The number of default notices, scheduled home auctions and repossessions declined significantly in February as banks begin to take a more measured approach to foreclosures amid government probes. But the lower numbers are likely only temporary.
All across Florida, courts are starting to clear their overwhelmed dockets by dismissing foreclosure cases the banks have failed to prosecute. In one division of one of Florida's 20 judicial districts, perhaps as many as 2,700 cases have been set for dismissal in one week.
HSBC got plenty of attention when it disclosed that it had suspended foreclosures in its annual report Monday. But its not the only bank whose annual report made for interesting reading. The risk disclosures in banks' annual reports shed some light on their attitudes toward the mortgage mess.
Citigroup has foreclosed on U.K.-based record label EMI Group, taking it back from private-equity firm Terra Firma, which bought EMI from Citigroup for a whopping $4.7 billion in 2007.
When the state tightened its foreclosure rules in response to the document crisis, it ordered the six largest servicers to explain why they should be allowed to continue foreclosing on homes. In effect, their response went something like this: "Trust us, everything's fine now."
Bank of America's persistent failure to modify home loans has resulted in the inevitable: a consumer class action lawsuit. Last week, Susan Fraser of Missouri filed suit on behalf of herself and other qualified homeowners whom the bank failed to give permanent loan modifications to.
The depressing economic statistics about housing in America are well known, but the numbers don't tell nearly the whole story. In this series, DailyFinance takes a look at troubled neighborhoods in cities across the country, where the lingering foreclosure crisis means empty houses, frustrated residents and broken dreams.
What happens when an award-winning new development goes bust before it's fully built? As part of a series looking at the real estate market in the U.S., DailyFinance takes a look at a town near Atlanta that is still struggling with the effects of the great real estate bust.
Millions of houses are in foreclosure in the U.S. Even if your house is safe, your neighbors may be in trouble, and your neighborhood could suffer as a result. Here's the story of one house in a neighborhood in New Jersey.
