Inside these posts: Foreclosure suit

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Sportscaster faces foreclosure on Evanston home

From Crain’s Real Estate Daily | Sportscaster Mike Adamle faces a foreclosure suit on his Evanston home after failing to pay off a $1.1-million loan that matured in August. According to a complaint filed by PrivateBank & Trust Co., Adamle and his wife, Kim, owe the bank about 30 percent more than the $920,000 than they paid in July 2005 for the home on Lincoln Street near Ryan Field.

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 »

Officials in 50 states launch foreclosure probe

Protestors at a foreclosure and eviction rally in Menlo Park, Calif., Sept. 24, 2010. (AP Photo/Paul Sakuma)

All 50 states launched a joint investigation of the mortgage industry on Wednesday, a move some experts fear will cause uncertainty and threaten the recovery of the fragile housing market.

The state attorneys general are looking at allegations some banks used shoddy or fraudulent paperwork to remove struggling borrowers from their homes during a foreclosure crisis that is one of the most visible wounds of the 2007-2009 recession.

“We are in the fourth year of a housing and economic crisis that was brought on by lax practices of the mortgage lending industry,” Minnesota Attorney General Lori Swanson said in a statement. “The latest allegations of corner cutting and slipshod paperwork are troubling, but perhaps not surprising.” Get the full story »

White House: No to broad foreclosure moratorium

The White House on Tuesday expressed opposition to a broad moratorium on home foreclosures, warning there could be some unintended consequences for the housing market. Get the full story »

Bank of America halts foreclosures in all 50 states

A Bank of America branch in Charlotte, N.C. (AP)

Bank of America Corp. is placing a moratorium on all foreclosure proceedings and sales across the U.S. due to mounting political pressure on large U.S. banks to examine foreclosure-documentation problems.

The nation’s largest bank by assets is the first financial institution to stop all foreclosure actions due to revelations that the banking industry had used “robo-signers” — people who sign hundreds of documents a day without reviewing their contents — when foreclosing on homes. Bank of America, J.P. Morgan Chase & Co. and Ally Financial Inc. last week postponed foreclosures in 23 states where a court’s approval is required to foreclose on a home. Get the full story »

Regulators tell Ally Financial to freeze foreclosures

The Illinois Department of Financial and Professional Regulation has asked Ally Financial to freeze all foreclosures and not initiate any new ones against Illinois homeowners until an investigation of its foreclosure practices is complete.

According to the state, more than 100,000 Illinois homeowners have mortgages that are serviced by the company, including 78,500 first mortgages.

An Ally employee testified in a Florida court case that he signed at least 10,000 affidavits a month to process foreclosures without reviewing the underlying paperwork and that those documents were then filed with the court as evidence of Ally’s rights to foreclose on the homes. Get the full story »