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 paperwork
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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
Lawmakers hit banks, regulators on foreclosures
Lawmakers pressed major banks and federal regulators on Thursday to explain how they allowed faulty paperwork problems to fester into a controversy that could slow home sales and raise costs for new borrowers. Get the full story »
U.S says foreclosure problems were not systemic
The Obama administration said Wednesday that it found no sign of “systemic” troubles s with U.S. home mortgages, as banks sought to play down a crisis over accusations of shoddy foreclosure practices.
But Housing and Urban Development Secretary Shaun Donovan insisted the government would “take every action” to press banks to fix paperwork problems at the core of a foreclosure crisis that has put major financial firms on the hot seat. Get the full story »
