robosigning

10 Top Banks Agree to Pay $8.5 Billion for Foreclosure Abuses

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.

Payments for Bad Foreclosures Are No Undeserved Windfall

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.

Why Bank of America Will Never Be Great Again

Bank of America did the right thing this week, nixing its notorious $5 a month debit card fee before it began. But B of A can't win, and even now, financial journalists are wondering how it will find ways to nickel and dime its way back from this week's fee retreat at the expense of its customers.

What the Mortgage Mess Settlement Proposal Really Means

The mortgage mess settlement proposal is a repudiation of the servicing industries' standard business practices. The agreement also reads as an indictment -- not just of the servicing industry, but also of law enforcement, regulators and Congress.

Are Banks Abandoning Foreclosures in Florida?

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.

The Risks of the Mortgage Mess: The Banks' View

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.

Investor Lawsuits Are Raising the Heat on Bank of America for 'Putbacks'

When Countrywide Financial created deeply flawed mortgage-backed securities, it wasn't just selling bad financial products: It was breaking its contracts. Now some ordinary investors are suing Countrywide's buyer, Bank of America, to force it to repurchase those bad mortgages. That's their right, but there's nothing simple about this case, or its ramifications.

Will Florida Finally Punish Banks and Lawyers for Foreclosure Document Fraud?

Foreclosures nationwide have exposed a swamp of fraudulent documents, but in many parts of Florida, courts have been letting banks ignore the law with impunity. Now, moves by Florida's Supreme Court and its state bar association may finally start cleaning up the fraud there by holding banks -- and lawyers -- accountable.

N.J. Appeals Court Blocks Foreclosure Over Bad Docs

A New Jersey court has invalidated a foreclosure by insisting on a basic concept of due process -- that the bank must authenticate the documents it uses to make its case. But in the case of Wells Fargo v. Sandra A. Ford, there are more issues than just who owns the mortgage. She has fraud claims that go back to the very beginning.

Lawyers' Carelessness Was Key to the Mortgage Mess

As multiple lawsuits and SEC actions progress in relation to the nation's mortgage mess, it's becoming clear that the misbehaviors of the lawyers involved at all stages were not isolated incidents: The misconduct was systemic, and it's time to start holding those lawyers accountable.

Why a New York Judge Is Throwing Out Foreclosure Cases

On Oct. 20, New York courts ordered attorneys for foreclosing banks to swear they'd personally confirmed that their documents are true and accurate. But a Brooklyn judge has taken things a step further. Since the banks aren't complying, he has started throwing out foreclosure cases.

Big Banks to New Jersey: Stop Bugging Us About Foreclosures

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."

Florida Is Still Letting Banks Break the Rules in Foreclosure Cases

An affidavit in a court case needs to include the documents that support its claims. Except for banks in Florida foreclosure cases. Despite the massive robo-signing scandal and evidence of errors in mortgage files, judges there still merely take the bank's word about what you owe.