Bank of America Home Loan Head Says No Homes Improperly Seized
Bank of America Home Loan Head Says No Homes Improperly Seized
Bloomberg — November 15, 2010
Flaws in Bank of America Corp.’s foreclosure paperwork haven’t caused the bank to seize any homes improperly, the president of the company’s home-loan division said in testimony prepared for Congress today.
Congressional Oversight Panel Examines "Robo-Signed" Foreclosures and Other Mortgage Irregularities
COP News Release — November 16, 2010
WASHINGTON, D.C. - The Congressional Oversight Panel today released its November oversight report, "Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation." The Panel reviewed allegations that companies servicing $6.4 trillion in American mortgages may in some cases have bypassed legally required steps to foreclose on a home. The implications of these irregularities remain unclear, but it is possible that "robo-signing" may have concealed deeper problems in the mortgage market that could potentially threaten financial stability and undermine foreclosure prevention efforts.
Banks, AGs to square off in Senate over foreclosures
HousingWire — November 15, 2010
The Senate Banking Committee will hear testimony Tuesday from both sides of recent foreclosure problems at the major banks.
U.S. Homebuilder Confidence Index Increased to 16
The Washington Post — November 16, 2010
Confidence among U.S. homebuilders improved for a second month in November, a sign residential construction may hold at depressed levels.
NAR Survey Finds Half of Homebuyers to be First-Time Purchasers
DSNews — November 15, 2010
First-time homebuyers purchased half of all homes that were sold from July 2009 to June 2010, according to an annual survey of buyers and sellers conducted by the National Association of Realtors (NAR).