FHFA announces 2016 conforming loan limits

FHFA announces 2016 conforming loan limits

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North Carolina AG opens investigation, demands foreclosure suspension

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North Carolina Attorney General Roy Cooper joins the list of those calling for a foreclosure suspension because of robo-signers. Cooper's Consumer Protection Division expanded its investigation into questionable foreclosure tactics to include 14 lenders. Ally Financial (GJM), JPMorgan Chase (JPM), and Bank of America (BAC) have already acknowledged employees signed affidavits without verifying information in case documents or without a notary present, known as "robo-signing." Those three lenders have already suspended foreclosures in Florida, New York, Ohio, Illinois, Pennsylvania, New Jersey, Connecticut, Hawaii, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Mexico, North Carolina, South Carolina, North Dakota, South Dakota, Oklahoma, Vermont, and Wisconsin. Texas, Delaware, California AG offices have called for statewide foreclosure moratoriums as well. North Carolina law requires lenders to make "a good faith effort" to offer a loan modification before a foreclosure. If robo-signing was detected in North Carolina cases, it could be a violation. "When a foreclosure happens, a family loses its home, neighbors lose property value, and the bank loses money," Cooper said. "That’s why lenders need to make a real effort to work out payment plans and loan modifications." Cooper sent letters to Ally, JPMorgan Chase, BofA, Wells Fargo (WFC), Citigroup (C), SunTrust Mortgage (STI), PHH Mortgage (PHH), OneWest Bank, PNC Mortgage (PNC), Aurora Bank, U.S. Bank (USB), HSBC (HBC), MetLife Home Loans (MET), BB&T Mortgage, and American Home Mortgage Servicing. Write to Jon Prior. The author holds no relevant investments.

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