Items Tagged with 'Foreclosure'

ARTICLES

  • HUD Secretary Ben Carson apparently doesn't know what an REO is

    Under questioning from Rep. Katie Porter, Carson confuses REO with Oreo
    HUD Secretary Ben Carson had a bit of a rough day on Tuesday. Carson appeared on Capitol Hill to testify before the House Financial Services Committee, and during questioning from the committee member with the most housing knowledge, turned himself into a punchline by confusing a common housing industry term with a cookie. Yes, you read that right.
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  • D.C. housing agency launches program to help delinquent reverse mortgage borrowers

    Provides financial assistance to seniors facing foreclosure
    A D.C.-based housing agency recently launched a program to help reverse mortgage borrowers facing foreclosure because of their failure to pay property taxes and homeowners insurance. While only available to help borrowers in the district, the program could be replicated in other parts of the country with a high percentage of HECM loans in default.
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  • Bloomberg: Mortgage servicing needs fixing, and here's what should be done

    It's the plumbing of the mortgage industry, and it needs a serious overhaul
    Mortgage servicers are "unsung professionals" who play a crucial role in the U.S. economy, Bloomberg says, but they're not doing their jobs well. But to be fair, it's not all their fault. What's the problem? A recent article in Bloomberg breaks it down, claiming that the mortgage servicing sector needs a serious overhaul. Here's a review of the problems, and some ideas as to what can be done about it.
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  • Fewer Americans are filing for foreclosures

    February marks 8th consecutive month of annual decrease in foreclosure activity
    There was a moderate drop in foreclosures in February, according to ATTOM Data Solutions' latest Foreclosure Market Report. According to ATTOM's analysis, there was a 3% decline from the previous month and an 11% year-over-year decrease from 2018.
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  • New York foreclosure firm admits to cheating Fannie Mae, VA out of millions

    Rosicki, Rosicki & Associates accused of "systematically" overbilling expenses
    The U.S. Attorney’s Office for the Southern District of New York announced Tuesday that it reached a settlement with Rosicki, Rosicki & Associates, in which the law firm admitted to using its wholly owned affiliates, Enterprise Process Service and Paramount Land, to overcharge Fannie Mae and the VA for millions of dollars in foreclosure and eviction-related expenses.
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  • Wells Fargo reveals software error led to hundreds of faulty foreclosures

    Internal review shows more modifications were improperly denied due to software error
    Earlier this year, Wells Fargo revealed that a software error in its mortgage underwriting system led to hundreds of unnecessary foreclosures, but now it appears the problem is even bigger than the troubled bank first thought. Wells Fargo revealed Tuesday that the problem actually affected hundreds of additional borrowers.
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  • Former owner of foreclosure rescue business gets 14 years for stealing borrowers' homes, equity

    Company offered "Keep Your Home" program that targeted struggling homeowners
    The former owner of a California foreclosure rescue business will spend the next 14 years in prison after admitting in court that he used the business to steal struggling borrowers’ homes during the housing crisis. The company offered a “Keep Your Home” program that targeted borrowers who were struggling with their mortgages and facing foreclosure. But the program was a lie.
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