robo-signing

Massachusetts Ruling Slams Bank Foreclosure Practices

The state's highest court affirmed the fundamental and long-established idea that a bank must own the mortgage it's foreclosing on before it forecloses. The ruling pertained to Wells Fargo and US Bancorp, but investors are hammering all bank financial stocks in reaction.

The Foreclosure Mess: Florida Judges Can Do Better

Many judges in several states are emerging as defenders of due process and the rule of law when confronted with the banks' rampant disregard for the law in pursuing foreclosures with false paperwork. Alas, that's not so true in Florida, where a foreclosure can be heard in seconds.

A Whistleblower Blasts Chase Credit Card Practices

Linda Almonte, a former employee of JPMorgan Chase who is suing the bank for wrongful termination, has just upped the ante by filing a whistle-blower complaint with the SEC. The core allegations charge Chase with grotesque and illegal practices involving its credit card debt processes.

Judge Rejects Wells Fargo Foreclosure Documents Again

U.S. Bankruptcy Court Judge Martin Glenn denied Wells Fargo's request for permission to foreclose on Tandala Mims's house in the Bronx for a second time on Thursday because he still wasn't satisfied that Wells -- as opposed to some other bank -- had the right to do so.

Foreclosure Fiasco: Who Owns This Mortgage?

Most people raising the issue of false mortgage documents are homeowners facing foreclosure. And in general, the banks' responses are that the paperwork issues are mere technicalities -- nothing to be concerned about. Then you find a case like that of like Wells Fargo's attempt to foreclose on Tandala Mims of New York.

Little Sympathy for 'Besieged' Mortgage Bankers

In a compassionate Bloomberg profile of Barbara Desoer, the president of Bank of America's home loan unit, both the headline and the article call her "beseiged." But here's who's really beseiged: All those homeowners who are getting a raw deal from the banks.

No Foreclosure Problems at Bank of America?

After a 16-day review of its foreclosures, Bank of America has pronounced itself satisfied. It found no problems at all with any of them, and it's ready to resume processing foreclosures. Let's be blunt: That's a claim so unbelievable it doesn't pass the straight-face test. Here's why ...

What's Behind the Drop in Mortgage Applications?

The Mortgage Bankers Association said mortgage applicatins dropped 10.5% last week, the biggest drop in four months. Elsewhere -- housing starts and homebuilder confidence -- signs are more hopeful. But the mortgage mess could be a spoiler.

The Consequences of the Foreclosure Crisis

Even as the impact of the ongoing foreclosure crisis slowly unfolds, it's not too early to tote up a list of 10 potentially important developments that have already happened. None bodes well for the U.S. housing market, banks or economy.