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HOMEOWNERS NEWS

ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

Cheat Sheet: BofA Supplied Default Answers for Independent Foreclosure Claims Reviewers The Independent Foreclosure Review is the government's main effort to compensate homeowners for harm they suffered at the hands of banks and, as its name indicates, it's supposed to be independent. But until recently, that was hardly the case with Bank of America. Supposedly independent, third-party reviewers would sit at a computer, analyzing each homeowner's case by going through hundreds of questions, such as whether the bank had properly reviewed a homeowner for a modification or had charged bogus fees.

Nonprofit Details Role of Predatory Lending in Foreclosure Crisis The Center for Responsible Lending (CRL), a nonprofit research and policy group, rests the bulk of the blame for the recent foreclosure crisis in the realm of predatory lending. The group finds disparities in the types of loans that were issued to minorities prior to the foreclosure crisis and finds disproportionate affects of the staggering market on those minorities.

Cook County considers land bank to help solve housing woes The Cook County Board of Commissioners continues to push for a county land bank that would acquire, manage and repurpose vacant and abandoned properties within the Chicago area. There are about 85,000 foreclosure filings pending in the Circuit Court of Cook County, up from 15,000 ten years ago. About 90% of the filings end in default.

Some of the nation's biggest lenders will suspend foreclosure activity...for the holidays Wells Fargo (WFC), U.S. Bancorp (USB), PNC Financial Services Group (PNC), Bank of America (BCA), SunTrust (STI) and Citigroup (C) all said this week they plan to halt until after New Year's evictions of borrowers whose homes have been foreclosed on for loans the banks' own.U.S. Bank, PNC and Citigroup will offer the moratorium from Dec. 17 through Jan. 2. Wells Fargo and SunTrust will start their suspensions two days later.

Quiz: How mortgages?

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Mortgages are the traditional key to U.S. homeownership. But a multitude of risky home loans, many of them made without documenting borrowers incomes, dashed the dreams of millions of Americans as the housing bubble burst, sending shock waves of foreclosures across the country. In reaction, the Federal Reserve has pushed interest rates to record lows, creating opportunity for those borrowers who can qualify for mortgages under the tight lending standards imposed after the meltdown.

Former Law Firm Partner Convicted Obstructing A Federal Investigation

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New registration requirements for foreclosed properties may lead to penalties, fines for lenders The economic downturn has resulted in a record number of foreclosures in California. Many property owners have simply abandoned these foreclosed properties. Adjacent property owners have complained that the abandoned properties lack of security and maintenance have resulted in a variety of nuisances and blight of their surrounding neighborhoods.

Following a two-week bench trial, attorney David Tamman, 45, of Santa Monica, was convicted on all ten counts on which he was tried: one count of conspiring to obstruct justice, five counts of altering documents, one count of being an accessory after the fact to co-defendant John Farahis mail and securities fraud crimes (via NewPoint Financial Services), and three counts of aiding and abetting Farahis false testimony before the SEC.

Colorado Failing Foreclosures By Wink, Nod or Text Message This past year, Colorados legislature failed to pass HB-1156, a bill introduced by Rep. Beth McCann (D-Denver), that would have stopped a practice that started six-years ago that allows lawyers representing banks seeking to foreclose to simply file a document stating that their client has the right to foreclose. Known as the statement of qualified holder, it doesnt require a lawyer to look at anything that shows the bank holds the original mortgage, but even more stunning is that it also provides lawyers with complete absolution from any wrongdoing or penalty should it later be found that the statement signed was wrong..