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A coalition of as many as 40 state attorneys general is expected Wednesday to announce an investigation into the mortgage-servicing industry, an effort some of them hope will pressure financial institutions to re-write large numbers of troubled loans.
The move come amid recent allegations that mortgage-servicers, which include units of major banks such as Bank Of America Corp., submitted fraudulent documents in thousands of foreclosure proceedings nationwide. Get the full story »
Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place.
Today, Case’s mood is far more subdued. In scarcely two weeks, he and other housing analysts have watched as the once-staid world of back-office bank procedures has spawned a scandal that threatens to further unhinge the housing market. Get the full story »
Amid growing public anger over U.S. home seizures, Bank of America Corp has suspended some of its foreclosures and JPMorgan Chase & Co has come under investigation in California and Connecticut. Get the full story »
GMAC Mortgage was sanctioned by a Maine state court judge, who concluded that an affidavit filed by a company official to support a mortgage foreclosure was submitted “in bad faith.â€
The ruling came in a case that last month revealed that GMAC, now part of Ally Financial Inc, had been filing affidavits falsely attesting that officials had reviewed mortgage documents and that they justified foreclosure. Get the full story »
