March 31 at 6:01 a.m.
Filed under:
Housing,
Mortgages,
Real estate
By CNN
JPMorgan CEO Jamie Dimon, right, at a conference on global capital markets competitivene in Washington, D.C (Andrew Harrer/Bloomberg)
The head of JPMorgan Chase said Wednesday that banks would not consider writing down mortgages for homeowners who can’t make payments, an idea at the center of talks aimed at fixing the mortgage mess.
“Principal writedown for people who couldn’t pay their mortgages? Yeah, that’s off the table,“ JPMorgan Chase CEO Jamie Dimon said when asked about the idea after an appearance before a U.S. Chamber of Commerce forum in Washington. Get the full story »
Nov. 16, 2010 at 3:16 p.m.
Filed under:
Real estate
By Mary Ellen Podmolik
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 »
Nov. 16, 2010 at 11:16 a.m.
Filed under:
Banking,
Mortgages,
Real estate,
Updated
By Reuters
A quick settlement of the 50-state probe of the U.S. mortgage foreclosure crisis would be the best solution for all involved, the chief executive of Bank of America said on Tuesday.
The call for a settlement by Bank of America CEO Brian Moynihan was followed by comments from Iowa Attorney General Tom Miller, who told a Senate hearing that a settlement with lenders was still months off.
“We’re thinking in terms of months rather than a year or longer but it depends really on how far we get,” said Miller, who is heading up a probe by all 50 state attorneys general. Get the full story »
Nov. 9, 2010 at 11:32 a.m.
Filed under:
Investing,
Real estate
By Reuters
Goldman Sachs Group Inc.’s mortgage servicing unit has suspended evictions and foreclosures in some states, according to a regulatory filing on Tuesday. Get the full story »
By Becky Yerak
Mark Hoppe said it has taken more than 990 days, but the chief executive of Taylor Capital Group Inc. said the parent of Cole Taylor Bank has finally turned a quarterly profit.
“Wow, that feels good,” Hoppe, who joined the Chicago-based company from LaSalle Bank in 2008, told analysts during a conference call Thursday morning to discuss third quarter earnings.
But he said he’s “not standing on an aircraft carrier like George W. Bush did.” Get the full story »
Oct. 15, 2010 at 2:13 p.m.
Filed under:
Real estate
By Mary Ellen Podmolik
The Illinois Department of Financial and Professional Regulation said Friday it was giving American Home Mortgage Servicing Inc. until Oct. 22 to provide it with details on its foreclosures procedures. Get the full story »
Oct. 12, 2010 at 6:17 a.m.
Filed under:
Real estate
By Dow Jones Newswires-Wall Street Journal
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 »
