Bank of America is on the verge of finalizing a reported $17 billion settlement with the U.S. government over the packaging and selling of bad mortgages, and it would be the biggest single hit taken by a big bank since the financial crisis.
“Strong job growth and continued increases in home prices in most markets have been the main contributors to these steady improvements in mortgage performance,” said Mike Fratantoni, MBA’s Chief Economist.
The Federal Trade Commission has cracked down on six mortgage relief operations, alleging that these outfits preyed on distressed homeowners by falsely promising to lower their mortgage payments or help them prevent foreclosure.
The 9 percent drop is good news, but the number of finalized foreclosures is more than double the average of 21,000 a month recorded between 2000 and 2006, before the housing market collapse.
About 30,000 homeowners who signed up for HAMP (Home Affordable Modification Program) five years ago will soon see their monthly house payments go up again as those “permanent” arrangements expire.
ankrupt Detroit is attracting thousands of investors and bargain hunters angling to get the best bids on abandoned or foreclosed homes, and a bidding war via the city’s online auction site has grabbed national media attention.
The CEO’s mostly upbeat comments to shareholders were quickly overshadowed by one question after another from homeowners about the bank’s loan-modification and mortgage-servicing practices.
For the second time, a Pennsylvania court told Eileen Battisti, 53, of Aliquippathat, that her home’s sale at auction after she failed to pay property taxes is valid, even though she owed only $6.30 at the time it was sold.
“Please note that the rehab cost will often cost more than the winning bid price,” the site says at the very top. “Failure to bring a property up to code within 6 months will result in forfeiture of property.”
About 752,000 homes in the United States were in some stage of foreclosure as of February 2014, compared to 1.2 million in February 2013, a decrease of 35 percent. February was the 28th consecutive month with a year-over-year decline.