One reason for the renewed uptick is the fact that lenders are finally beginning to process the backlog of defaults that they stalled on following the 2010 robo-signing scandal. is pursuing.
Banks in $8.5 bln foreclosure abuse settlement By. and the robo-signing scandal – the practice of assigning bank employees to rapidly approve numerous foreclosures with only cursory glances at. The bank eventually completed foreclosure on about 400 of them. in addition to the $185 million wells fargo paid over the unauthorized accounts scandal..
Why The Foreclosure-Gate Scandal Will Only Hurt The Housing Market. Stan Humphries, Zillow. Oct. 12, 2010, 10:05 AM. you and I are mortgage-holding companies like Bank of America, HSBC, and others.
Additional problems have emerged when multiple banks have all argued that they have the right to foreclose on the same property, a result of a.
The scandal is that the foreclosures law that was eventually approved by the. strategic defaulters to repay their bank loans should be in place and the parties will forget their amendments. If the.
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It is an epic failure of law and a triumph for bank attorneys. It will accomplish little of value, as I’ll explain. First, let’s recall what the “robosigning” foreclosure scandal was all about..
As David Dayen points out in the Guardian, it also gives the bank credit for activities that might help rebuild the housing market but aren’t directly related to the victims of the foreclosure.
And top lenders finally settled with regulators over the robo-signing foreclosure scandal, removing a big legal risk. Yet you may be wary of going near these stocks. Does Bank of America (BAC, Fortune.
In addition to fixing the bank’s errors, remedies include cash payments. how homeowners will be compensated for so-called robo-signing, the scandal that provoked the foreclosure review to begin.
· Bank of America’s mortgage servicing unit systematically lied to homeowners, fraudulently denied loan modifications, and paid their staff bonuses for deliberately pushing people into foreclosure.
It seems that the bank that was once the shining example of how a big bank should be run now can't go two days without another scandal erupting.. improperly denied mortgage modifications for borrowers facing foreclosure.
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The resulting scandal also damaged Marine Gen. them not to pay their mortgage so that they might qualify for a loan modification. The bank denies doing that. As foreclosures go, this one has been.