Posts Tagged ‘Foreclosure’

Jun
2014
3

City of L.A. Sues JPMorgan for Systematically Steering Minorities Into Foreclosure

City of L.A. Sues JPMorgan for Systematically Steering Minorities Into Foreclosure
  The City of Los Angeles has filed a lawsuit against JPMorgan Chase alleging the financial titan steered minority borrowers into homes they could not afford, triggering a foreclosure wave whose effects can still be felt in the city today.  The lawsuit cites a report conducted by a low-income advocacy group that claims the mortgage [&hellip...
Oct
2013
7

NY AG Schneiderman Dons Capitalist Cape, Will Sue Wells Fargo Over Foreclosure Settlement Abuses

NY AG Schneiderman Dons Capitalist Cape, Will Sue Wells Fargo Over Foreclosure Settlement Abuses
  New York Attorney General Eric Schneiderman is bringing forward a lawsuit against Wells Fargo which claims the nation’s largest home lender flouted the terms of its multibillion dollar settlement aimed at stopping foreclosure abuses.  The lawsuit aims to force compliance with the principles agreed upon in the settlement.  It would...
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Sep
2013
30

BoA Mortgage Crisis Trial Prosecutors: “The Promise of Quality Was Largely a Joke”

BoA Mortgage Crisis Trial Prosecutors:
  In New York, the first trial against a major bank over the mortgage practices that led up to the 2008 mortgage crisis has been brought against Bank of America. Lawyers claim BoA committed “massive fraud” when it sold loans it promised to be of investment quality to Fannie Mae and Freddie Mac.  At the [&hellip...
Sep
2013
16

Advisory Firm in Tow, Richmond Becomes First CA City to Stand Up to Big Bank Foreclosures

  For the past few years, representatives of Mortgage Resolution Partners (MRP) have been traveling through California proposing a plan to help cities that are still dealing with the effects of the foreclosure crisis to use eminent domain to get rid of underwater mortgages.  Along the way, many towns, though interested, have succumbed to the...
Jun
2013
4

Major Lenders May Be Fabricating the Housing Recovery by Manipulating Market Factors

  For many Americans, small indications that the economy is improving are big news items. The overwhelming belief that things “have to get better” is one of the few sentiments that all Americans can agree on right now.  After a while, though, the emotion needs accompanying results to feel justified. In her piece, “Don’t be [&hellip...
Dec
2011
27

WaMu Employee Shunned for Refusing to Push Predatory Loans on Vulnerable Customers

WaMu Employee Shunned for Refusing to Push Predatory Loans on Vulnerable Customers
A must-read article from IWatchNews.org suggests that a former Washington Mutual employee was shunned for refusing to push predatory loans on those most likely to default. Former employee Greg Saffer has said conscience and common sense stopped him from pushing “option arm” home loans that would put homeowners at risk: “I’m...