U.S. banks will have to make “significant investments” to clean up foreclosure practices and some lenders potentially face strong pressure from investors to buy back faulty mortgages, a top Federal Reserve official said Wednesday. Get the full story »
Inside these posts: Foreclosure halt
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Dec. 1, 2010 at 5:35 p.m.
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Filed under: Banking, Economy, Investigations, Policy, Politics, Real estate U.S. sees big costs for banks to fix foreclosures
JPMorgan wants foreclosure problem fixed quickly
JPMorgan Chase & Co.’s chief financial officer on Wednesday joined a growing chorus of industry executives calling for a speedy resolution of the probes into the industry’s foreclosure practices as a settlement may be on the horizon. Get the full story »
Illinois AG calls for more foreclosure transparency
An abandoned foreclosed house in Highland Park in 2009. (David Trotman-Wilkins/Chicago Tribune)
Mortgage servicers would not be able to put a home into foreclosure until they could detail specifically why all modification efforts failed, under legislation proposed Tuesday by Illinois Attorney General Lisa Madigan.
The bill, which would amend the Illinois Mortgage Foreclosure Act, also is intended to prevent the practice of cutting corners and rubber-stamping foreclosure files as accurate as they head toward judgment, a practice that has drawn headlines and spawned an ongoing investigation into lenders’ internal practices by the attorneys general of all 50 states. Get the full story »
Foreclosures up in Illinois, bucking U.S. decline
A sharp uptick in initial foreclosure filings in Illinois meant the state did not follow the pattern of the nation as a whole, which saw a 4 percent decrease in foreclosure filings in October.
The number of homes that received an initial notice of default in Illinois, the first step in the foreclosure process, rose 24 percent in October, to 8,388 Illinois homes, from 6,780 in September. Altogether, the number of all types of foreclosure filings in Illinois totaled 16,969 last month, an increase of almost 7 percent from September but down almost 15 percent from a year ago. Get the full story »
