The Most-Expensive Bank-Owned Home in America

The Most-Expensive Bank-Owned Home in America
By Ann Brenoff, AOL Real Estate, July 29, 2011

Who says the mighty can't fall? One of the country's premier listings — the penthouse apartment of the St. Regis Hotel in San Francisco — is now owned by a subsidiary of Bank of America and expected to be re-listed at $35 million, half what the asking price was, according to the listing agent. The unit is known as the Museum Tower Penthouse.

Internal Doc Reveals GMAC Filed False Document in Bid to Foreclose
By Paul Kiel, ProPublica, July 27, 2011

GMAC, one of the nation's largest mortgage servicers, faced a quandary last summer. It wanted to foreclose on a New York City homeowner but lacked the crucial paperwork needed to seize the property. GMAC has a standard solution to such problems, which arise frequently in the post-bubble economy. Its employees secure permission to create and sign documents in the name of companies that made the original loans.

Bulldoze: The New Way to Foreclose
By Stephen Gandel, TIME, August 1, 2011

Banks have a new remedy for America's ailing housing market: bulldozers. There are nearly 1.7 million homes in the U.S. in some state of foreclosure. Banks already own some of these homes and will soon repossess many more. Many housing economists worry that a near constant stream of home sales by banks could keep housing prices down for years to come. But what if some of those homes never hit the market?

Mortgage Holders Now More Accountable for Abandoned Buildings
By Antonio Olivo, Chicago Tribune, July 28, 2011

The Chicago City Council passed legislation today that makes banks and other financial companies more accountable for problems inside thousands of abandoned buildings. The ordinance, which passed unanimously, faced adamant opposition from the financial industry, including the federal agency that regulates Fannie Mae and Freddie Mac, which have a stake in the majority of mortgages in the country.

Bank Makes Foreclosure Offer She Can't Refuse
By Todd Ruger, Sarasota Herald-Tribune, July 29, 2011

The bank spent the last two years denying Deborah Johnson's efforts to save her Sarasota home from foreclosure, and then out of nowhere, last month, sent her an unbelievable offer. If Johnson can find someone to buy the property for half of what is owed on the mortgage, JP Morgan Chase bank will not only forgive the remaining $100,000 or so of debt, but also send her away with $35,000 in her pocket.