Homeless shelter given foreclosure reprieve – for now
The bank trust that owns its liens was trying to foreclose on the well-respected Bed-Stuy homeless shelter for women and children.
The bank trust that owns its liens was trying to foreclose on the well-respected Bed-Stuy homeless shelter for women and children.
The U.S. regulator for mortgage servicers on Wednesday loosened the timing requirements for communicating with struggling borrowers under new rules that take effect later this month to help prevent wrongful home foreclosures. The Consumer Financial Protection Bureau said last year it would begin requiring servicers, the conduits for mortgage payments, to grant certain foreclosure protections…
While foreclosures decreased nationally at the end of last year to a 12-year pre-recession low , there are areas of the country which are showing sustaining, repeating, or increasing foreclosure activity. This may be due to differences in the way specific regions are recovering from the Great Recession, or because of more recent impacts to…
Wells Fargo discriminated against black and Latino homebuyers in Sacramento, California, by pushing them into more expensive mortgages than white borrowers, according to a federal lawsuit that cites former employees. of a “long-standing pattern and practice” of illegal lending in minority and low-income communities that reduced home values, limited property tax revenue and drove up…
The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were completed in about 400 cases. Foreclosure News
The overall performance of first-lien mortgages continues to improve, and the number of loans in delinquency continues to decline, according to the Office of the Comptroller of the Currency's most recent quarterly report on mortgages. The OCC Mortgage Metrics Report, Fourth Quarter 2016, showed 94.7 percent of mortgages included in the report were current and…
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