Tag Archives: state attorneys

Settling Foreclosure Lawsuits Against The Big Banks

Banks are expected to pay out $20 billion to settle a variety of lawsuits for their sloppy paperwork processing of foreclosures. Banks have been overwhelmed by the number of foreclosures and they lose about $40,000 at least with each foreclosure. … 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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Republicans Skeptical Of Massive Mortgage Fines

Overwhelmed by foreclosures, banks were less than perfect in their foreclosure paperwork processing. Despite the mistakes, I’ve not heard of one homeowner who made his payments on time who got dispossessed from his home. Still, the Democrats see an opportunity … Continue reading

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New York’s Attorney General Leading The Way In Bank Investigation

I am hardly surprised that a New York Democrat is leading the way in investigating banks and their role in the 2008 financial crisis. It must be irresistible to such politicians to place the blame on bankers rather than on … Continue reading

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Republicans Don’t Trust The Mortgage Probe

The conventional wisdom is that the Obama administration is going to become more business-friendly as it seeks to reduce unemployment and to get the economy moving again. Well, I’m not seeing much business-friendly policy or regulation-relief coming out of 1600 … Continue reading

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Wells Fargo Struggling With Its Mortgage Lending Business

Wells Fargo and Bank of America have the biggest exposure of the major banks to the mortgage market. Wells Fargo is particularly struggling. State and federal investigators have been looking into the way the big lenders have handled mortgage foreclosures. … Continue reading

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Big Banks Preparing To Pay Out Billions For Their Abusive Mortgage Practices

Three big banks have warned investors they may have to pay out billions of dollars to settle inquiries by state and federal investigators into their foreclosure operations. Until now, the big banks acted as if these investigations were just a … Continue reading

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Bank Complaints Way Up

Despite all the new regulations, complaints about banks are soaring. Or maybe the increased regulation is inciting more complaints. I am sure people would rather complain about banks than get their own finances in order. The Washington Post reports: Complaints … Continue reading

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Bank of America Aims To Modify Mortgages For 125,000

Exactly why they are scrambling to help out people who bought more home than they can afford is a head scratcher. Well, it’s good PR. And it will avoid forcing the bank to foreclose on more homes. The U.S. Treasury … Continue reading

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What’s The Background On Subprime Lending?

According to Wikipedia: America has the most open credit market in the world because of innovations such as junk bonds and subprime mortgages. With the easing of usury laws, there evolved a big market for lending to risky types. In … Continue reading

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