Agency’s Tally of Credit Card, Mortgage Complaints: 13,210
The Consumer Financial Protection Bureau received 13,210 complaints from credit card and mortgage holders between July 21, 2011, when the agency was launched, and Dec. 31.
The agency’s consumer response team began ...
Obama, Bernanke Spotlight Housing as Path to U.S. Recovery
Both President Obama and Federal Reserve Chairman Ben Bernanke have come under fire for their respective responses to the economic crisis, including actions tied to or affecting the depressed housing market.
In ...
Limiting Immunity for Banks Key in Foreclosure ‘Robo’ Deal
This coming week may finally see a settlement – as high as $25 billion – between states and the nation’s top lenders over improperly processed foreclosures by hired “robo-signers.”
In the final stretch, ...
N.Y. AG Sues BofA, Chase, Wells Fargo Over Mortgage Database
New York Attorney General Eric Schneiderman has sued the largest U.S. banks – Bank of America, JPMorgan Chase and Wells Fargo – charging that the private “mortgage electronic registry system,” known as MERS, ...
Foreclosure Sales Rate 4 Times Faster in Non-Judicial States
The foreclosure crisis is very much a tale of two states – judicial versus non-judicial.
In the 23 states were a judge has the final say, the foreclosure pipeline has stalled, compared to the 27 states with a ...
HAMP Mortgage-Mod Rules Eased, More Write-Downs Eyed
The Obama Administration is again giving a boost to its much criticized foreclosure rescue campaign by easing mortgage modification rules, tripling incentives to participating lenders and possibly getting Fannie ...
Foreclosures 20% of U.S. Sales in 3Q, Average Price $165,322
Sales of homes in some phase of foreclosure, or those bank-owned, accounted for 20 percent of all U.S. sales in the third quarter of 2011, down from 22 percent of all sales in the second quarter, according to RealtyTrac, ...
Obama: New Unit to Target Mortgage Abuses of Crisis
In his state of the union address, President Obama said he will ask Attorney General Eric Holder to create a new unit of federal and state prosecutors to expand a probe into abusive practices by mortgage lenders ...
Gingrich, Romney Blast Dodd-Frank for Stalling Foreclosure Crisis
The two frontrunners for the Republican nomination for president assailed the Dodd-Frank reform legislation passed by Democrats in 2010 as a big factor in stalling the foreclosure crisis.
In their Florida debate ...
Raw ‘Robo’ Deal? New Terms, Some Cash for Foreclosure Victims
A settlement between state authorities and five top U.S. lenders over sloppy or wrongfully processed foreclosures will include an overhaul of industry practices – a first since the housing market collapsed four ...
