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Countrywide Foreclosure Process News

Bank of America Settlement Means More Will Lose Homes Tuesday, July 12, 2011 @ 6:59PMTens of thousands of Bank of America's most distressed borrowers could be evicted and lose their homes more quickly as a result of a proposed settlement between the bank, which is the country's largest mortgage servicer, and investors in its troubled mortgage securities.
Bank of America’s Mortgage Deal Questioned Tuesday, July 12, 2011 @ 8:29AMThe New York attorney general asked for information about the $8.5 billion settlement agreed to by Bank of America and investment firms holding soured mortgage securities.
Real Estate Wonk: Mistakes were made, servicers' trade group says Wednesday, July 6, 2011 @ 9:45AMMortgage servicers and servicing critics agree on at least one point: The industry has made mistakes, and things should change. What's in dispute is the scope and type of problems -- and how often misbehavior plays a role.
Tortured By Bank Of America Friday, July 1, 2011 @ 5:36AMLast weekend an open house was held at our former home at 1502 Glorietta Blvd. The Broker, representing Bank of America is asking less than $1.9 mm for this beautiful property. We bought the home in 1996 and rebuilt it in 2004-2005. When we refinanced in 2006 our home was appraised at more than $3.7 mm. We had mortgages with Countrywide, subsequently acquired by Bank of America.
BofA “Settlement”: Not a Done Deal, and Not a Good Deal for Investors Thursday, June 30, 2011 @ 2:36AMThe so called Bank of America settlement, in which the Charlotte bank is set to pay $8.5 billion to settle representation and warranty liability on 530 mortgage trusts representing $424 billion of par value, is being hailed as a possible template for other mortgage issuers and servicers. I sure hope not, because some of the things I see in this deal look plenty troubling.
$8.5 billion BofA deal could speed foreclosures Wednesday, June 29, 2011 @ 1:07PMInvestors in bad Bank of America loans won an $8.5 billion settlement Wednesday. Homeowners on the other end of those loans have less to cheer about. By John W Schoen.
Bank Of America Can't Escape Mortgage Problems Tuesday, June 14, 2011 @ 8:05AMCountrywide Financial is like a bad virus Bank of America can't seem to shake- and a pricey one at that. The worst acquisition ever made by Bank of America continues to hurt the bank's chances of a full recovery. The remnants of the Countrywide deal are still being felt
Bank Of America's Mortgage Mess Intensifies Tuesday, June 14, 2011 @ 1:27AMCountrywide Financial is like a bad virus Bank of America can't seem to shake- and a pricey one at that. The worst acquisition ever made by Bank of America continues to hurt the bank's chances of a full recovery. The remnants of the Countrywide deal are still being felt as Sanford
Reports: U.S. Says Bank Of America Hindered Foreclosure Probe Monday, June 13, 2011 @ 9:01PMBank of America Corp. (BAC), the largest U.S. mortgage servicer, "significantly hindered" a federal investigation of the company's foreclosure practices, according to media reports on Monday, citing court filings by the U.S.
Moynihan: BofA doesn't need to raise more capital Wednesday, June 1, 2011 @ 8:43PMBank of America Corp. chief executive Brian Moynihan insisted Wednesday that his company won't have to raise additional capital as it absorbs mortgage-related losses.
Moynihan: Bank of America doesn't need capital raise Wednesday, June 1, 2011 @ 2:19PMBank of America Corp. chief executive Brian Moynihan insisted today that his company won't have to raise additional capital as it absorbs mortgage-related losses.
Lenders to pay $22 million over military foreclosures Thursday, May 26, 2011 @ 8:32PMBank of America and Saxon Mortgage improperly foreclosed on loans held by service members.
Banks settle for $22M in SCRA foreclosures case - Navy News | News from Afghanistan & Iraq - Navy Times Thursday, May 26, 2011 @ 5:18PMAbout 180 troops will share in a settlement of more than $22 million that was reached with two lenders who allegedly wrongfully foreclosed on the service members’ homes without obtaining court orders, in violation of the Servicemembers’ Civil Relief Act, the Justice Department announced May 26.
Banks settle for $22M in SCRA foreclosures case - Army News | News from Afghanistan & Iraq - Army Times Thursday, May 26, 2011 @ 5:10PMAbout 180 troops will share in a settlement of more than $22 million that was reached with two lenders who allegedly wrongfully foreclosed on the service members’ homes without obtaining court orders, in violation of the Servicemembers’ Civil Relief Act, the Justice Department announced May 26.
Settlement on Military Foreclosures Wednesday, May 25, 2011 @ 9:03PMSubsidiaries of Bank of America and Morgan Stanley will pay scores of service members at least $22 million for violating a law on foreclosures.
For Bank of America customers, hope to fix home loans Saturday, May 14, 2011 @ 12:04AMCharlotte-based bank offers homeowners some help with mortgages at its 2-day Charlotte event.
BofA offers mortgage assistance today Friday, May 13, 2011 @ 10:53PMFor three years, as her husband's medical bills piled up, Francenia Ponder has struggled to land a home loan modification. On Friday, she got some hope.
Kearny Financial Corp. Reports Third Quarter 2011 Operating Results Wednesday, May 4, 2011 @ 4:05PMFAIRFIELD, NJ--(Marketwire - May 4, 2011) - Kearny Financial Corp. (NASDAQ: KRNY) (the "Company"), the holding company of Kearny Federal Savings Bank (the "Bank"), today reported net income for the quarter ended March 31, 2011 of $2,688,000, or $0.04 per diluted share.
Bank of America hit on taxes, executive bonuses Friday, April 22, 2011 @ 12:19AMBank of America continues to be a target for consumer groups and unions looking for the right “shared sacrifice,” the term coined by Gov. Dannel P. Malloy, as he puts together a budget to close a $3.5 billion deficit this year by cutting services and raising taxes.
Mortgage defaults rise slightly in Solano County Wednesday, April 20, 2011 @ 4:20AMThe number of financially distressed Solano County homeowners who were dragged into the formal foreclosure process rose slightly in the last quarter, bucking an ongoing statewide trend, the result of turmoil and policy changes within the mortgage
Michael Burry Speech at Vanderbilt: Transcribed Saturday, April 16, 2011 @ 3:25PMBy Distressed Debt Investing. Earlier in the week, we posted notes from Michael Burry's speech at Vanderbilt. We saw the video and thought it would be a good exercise to transcribe the video. Enjoy! Read more » »
BofA profit hurt by loans Friday, April 15, 2011 @ 11:14PMBank of America Corp. reported Friday a first-quarter profit, a shake-up in its executive ranks and an agreement to settle mortgage loan buyback requests from an insurer.
Mortgage troubles still haunt Bank of America Friday, April 15, 2011 @ 10:31PMCharlotte-based bank, after two consecutive money-losing years, reported profit for common shareholders of $1.7 billion, down 39 percent from a year earlier.
Bank of America posts a profit, names new CFO Friday, April 15, 2011 @ 3:00PMBank of America Corp. on Friday reported a first-quarter profit, a shift in its executive ranks and an agreement to settle mortgage loan buyback requests from an insurer.
BofA profit drops and foreclosure delays hurt bank Friday, April 15, 2011 @ 10:52AMCHARLOTTE, North Carolina (Reuters) - Bank of America Corp posted an unexpectedly sharp drop in first-quarter profit as higher expenses from delayed home foreclosures weighed on its mortgage business. ...
Bank of America profits in Q1; naming new CFO Friday, April 15, 2011 @ 6:23AMThe Charlotte-based bank this morning reported a first-quarter profit, a shake-up in its executive ranks and an agreement to settle mortgage loan buyback requests from an insurer.
California Begs Texas for Job Recipe With Growth Trading Places Thursday, April 14, 2011 @ 9:13AMWhen California Lieutenant Governor Gavin Newsom begins meetings in Austin with Hardee’s hamburgers chief Andrew Puzder, local Chamber of Commerce Chairman Bobby Jenkins and Texas Governor Rick Perry, it’s because the most- populous state lingers in a funk, even as the U.S. pulls out of the deepest recession in half a century.
Why No Warnings? Investors Press Audit Regulator Monday, March 28, 2011 @ 7:34AMWhere were the auditors during the financial crisis? The PCAOB, the audit industry regulator, says t
Realtor's video gets BofA's attention Friday, March 18, 2011 @ 6:28AMOutraged at Bank of America Corp.'s attempt to secure a home that she had already sold, Concord Realtor Leigh Brown turned to YouTube and Twitter this week to vent her frustration.
In one day, three encounters with the not-so-distant past Wednesday, March 16, 2011 @ 2:41PMBy Lewis Finfer Last Wednesday, I encountered several people I knew from Dorchester 40 years ago. Some things hadn’t changed. It started with my old Dorchester friend and colleague Peter, with whom I worked 40 years ago in the Dorchester Tenants Action Council (DTAC). Peter used to help welfare recipients understand their rights at the Welfare Department and served as supervisor of VISTA ...
More help available to Coloradans facing foreclosure Tuesday, March 15, 2011 @ 1:58PMDENVER - Colorado Attorney General John Suthers has awarded a two-year, $600,000 grant to the nonprofit Foreclosure Hotline in hopes of helping more homeowners trying to avoid losing their homes.
Bank of America E-mails Leaked by Anonymous Tuesday, March 15, 2011 @ 1:03PMA member of Anonymous posted e-mails provided by a former Bank of America employee claiming firsthand knowledge of how the bank falsified documents and forced foreclosures.
The Bank of America Mortgage Fraud Allegations (So Far) Monday, March 14, 2011 @ 4:36PMThe loosely-affiliated hacker group Anonymous has claimed it had evidence of fraud carried out by Bank of America. At midnight last night, the group published a cache of internal e-mails by a whistleblower and former employee of Balboa Insurance, a recently-sold subsidary of Bank of America. The whistleblower made a number of allegations about Bank of America and its subsidiary which, at first ...
Bank of America accused by anonymous website of hiding data Monday, March 14, 2011 @ 1:01PMBank of America: Anonymous leaker releases e-mails purporting to show employees requesting the purging of loan documents. But Bank of America says 'extravagant' claims untrue.
Leakers to take shot at Bank of America Sunday, March 13, 2011 @ 10:52PMWe may soon find out whether it's possible to shame one of the big U.S. banks by exposing its mortgage missteps.
Attorneys General May Be Rushing Proposal for Loan Servicers Saturday, March 12, 2011 @ 2:13PMAttorneys general seem to be rushing into a bank settlement related to loan-servicing and foreclosure practices. But how can conclusions be reached without a full-fledged investigation?
10 Regional Banks Swimming In Foreclosures Friday, March 11, 2011 @ 7:52AMTheStreet looks at large regional banks with the most mortgage loans secured by homes in foreclosure. Click to view a price quote on C . Click to research the Banking industry.
Reps Push to Repeal Affordable Housing Program Thursday, March 10, 2011 @ 7:45AMA growing number of Congressmen are pushing legislation to repeal the Treasury Dept.’s heavily criticized, $46 billion “Home Affordable Modification Program,” or Hamp.
BofA Segregates Almost Half of its Mortgages Into ‘Bad Bank’ Tuesday, March 8, 2011 @ 2:08PMBank of America Corp., the biggest U.S. lender by assets, is segregating almost half its 13.9 million mortgages into a “bad” bank comprised of its riskiest and worst-performing “legacy” loans, said Terry Laughlin, who is running the new unit.
Credit Suisse, Madoff, EPA, Cable Fees, Mortgages: Compliance Thursday, February 24, 2011 @ 12:10AMFour bankers who worked at Credit Suisse Group AG were charged with conspiring to help U.S. clients evade taxes through secret bank accounts, according to an indictment yesterday and people familiar with the matter.
Factors combine to push sheriff's sales to a decade low Wednesday, February 23, 2011 @ 11:00PMIn the next two months, the Allegheny County Sheriff's Office will sell fewer than half the number of foreclosed homes it did the year before and the fewest in more than a decade, officials said.
MERS Can Foreclose in California, State Appeals Court Rules Wednesday, February 23, 2011 @ 2:40PMMerscorp Inc., operator of the electronic-registration system that contains about half of all U.S. home mortgages, has the right to foreclose on defaulted borrowers in California, a state appeals court ruled.
‘Acting as Nominee’ Tuesday, February 22, 2011 @ 12:04PMThe plaintiff whose action was rejected Friday, Jose Gomes, alleged that he borrowed $331,000 from KB Home Mortgage Company in 2004 to buy a house, and executed a promissory note secured by a deed of trust.
Loan mod program left homeowners' fate in hands of dysfunctional industry | Business Agenda Tuesday, February 22, 2011 @ 9:43AMLast February, with 6 million homeowners in danger of losing their homes, the mortgage industry was assembled at a luxury hotel in San Diego applauding themselves — literally. “As a group, we owe ourselves a round of applause,” said Yvette Gilmore, vice president of loss mitigation at Freddie Mac, citing the industry’s efforts to avoid foreclosures, garnering loud clapping from the ballroom full ...
Bank Regulator Pushing For Modest Settlement With Industry Over Improper Mortgage Practices Wednesday, February 16, 2011 @ 10:33PMThe federal bank regulator overseeing the nation's largest lenders is pushing for a quick and modest settlement to the months-long federal and state probes into abusive mortgage practices, frustrating other federal agencies and state regulators and raising questions over President Barack Obama's delay in naming a pro-consumer chief to head the agency.
Brookstone Law, PC, Files Landmark Mass Joinder Lawsuit Against Bank of America and Countrywide Tuesday, February 15, 2011 @ 5:30PMLaw Firm Dedicated to Protecting Consumers’ Rights Alleges Massive Fraud
Brookstone Law, PC, Files Landmark Mass Joinder Lawsuit Against Bank of America and Countrywide Tuesday, February 15, 2011 @ 11:40AMLaw Firm Dedicated to Protecting Consumers’ Rights Alleges Massive Fraud (PRWeb February 15, 2011) Read the full story at http://www.prweb.com/releases/2011/2/prweb8137755.htm
The End of Fannie and Freddie: Good Thing? Friday, February 11, 2011 @ 1:03PMAdministration transitioning the U.S. mortgage market away from dependence on the government.
How to correct the housing market Sunday, February 6, 2011 @ 10:57PMSince 2007, economists have tried to call the bottom of the housing market. Reaching the bottom is the core principle necessary to stabilize the housing market and allow prices to begin rising and with that in mind it brings me to the issue of what can we do to help escalate this elusive target?
$6.5M Countrywide settlement could help troubled San Diego homebuyers Friday, February 4, 2011 @ 1:08PMThe California Attorney General's Office has established a statewide foreclosure-relief fund with settlement money from former Countrywide executives.