Tag Archives: mortgage servicer

Wells Fargo, Bank of America and JPMorgan Chase Penalized By Politicians Over HAMP

Banks are not like other businesses. They can’t invest their money as they wish. Instead, they are monitored by activists and politicians and have to behave according to a different set of rules. No wonder that banks went into big … Continue reading

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Banks Face Fines For Crumby Foreclosures

Many banks have suspended their foreclosure operations for months while they review their procedures and make sure that everything they do is by the book. It appears that the Obama administration is more interested in the health of the housing … Continue reading

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Mortgage Modification Scams

What if you bought more mortgage than you can afford? Now you want to modify your mortgage. You heard about Obama’s mortgage modification program. You heard banks advertise their mortgage modification schemes. But there’s a problem. The paperwork. It’s overwhelming. … Continue reading

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Bank Of America’s Foreclosure Program Back Up

For the past three months, America’s biggest mortgage originator, Bank of America, has been stalled in its foreclosure process. Now the bank believes its paperwork and legal problems have been smoothed over and by January they expect to be back … Continue reading

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A Bank Critic Will head the enforcement division of the new Consumer Financial Protection Bureau

Ohio Attorney General Richard Cordray has gained fame for attacking banks. Now he will be regulating them. I can’t imagine the banks are too happy about this. Sloppy bank paperwork on foreclosures attracted Cordray’s ire and raised him to fame. … Continue reading

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Mortgage Brokers, Small Lenders Unhappy With Implementation Of New Obama Refinance Plans

According to the AP, such small lenders and brokers say they are being left out of the current refinance rush. Fannie Mae and Freddie Mac own or guarantee almost 31 million mortgages – more than half of all U.S home … Continue reading

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Are You Still Stuck In A Subprime Loan?

There have been bills passed and government rhetoric about helping out those stuck with subprime loans. But actual help has been slow to arrive. And if your home is worth less than what you owe on your mortgage, nothing will … Continue reading

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One Man’s Misery Is Another Man’s Fortune

Here’s a report: IMPERIAL BEACH, Calif. — The way out of the worst U.S. housing slump since the 1930s goes through Angel Gutierrez. Gutierrez buys bad mortgages a dozen at a time for a fraction of their face value from … Continue reading

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