Texas, Iowa Start Investigations of GMAC Foreclosure Practices
Texas, Iowa Start Investigations of GMAC Foreclosure Practices
Bloomberg News — September 23, 2010
Attorneys general in Texas and Iowa, following Florida, have started their own investigations into foreclosure practices at Ally Financial Inc.’s GMAC mortgage unit.
Al Franken: Foreclosure Paperwork Scandal Shows Need To Strengthen HAMP
The Huffington Post — September 23, 2010
The revelation that massive numbers of foreclosures may be tainted by bogus paperwork from mortgage servicers is further evidence that the Obama administration's anti-foreclosure efforts need a pro-homeowner boost, says Sen. Al Franken (D-Minn.).
Fannie Mae Announces New Buyer and Seller Incentives for REOs
DSNews — September 23, 2010
With the foreclosure crisis still raging, the nation’s largest mortgage financier has amassed a hefty portfolio of repossessed homes. Fannie Mae took back 68,838 foreclosed properties in the second quarter alone. In the first quarter of this year, the company added 61,929 new REOs to its inventory.
'Second Look' Helps Out Borrowers
The Wall Street Journal — September 24, 2010
When a borrower hears a "no" from the bank, sometimes it really means "maybe."
U.S. Home Sales in August Matched Modest Forecasts
The New York Times — September 23, 2010
Home sales stabilized in August after a deep tumble in July, a development that, in the context of a severely troubled housing market, counts as good news.