Sharga Says Unemployment Now Main Cause of Foreclosures
October 28, 2010, Bloomberg via The Washington Post
Rick Sharga, senior vice president for marketing at RealtyTrac Inc., talks with Bloomberg's Lisa Murphy about U.S. home foreclosures and the outlook for the housing market.
Foreclosure Mess Will Take Years to Clean Up
October 28, 2010, MSNBC.com
How long will it take before the American nightmare of home foreclosures is over? Three years after the housing bubble collapsed under the weight of lax mortgage underwriting, some 5.5 million families have lost their homes or are in the process of losing their homes to foreclosure. And the number could go far higher: Without a change in government policy, some 11 million borrowers are at risk of losing their homes, according to a research report earlier this month by Amherst Securities, which advises investors in mortgage-backed securities. That’s roughly one-fifth of the 55 million mortgages outstanding on the 80 million homes in the U.S.
Insurers Ease on Amnesty
October 29, 2010, Wall Street Journal
Title insurers have decided not to require lenders to provide a blanket shield from claims caused by flawed foreclosures after discussions around crafting an industry-wide agreement fell apart. First American Financial Corp. said Thursday that the Santa Ana, Calif., company had concluded that requiring banks to indemnify the title insurer from foreclosure errors resulting in questions about who owns clear title to a property was unnecessary "given the actions taken by lenders to remediate deficiencies and to improve their processes going forward," said Dennis Gilmore, First American's chief executive.
BofA Hires Former Va. AG, and Justice Official For Foreclosure Defense
October 28, 2010, Washington Post
Former state and federal prosecutors are among the growing phalanx of lawyers being hired by Bank of America as it seeks to defend itself against accusations of wrongdoing in processing foreclosures. Richard Cullen, former attorney general of Virginia, and Brian Boyle, who served as a deputy assistant U.S. attorney general during President George W. Bush's tenure, are among those who have been helping the company deal with a multistate probe launched by all 50 states.
Will Bankers Go to Jail for Foreclosure-gate?
October 19, 2010, TIME Magazine
More and more, Foreclosure-gate is looking like the housing bust's Enron. One of the amazing developments of the unraveling of the financial crisis has been the fact that there have been so few people we can actually point to and say without a doubt that guy or gal is a crook. Yes, Bernie Madoff and his fellow ponziers, but they were only flushed out by the financial crisis. They didn't really cause it.
Secrets of Florida's "Foreclosure King"
October 28, 2010, Huffington Post
A troubling truth about today's white collar crime wave is that wherever there is a complicated fraud, there is usually a lawyer helping make it happen -- or even a whole firm of lawyers.
U.S. Lawyer Forms Foreclosure Resistance Movement
October 27, 2010, Reuters via New York Times
In a stately 19th century mansion in the middle of this former textile mill town, a local political scion has formed a mortgage foreclosure resistance movement. O. Max Gardner III, 65, pioneered techniques in preventing big banks from foreclosing on loans and has taught his methods to 559 other lawyers in the last four years. "He's Atticus Finch," said April Charney, an attorney with Jacksonville Legal Aid in Florida, referring to the lawyer in the novel "To Kill a Mockingbird" who is seen as a model for lawyers protecting the disadvantaged.
Florida Foreclosure Auction Cancellations `Frustrating' to Judge
October 27, 2010, Bloomberg
The Miami judge managing a backlog of 80,000 foreclosures said it’s “frustrating” that lenders including Bank of America Corp. and JPMorgan Chase & Co. continue to cancel foreclosure auctions.