Tag Archives: state attorney generals

What Will Be The Cost To Taxpayers Of The Mortgage Settlement?

The late Nobel prize winner Milton Friedman summed up economics by saying, “There’s no free lunch.” So the Obama administration and state attorney generals extracted $26 billion from the five big banks to settle disputes over improper mortgage foreclosure paperwork … Continue reading

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California’s Foreclosures Soared In Third Quarter

The big banks revved up their foreclosures in the third quarter and the rate went up particularly high in California. Banks have been dragging their heels on foreclosures for more than a year. They don’t want to bring too many … Continue reading

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New Plan Likely To Allow For Refinancing Of Underwater Mortgages

A major settlement between the Obama administration and the state attorney generals over shoddy foreclosure practices by the big banks is likely to allow tens of thousands of people with underwater mortgages to refinance. Without this special break, people who … Continue reading

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Credit Ratings Cut For Bank Of America, Wells Fargo

Bank of America and Wells Fargo have a disproportionate share of their assets in mortgages and have been particularly hard hit by the housing slump. Their stock has taken a beating over the past four years. Now Moody’s has lowered … Continue reading

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Bank of America On The Brink

The FHA agency is suing the major banks for selling mortgage-backed securities that proved to be worth little. State Attorney Generals and the Barack Obama administration want to extract $20 billion from the banks to settle disputes over robo-signing on … Continue reading

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Bank of America Ready To Settle Foreclosure Probe

Over the past year, Bank of America has written down and paid out about $30 billion to settle claims with its mortgage division. The bank is ready to settle a foreclosure probe with most of the state Attorney Generals. Without … Continue reading

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Largest Mortgage Lender Targeted In Foreclosure Probe

Thanks to its acquisition of Countrywide, which it must be ruing along with its purchase of Merrill Lynch, Bank of America is a target of state attorney generals probing bank foreclosure procedures. Overwhelmed by foreclosures, banks have been imperfect in … Continue reading

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State AGs Develop Mortgage Probes

Five years after the beginning of the housing crash, state Attorney Generals are investigating if laws were broken. They’re particularly interested in if laws were broken in the securitization of mortgages. The WSJ reports: California Attorney General Kamala D. Harris … Continue reading

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Republicans Oppose Democrats Shakedown Of Mortgage Lenders

Republicans don’t like the foreclosure deal the Obama administration and various state attorney generals want to reach with banks, which includes fines of $20 to $30 billion. This deal would’ve gone through quickly if the Republicans had not taken control … Continue reading

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State attorney generals of Nevada and Arizona file lawsuits against Bank of America regarding mortgage modification

Countrywide is to blame! When Bank of America acquired the troubled lender, the bank went from number six in mortgage originations to number one. But much of the way Countrywide was doing business was sloppy. America’s mortgage system had some … Continue reading

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