Atlanta-based... 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 »

Expiring Tax Cut Poised To Take a Bite Out of Mortgage Settlement Payouts (Opinion)

By Adam Levin It just may become the latest outrage during a year of outrages. At the precise moment when the federal government finally delivers a modicum of justice and some economic relief to millions of homeowners victimized by the nation's largest banks, the government threatens to beat those victims over the head... Continue Reading »

California's Homeowner Bill of Rights: What We Can Learn

By Barry Paperno Last week, the California legislature passed the Homeowner Bill of Rights, a series of bills enacted to protect California homeowners during the mortgage modification and foreclosure process. This landmark law builds upon and extends reforms negotiated in the recent national mortgage settlement between... Continue Reading »

Consumer Bureau Proposes Strict Rules for Mortgage Servicers

By Jennifer Liberto The Consumer Financial Protection Bureau announced Tuesday that it's considering new rules aimed at mortgage servicers to help protect consumers against "costly surprises." Continue Reading »

Robosigning Settlement: Millions From 'Foreclosure Party' Firm

The New York-based foreclosure law firm infamous for their ill-themed Halloween party has agreed to fork over $4 million in a settlement with state prosecutors over tens of thousands of foreclosures it had filed. The Steven J. Baum firm, which was New York's largest foreclosure defense firm until it shut down last... Continue Reading »

Only 5% of Underwater Homes May Qualify for Write-Downs

Only about 1 in 20 underwater homeowners may qualify for principal reduction under states' recent settlement with five big banks, a new study says. A calculation by a Brookings Institution economist narrowed down the pool of underwater homeowners to 500,000 who could qualify for principal reduction from the $25 billion... Continue Reading »

New York AG Sues Mortgage Registration System, Banks

By Andrew Scoggin New York Attorney General Eric Schneiderman filed a lawsuit Friday against three of the nation's biggest banks and Mortgage Electronic Registration Systems over allegedly fraudulent foreclosure actions. In the complaint, Schneiderman (pictured) said the creation of MERS led to a system that resulted in... Continue Reading »

Nevada Sets Precedent, Indicts Bank Employees for 'Robo-Signing'

By Arthur Delaney and Loren Berlin The Nevada attorney general has indicted two midlevel staffers at a mortgage document company, Lender Processing Services, on a whopping 606 counts of felony and gross misdemeanor for directing employees to forge signatures and falsely notarize documents used to illegally foreclose on... Continue Reading »

Foreclosure Settlement Lets Robo-Signing Crooks Go Free

Last week, the attorneys general of all 50 states, together with federal regulators, proposed a 27-page settlement to the robo-signing scandal that triggered the foreclosure crisis. Predictably, the lending community responded with a distinct lack of enthusiasm to the terms. On top of that, on Wednesday, congressional... Continue Reading »

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