Posts filed under “Foreclosures”
I have been meaning to get to this since last week — the numbers are pretty fantastic.
From LPS’ First Look/Mortgage Monitor:
• Total U.S. loan delinquency rate: 8.8%
• Total U.S. foreclosure inventory rate: 4.15%
• Total U.S. non-current inventory: 6,856,000
• States with most non-current loans: Florida, Nevada, Mississippi, New Jersey, Georgia
• States with fewest non-current loans: Montana, Wyoming, Alaska, South Dakota, North Dakota
The LPS report also noted that “February’s data also showed a 23 percent increase in Option ARM foreclosures over the last six months, far more than any other product type. In terms of absolute numbers, Option ARM foreclosures stand at 18.8 percent, a higher level than Subprime foreclosures ever reached.”
As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that’s causing lawsuits and hampering an already weak housing market. Scott Pelley reports.
April 3, 2011 5:00 PM
Fascinating March 30 legal decision out of Alabama, in the case of Phyllis Horace vs. LaSalle Bank National Association et. el. The judge issued a summary judgment ruling (original motion is here), tossing out the foreclosure action due to lack of trustee standing: “The ruling prevents defendant LaSalle Bank – as the trustee holding the…Read More
Even 60 Minutes seems to be sugarcoating the motivation for fraudclosure: “Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they want to foreclose on. The resulting rash of lawsuits from people seeking to save their homes has one of the government’s top banking regulators…Read More
THE TIMING OF THIS IS PERFECT FOR REASONS THAT WILL BE MADE CLEAR IN A WEEK OR SO
As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that’s causing lawsuits and hampering an already weak housing market.
Scott Pelley reports, Sunday, April 3, 7 p.m. ET/PT
The spate of Foreclosure Fraud that reared its head in late 2010 dated as far back as 2006, according to an internal Fannie Mae report that year. That is according to a WSJ article. The Journal notes that the GSE’s lawyers were suspicious that Bank counsel was cutting corners to save money and time in…Read More
A quick roundup of proposed Mortgage Mess settlement: • Pro Publica: By the Numbers: A Revealing Look at the Mortgage Mod Meltdown • FDL: NPA has been pressuring Tom Miller consistently • naked capitalism: BofA “Bad Bank” for Legacy Assets: Will This Eventually Be a First Use of Dodd Frank Resolution Powers? • TBP: Banks Like…Read More