Bank Foreclosure Scandal

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The banks defrauded investors about the condition of the loans, which led to billions in losses while millions of Americans lost their homes to foreclosure. Three quarters of the loans in question came from Countrywide Financial, which Bank of America acquired in 2009, along with Merrill Lynch.

The fall is largely due to moratoria and process reviews stemming from the so-called "robo-signing" foreclosure paperwork scandal. Mortgage delinquency. for California," she wrote in a statement..

The bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. landmark settlement with regulators in 2012, following a scandal in late 2010. The Foreclosure Settlement Scandal: It’s All About Paying Former Regulators Billions..

Foreclosure laws are scrupulous about documents, and companies that. robo- signing scandal with five banks including Wells Fargo, Bank of.

However, the recent foreclosure scandal does not just affect those who are facing foreclosure or are in the process of purchasing a recently foreclosed home; but it also greatly affects those who work within the real estate industry.

The Tampa couple at the epicenter of a scandal that cost cia director david Petraeus his job are waging an aggressive and unusual foreclosure defense to keep their now-iconic Bayshore Boulevard home..

Wells Fargo Faces Scandal for Illegal Foreclosing on 400 Homes. In a quarterly report filed friday, Wells Fargo disclosed that it illegally foreclosed on 400 families after denying modifications to qualifying homeowners.. Wells Fargo conducted an internal review which found 625 customers were denied modifications despite qualifying for relief – and that 400 of these homeowners lost their.

U.S. Foreclosures Jump 57% as Homeowners Walk Away Gretchen Johnson Branch Manager| NMLS #323733GA-MLO #29790 St. Simons Island – 202620 Bay Equity Home Loans Mortgage Professional Reviews foreclosures jump 79 percent In 2007. helped keep troubled homeowners from sliding into foreclosure.. behind on mortgage payments have had a marginal impact on the U.S. foreclosure rate so.

Ice’s firm was one of the first in the nation to bring the foreclosure robo-signing scandal to the forefront in 2010, stopping bank foreclosures until flawed and fraudulent paperwork could be.

Following the robo-signing scandal, several large banks temporarily froze all pending foreclosures. For some homeowners, the robo-signing mess created opportunities to challenge their foreclosures in court or negotiate with banks to avoid foreclosure. Now, robo-signing happens much less often, but your case might be the exception.

RealtyTrac released its U.S. Foreclosure Market Report for November, which shows foreclosure filings – default notices, scheduled auctions and bank repossessions. of the so-called robo-signing.