Monthly Archives: October 2010

On Sunday, Shaun Donovan, President Barack Obama’s housing secretary, said “it’s shameful” that financial institutions may have made the housing crisis worse by improperly processing foreclosures. In a column on the Huffington Post website, Secretary Donovan said that a comprehensive review of the foreclosure crisis was under way and that the administration would respond with “the full force of the law where problems are found.” Foreclosure problems “shameful”: Housing Secretary – Yahoo! News.

Bloomberg.com reported on Thursday that more than 100,000 U.S. homes were seized by lenders in September, a record number that probably will decline in coming months as major banks halt repossessions and review their foreclosure practices. Lenders took over 102,134 properties last month, RealtyTrac Inc. said in a report today. That was the highest monthly tally since the company began tracking the data in 2005, surpassing the August record of 95,364.  Foreclosure filings, including default and auction notices, rose 3 percent from the prior month to 347,420. One out of every 371 households received a notice. U.S. Home Seizures Reach […]

According to Bloomberg.com, more than 100,000 U.S. homes were seized by lenders in September, a record number that probably will decline in coming months as major banks halt repossessions and review their foreclosure practices. Lenders took over 102,134 properties last month, RealtyTrac Inc. said in a report today. That was the highest monthly tally since the company began tracking the data in 2005, surpassing the August record of 95,364. Foreclosure filings, including default and auction notices, rose 3 percent from the prior month to 347,420. One out of every 371 households received a notice.   The full article can be found here.

According to a Florida lawyer defending 3,000 foreclosure cases, “the mortgage servicers hired people who would never question authority”.  He claims he has collected 150 depositions from bank employees who say they signed foreclosure affidavits without reviewing the documents or ever laying eyes on them — earning them the name “robo-signers.”  These employees worked for the mortgage service divisions of banks such as Bank of America and JP Morgan Chase, as well as for mortgage servicers like Litton Loan Servicing, a division of Goldman Sachs. The complete article can be found here.

In response to accusations of document fraud, JPMorgan Chase said Wednesday it’s expanding its foreclosure review to some 115,000 cases. The review, which involves homeowners in 41 states, previously involved about 56,000 cases, according to an Associated Press article. See full article from DailyFinance: http://www.dailyfinance.com/story/real-estate/jpmorgan-expands-foreclosure-documents-review/19672956/?icid=sphere_copyright