More than five years have passed since the mortgage bubble began to pop, and scammers taking advantage of homeowners still abound. In fact, the criminals and their techniques have become increasingly sophisticated.
Bank of America says its fourth-quarter earnings shrank as it cleaned up old problems from its mortgage unit, settling one case with Fannie Mae and another with the government. But the modestly positive results still beat the expectations of analysts.
Ten major banks and mortgage companies have agreed to pay $8.5 billion to settle complaints that they wrongfully foreclosed on homeowners. Under the settlement, people who were wrongfully foreclosed on could receive from a few hundred dollars up to $125,000.
Robo-signing isn't just for mortgages anymore. Credit card banks suing their customers for what they're allegedly owed are showing up to most court hearings with flawed and improper documents, incomplete records, and cookie-cutter testimony.
Since the housing crash, millions of Americans have lost their homes, many of them victims of improper foreclosures. Now, those unfairly evicted homeowners are getting compensation. But don't be concerned that they're getting more than they deserve.
Homes in some stage of the foreclosure process saw their share of U.S. home sales grow in the first quarter even as sales of bank-owned homes fell. The increase was driven by a spike in short sales, or homes that sell for less than what the owner owed on their mortgage.
Aftershocks from the financial crisis are still hitting U.S. banks: They're getting sued over everything from bonds stuffed with fraudulent home loans to improper foreclosures to credit card fees. Here are the five banks with the most to lose from those lawsuits.
U.S. states have reached a $25 billion deal with the nation's biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst. Federal and state officials announced the deal Thursday. It is the biggest settlement involving a single industry since a 1998 multistate tobacco deal.
The nation's five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday. A draft settlement between the banks and U.S. states has been sent to state officials for review.
Will homeowners see a penny of the reimbursements that the government has ordered 16 mortgage lenders to pay? Not likely, foreclosure victims and housing activists say, because the independent review ordered by regulators is too weak.
Regulators want the nation's big banks to reduce what borrowers owe on underwater mortgages, but they're still focused on solutions that rely on banks to voluntarily do the right thing. But we've already seen that won't work, and history shows what will -- giving bankruptcy judges back the right to cram down mortgages.
Attention homeowners! Whether you're current or in default make sure to scrutinize your mortgage bank's math. As recent court testimony explains, there's a chance that the bank is wrong about how much you owe -- particularly if you're behind on payments.
The Fed's decision to allow big banks to pay sharply higher dividends makes no sense, and not just because the results of the so-called "stress tests" are secret. Based on facts that are public knowledge, the banks are actually insolvent, and in danger of sinking much further.
State attorneys general and federal regulators are rushing to settle the robo-signing foreclosure mess created by the banks and get the real estate market back on its feet. But their proposals don't fully address the one of the fundamental problems of the crisis: Who really owns all those homes?
Almost as soon as regulators proposed a settlement for the mortgage mess that would require banks to obey the law, the banks' Republican allies began trying to weaken it through obfuscation and confusion. Read on for some plain English translations of their arguments against the settlement.