Foreclosure Activity Up Across Most US Metro Areas
Foreclosure Activity Up Across Most US Metro Areas
October 27, 2010, Associated Press
The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Chicago and Seattle — cities outside of the states that have shouldered the worst of the housing downturn — seeing a sharp increase in foreclosure warnings. California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.
Wells Fargo Admits Mistakes in 55,000 Foreclosures
October 27, 2010, Washington Post
Wells Fargo, which has stood by its foreclosure paperwork for weeks as other major lenders discovered errors and halted sales, conceded Wednesday it had discovered some flaws in its documents as well.
Mortgage Industry Bristles at `Robin Hood' Foreclosure Theories
October 27, 2010, Bloomberg
The mortgage industry is casting aside concern that its foreclosure practices are rife with unfixable errors, even as executives acknowledge inappropriate practices such as robo-signing, officials said at a conference. The “number of attorneys that signed off on” the policies used when Wall Street firms packaged mortgages into bonds means it’s likely that the trusts used to hold the debt will be able to prove they own the loans in almost all cases, said Philip Seares, a managing director at Citigroup Inc. who run its trading of whole loans.
NYC Judge Shows Problem With Bank “Technicalities” Defense
October 27, 2010, Naked Capitalism
A story at the New York Daily News on a foreclosure case dismissed by Judge Arthur Schack illustrates that the problems that banks are having with foreclosures, which they are characterizing as “technical” or “paperwork” run deeper than that. And that is before you get to the issue that we have discussed at length on this blog, namely, the failure to convey promissory notes and related liens as stipulated by the contract governing mortgage securitizations, the pooling and servicing agreement.
Banks `Want to Sit Down' With States to Discuss Foreclosures
October 27, 2010, Bloomberg
A 50-state task force investigating U.S. foreclosure practices may meet with lenders as early as this week, less than a month after JPMorgan Chase & Co. and Bank of America Corp. suspended some home seizures. “We’ve had several conference calls with major lenders,” Colorado Attorney General John Suthers said in an interview, declining to specify which ones. “The banks want to sit down with the attorneys general. These meetings are being set up,” said Suthers, whose office is a member of the executive committee of the task force.