Number of Troubled Mortgages on Rise Again
Number of Troubled Mortgages on Rise Again
By Les Christie, CNN Money, Aug. 22, 2011
In another hit to the beleaguered housing market, a Mortgage Bankers Association report out Monday found that the number of delinquent mortgage borrowers — those who have missed at least one payment — rose during the three months ended June 30.The delinquency rate grew to 8.44 percent, adjusted for seasonal effects, up 0.12 percentage points compared with three months earlier. The non-seasonally adjusted increase was up 0.32 points to 8.11 percent.
Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal
By Gretchen Morgensen, New York Times, Aug. 22, 2011
Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.
BofA Names Ron Sturzenegger Head of Unit Managing Foreclosures
By Hugh Son, Bloomberg, Aug. 18, 2011
Bank of America Corp., the biggest U.S. lender, named Ron Sturzenegger to stanch losses at its unit managing about $1 trillion of shaky or soured home loans after Terry Laughlin was promoted to chief risk officer. Sturzenegger, 51, formerly global leader for the bank’s real estate and gaming corporate and investment banking unit, reports to Chief Executive Officer Brian T. Moynihan as head of legacy asset servicing, according to a memo sent to employees today.