While the decision’s impact isn’t entirely clear, even Wall Street analysts who downplayed its applicability, acknowledged its troubling implications for banks. Palm Coast, FL – January 21, 2011 – When Massachusetts’ highest court ruled against U.S. Bank and Wells Fargo earlier this month and invalidated two foreclosures, the decision was hailed by some as an […]
New York Times reports that banks are suggesting that they be allowed to take over some of Fannie and Freddie’s work of issuing securities backed by a government guarantee. Palm Coast, FL – January 21, 2011 – As the White House considers how to reform troubled mortgage giants Fannie and Freddie, some of the nation’s […]
After one Nevada homeowner asked Bank of America about who owned his mortgage, he suffered a drop in his credit score even though he’d never missed a payment on his home. Palm Coast, FL – January 6, 2011 – We’ve pointed out cases in which banks’ miscommunication and disorganization have caused mistaken foreclosures, but as […]
Nearly half of the attorneys working at Florida’s four largest foreclosure law firms have practiced law for less than three years. Palm Coast, FL – January 5, 2011 – A few months into the foreclosure scandal, we reviewed job listings seeking supposed foreclosure experts and even department supervisors, noting that many listings offered low pay […]
Following the failure of Lehman Brothers the biggest U.S. banks had tabs with the Fed that ran in the tens of billions on any given day during the worst parts of the financial crisis. Palm Coast, FL – December 9, 2010 – A provision in the financial reform law forced the Federal Reserve to disclose […]
Lender Processing Services (LPS), has been accused of flaws in the processing of key mortgage documents. Palm Coast, FL – December 7, 2010 – In our primer on the players in the foreclosure scandal, we noted that the biggest foreclosure contractor to which banks outsourced servicing tasks, Lender Processing Services (LPS), has been accused of […]
Besides questionable signatures & notarizations on key documents, parties trying to enforce foreclosures often fail to produce the promissory note, produce the wrong note, or use lost-note affidavits. Palm Coast, FL – December 4, 2010 – We’ve noted that in many states judges play a key role in determining whether foreclosure cases fly through on […]
Say that they’re not responsible for the day-to-day management of mortgage loans but instead rely on banks to do so fairly with borrowers. Palm Coast, FL – December 2, 2010 – Testifying before the Senate Banking Committee this week, executives at Fannie Mae and Freddie Mac—the two government-controlled mortgage giants—blamed other players in the foreclosure […]
Banks seeking to enforce foreclosures must demonstrate that they have proper documentation proving their right to enforce a foreclosure. Palm Coast, FL – November 30, 2010 – As we’ve noted, banks seeking to enforce foreclosures must demonstrate that they have proper documentation proving their right to enforce a foreclosure—meaning they have the legal standing to […]
Did banks’ mistakes and lack of due diligence caused people to face wrongful foreclosures. Banks say ”no.” Foreclosure defense attorneys say ”yes.” Palm Coast, FL – November 27, 2010 – The issue at the center of the foreclosure scandal isn’t the use of robo-signers and shortcuts in paperwork: It’s whether the banks’ mistakes and lack […]