Monthly Archives: November 2010
Online Video Depositions Put Spotlight On Foreclosure “Robo-Signers”
Over the past several years, Bryan Bly, Crystal Moore and Dhurata Doko have signed thousands of mortgage assignments as vice presidents of Citi Residential and other major lenders. Yet when asked in a recent deposition what a mortgage assignment is, Bly replied: “I’m really not sure.” Moore, meanwhile, defined a promissory note as something “that says the interest rate and stuff like that on it.’’ And Doko, a native of Albania who speaks shaky English, expressed befuddlement at the whole idea of loaning someone money to buy a house. “We don’t do mortgages in my country,’’ she said. Bly, Moore […]
Repossessions Fall 9% In October Thanks To Foreclosure Freeze
Foreclosures fell in October, but it’s not because fewer people are losing their homes. Instead, the market is seeing a temporary stay from banks freezing foreclose auctions to review loan documents. Foreclosure filings of all kinds, including notices of default, notices of auctions and notices of auction sales, dropped 4.4% during the month, according to a report released by RealtyTrac on Thursday. But bank repossessions, the filing most affected by the freeze, shrank 8.7%. via Repossessions fall 9% in October thanks to foreclosure freeze.
Bankruptcy Filings Jump 14% in Fiscal 2010
As the U.S. economy struggles to recover from a deep recession, the number of Americans filing for bankruptcy continues to rise dramatically. In the federal government’s fiscal year 2010, which ended September 30, more than 1.5 million non-business bankruptcy filings were processed, according to data released Monday by the Administrative Office of the U.S. Courts. That’s up more than 14% from fiscal 2009, when about 1.3 million personal bankruptcies were filed. via Bankruptcy filings jump 14% in fiscal 2010 .
Mortgage and Foreclosures: Lawsuits Pile Up Vs. JPMorgan, PNC Financial, Ally Financial
Lawsuits against JPMorgan Chase & Co. (NYSE:JPM), PNC Financial Services Group (NYSE:PNC) and Ally Financial (formerly GMAC Inc.) are piling up as a result of the ongoing mortgage and foreclosures scandal. The three banks disclosed in their quarterly filings with the Securities and Exchange Commission that they are either expecting possible legal action or have already been sued over alleged fraudulent foreclosure practices. JPMorgan reported that it is expecting two possible class action suits related to mortgage and foreclosures. The second largest bank in the U.S. reported in its filing that the suits are alleging “common law fraud and misrepresentation, […]
MetLife Says Disputes on Foreclosures Not Material
MetLife Inc., the insurer with more than 200 home-loan offices in the U.S., said it doesn’t expect a “material” cost tied to disputes over its procedures for taking property from borrowers through foreclosures. “MetLife Bank verifies the accuracy of borrower information included in affidavits filed in foreclosure proceedings,” the New York-based insurer said today in a regulatory filing. “We do not believe that MetLife Bank has material exposure to potential losses arising from challenges to its foreclosure procedures.” MetLife found irregularities in foreclosure processes and is delaying the sale of some seized properties, Moody’s Investors Service said on Oct. 14. […]
