White House seeks ideas to shrink foreclosure glut

2011-08-10T10:00:10Z

WASHINGTON (Reuters) - The Obama administration is looking for new ideas to shrink a glut of foreclosed properties held by mortgage finance giants Fannie Mae and Freddie Mac

Exclusive: In face of criticism, mortgage registry exits

2011-07-27T13:30:13Z

NEW YORK (Reuters) - MERS, the electronic mortgage registry that faces multiple investigations for its role in thousands of problematic foreclosure cases, changed its rules to lower its profile in court-supervised foreclosures.

MERS, a unit of Merscorp Inc. o...

States negotiating immunity for banks over foreclosures

2011-07-20T15:30:29Z

NEW YORK (Reuters) - State attorneys general are negotiating to give major banks wide immunity over irregularities in handling foreclosures, even as evidence has emerged that banks are continuing to file questionable documents.

A coalition of all 50 states' attorneys general has been negotiating settlements with five of the biggest U.S. banks that would include payment of up to ...

Special report: Banks continue robo-signing

2011-07-18T21:00:19Z

NEW YORK/IMMOKALEE, Florida (Reuters) - America's leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a bruising scandal last year.

But a Reuters investigation finds that many are still taking the same shortcuts they promised to shun, from sketchy paperwork to the use of "robo-signers."

In its effort to seize the two-bedroom ranch house of 87-ye...

Wells warns of higher foreclosure suit costs

2011-05-06T08:00:17Z

CHARLOTTE, North Carolina (Reuters) - Wells Fargo & Co on Friday raised its worst-case estimate for litigation losses by 42 percent to $1.7 billion because of its exposure to foreclosure-related legal issues.

The FRANKFURT (Reuters) - Deutsche Bank said efforts by the City of Los Angeles to sue Germany's largest lender for its alleged role in loan foreclosures...

Obama would veto bill killing foreclosure prevention

2011-03-15T14:30:14Z

WASHINGTON (Reuters) - President Barack Obama would veto a Republican-backed bill killing his signature mortgage foreclosure prevention program if Congress passes it, his administration said on Tuesday.

The Republican-controlled Reuters) - The Obama administration on Thursday pushed back against Republican moves to kill several of its foreclosure prevention programs, saying they would close the door on struggling homeowners facing the worst U.S. housing crisis in generations.

"The administration remains committed to reaching eligible ho...

U.S. home foreclosures rise in January

2011-02-09T21:30:06Z

NEW YORK (Reuters) - U.S. home foreclosures jumped 12 percent last month, but the sharp divide between states suggests the industry remains backlogged by investigations into the foreclosure process.

According to a report from real estate data firm RealtyTrac, l...

U.S. expects foreclosure probe results next month

2010-12-20T14:30:39Z

WASHINGTON (Reuters) - An Obama administration task force examining allegations of fraud in the mortgage foreclosure process will deliver its findings next month, two top officials said on Monday.

"We expect the results of the investigations will be presented to us next month," SAN FRANCISCO (Reuters) - The state of Arizona has sued Bank of America Corp alleging the lender consistently misled consumers about its home loan modification process, a source familiar with the situation said...

Special report: Legal woes mount for a foreclosure kingpin

2010-12-06T10:30:18Z

JACKSONVILLE, Florida (Reuters) - Lender Processing Services is riding the waves of foreclosures sweeping the United States, but in late October i...

Regulators to be pressed on foreclosure lapses

2010-11-30T22:30:38Z

WASHINGTON (Reuters) - U.S. regulators will be under pressure Wednesday to show lawmakers they are better policing foreclosures amid widespread evidence that lenders used shoddy paperwork to evict delinquent borrowers.

The ...

JPMorgan wants foreclosure problem fixed quickly

2010-11-17T09:31:25Z

CHARLOTTE, North Carolina (Reuters) - JPMorgan Chase & Co's chief financial officer on Wednesday joined a growing chorus of industry executives calling for a speedy resolution of the probes into the industry's foreclosure practices as a sett...

Lenders face lawmaker wrath over foreclosures

2010-11-14T08:30:16Z

WASHINGTON/CHARLOTTE, North Carolina (Reuters) - Banks under fire over their foreclosure practices face twin hearings in Congress this week, at which they will come under renewed pressure to find ways to keep borrowers in their homes.

The hearings on Tuesday and Thursday will include the first appearances by executives from major le...

Wells Fargo to amend 55,000 foreclosures

2010-10-28T09:00:17Z

CHARLOTTE, N.C./SAN FRANCISCO (Reuters) - Wells Fargo & Co. said on Wednesday it will re-file documents on 55,000 foreclosures, drawing immediate fire from one of the state attorneys general most critical of banks in the continuing home foreclosure ...

New York courts impose new foreclosure rule

2010-10-20T08:31:13Z

NEW YORK (Reuters) - New York courts will become the first in the United States to require lawyers handling foreclosures for banks and servicers to take steps to ensure the procedure is done properly, the state's top judge said on Wednesday.

Effective immediately, lawyers representing th...

Consumer attorneys see flaws in foreclosure reboot

2010-10-19T22:09:54Z

SAN FRANCISCO (Reuters) - Consumer attorneys say there are fresh examples of documentation problems in U.S. home foreclosure cases, even as major banks resume legal proceedings against delinquent borrowers.

Bank of America a...

Chicago sheriff says no to enforcing foreclosures

2010-10-19T12:00:51Z

CHICAGO (Reuters) - Two of the largest U.S. mortgage servicers have said they will resume home foreclosures, but a big-city sheriff has news for them: he won't enforce their foreclosure evictions.

The sheriff for Cook County, Reuters) - The White House warned banks on Tuesday it would hold them accountable for any illegal mortgage practices, keeping pressure on financial firms after two institutions announced the resumption of home foreclosures.

GMAC Mortgage joi...

White House warns banks over foreclosures

2010-10-19T08:00:57Z

WASHINGTON (Reuters) - The White House warned banks on Tuesday it would pursue them for any mortgage practices that violated the law, piling pressure on the financial sector after two institutions lifted their freezes on home foreclosures.

Bank...

BofA to partially end foreclosure halt

2010-10-18T13:30:41Z

CHARLOTTE, North Carolina (Reuters) - Bank of America Corp said on Monday it was partially lifting a self-imposed nationwide moratorium on foreclosures.

The bank said it would lift the halt on foreclosure sales in the 23 ...

Foreclosure problems "shameful": Housing Secretary

2010-10-17T10:30:14Z

WASHINGTON (Reuters) - President Barack Obama's housing secretary said on Sunday "it's shameful" that financial institutions may have made the housing crisis worse by improperly processing foreclosures.

Shaun Donovan, secretary of the Reuters) - President Barack Obama's housing secretary said on Sunday "it's shameful" that financial institutions may have made the housing crisis worse by improperly processing foreclosures.

Shaun Donovan, secretary of the North Carolina (Reuters) - Wall Street's reaction to the allegations that some banks cut corners while foreclosing on 3 million homes since 2007: Pay your mortgage in the first place.

The building furor over whether the largest U.S. mortgage l...

JPMorgan CEO: Foreclosure probes may hurt housing

2010-10-14T12:01:01Z

CHICAGO (Reuters) - JPMorgan Chief Executive Jamie Dimon said on Thursday he worries a widening probe into foreclosure practices could be a drag on the housing recovery.

"It may slow it down," he said. "But ...

White House rejects nationwide foreclosure pause

2010-10-12T14:02:46Z

WASHINGTON (Reuters) - The Obama administration rejected calls for a nationwide moratorium on housing foreclosures amid fears that such a move could cripple an already slow recovery of the U.S. housing market.

White House spokesman Reuters) - New York State Attorney General Andrew Cuomo demanded more information on home foreclosures from Bank of America, JPMorgan Chase,

White House rejects foreclosure moratorium

2010-10-12T11:00:41Z

White House spokesman Reuters) - The White House on Tuesday rejected calls for a broad moratorium on home foreclosures, saying it feared such a step could harm the U.S. housing market and hinder a housing recovery.

"There are a series of unintended consequences to a broader moratorium," White House spokesman Reuters) - A U.S.-wide foreclosure moratorium could penalize investors and make new home loans more expensive and harder to obtain, an investor group and industry experts warned on Monday.

Temporary pauses in foreclosures have expanded among major lenders as the courts, lawmakers and state attorneys general investigate whether banks supplied shoddy paperwork to support evictions ...

BofA U.S.-wide foreclosure halt draws calls for more

2010-10-08T19:19:09Z

CHARLOTTE, North Carolina (Reuters) - U.S. lawmakers pushed for the country's largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions n...

California AG calls for foreclosure halt

2010-10-08T16:23:53Z

SAN FRANCISCO (Reuters) - California Attorney General Jerry Brown on Friday called on lenders to halt foreclosures in the state, following recent disclosures of problems with legal documentation in home seizures.

Earlier on Friday, Reuters) - The Justice Department is looking into reports that U.S. financial institutions improperly foreclosed on houses, Attorney General Eric Holder said on Wednesday.

Several states are investigating the practices of institutions like Ally Financial Inc, formerly known a...

Lawmakers seek foreclosure investigations

2010-10-05T22:45:08Z

WASHINGTON (Reuters) - California Democrats in the House of Representatives are calling for federal investigations into whether financial institutions broke a...

U.S. lawmakers seek foreclosure investigations

2010-10-05T21:45:08Z

WASHINGTON (Reuters) - California Democrats in the U.S. House of Representatives are calling for federal investigations into whether financial institutions broke any laws in their handling of foreclosures in the midst of the

Nearly one in four second-quarter home sales a foreclosure

2010-09-30T03:15:10Z

NEW YORK (Reuters) - Nearly one in every four U.S. homes sold in the second quarter was a deeply discounted foreclosed house, putting the market on pace to work through distressed properties in about three years, RealtyTrac said.

Banks stepped up foreclosures through the summer and will take over a record...

About 1 in 4 Q2 home sales a foreclosure: report

2010-09-29T21:30:07Z

Banks stepped up foreclosures through the summer and will take over a record...

Foreclosures fall but new delinquencies rise: MBA

2010-08-26T07:30:10Z

NEW YORK (Reuters) - The number of U.S. homes headed for foreclosure fell in the second quarter for the first time since the housing slump began in 2006, but improvements may be fleeting as the number of newly delinquent homeowners rose, a banking group said on Wednesday.

The percentage of loans in the foreclosure process declined last quarter to 4.57 percent ...

Iconic NYC housing complex's foreclosure halted

2010-08-19T15:16:12Z

NEW YORK (Reuters) - A New York judge has put on hold a foreclosure auction for equity in Manhattan's giant Stuyvesant Town and Peter Cooper Village apartment complexes, a victory for senior len...

Bank repossessions drive up July foreclosures

2010-08-12T07:45:07Z

NEW YORK (Reuters) - More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace.

Banks repossessed the second highest monthly number of homes ever last month, working through distressed loans already on their books rather than sharply stepping up new default notices, real estate data company Reuters) - Foreclosures rose in 3 of every four large U.S. metro areas in this year's first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday.

Unemployment was the main culprit driving foreclosure actions on more than 1.6 mi...

Banks repossess homes at record pace: RealtyTrac

2010-07-15T07:30:15Z

NEW YORK (Reuters) - Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday.

The root problems of job losses and wage cuts persist, making a sustaine...

Help for Homeowners Is Just Not Working

2010-11-02T12:05:28Z

...

Treasury says 1 million homeowners in loan modifications

2010-06-16T11:09:22Z

WASHINGTON (Reuters) - An Obama administration program to help struggling homeowners modify their mortgages has more than one million active borrowers, though fewer than 10 percent have obtained permanent loan modifications, according to a Treasury Department report released ...

Cleveland deemed most miserable city in USA

2010-06-15T09:06:58Z

NEW YORK (Reuters Life!) - Cleveland has won the dubious distinction of being the most miserable city in the United States, according to a new poll.

The Ohio city on the Cuyahoga River has high unem...

U.S. 2009 foreclosures shatter record despite aid

2010-06-16T11:26:05Z

NEW YORK (Reuters) - U.S. foreclosure actions shattered all records in 2009 and will do so again this year, with unemployment and wage cuts overcoming programs to remedy failing home loans, RealtyTrac said on Thursday.

A record 2.8 million properties with a mortgage got a foreclosure notice last yea...

Foreclosure buyer demand dips as supply mounts

2010-06-15T09:12:39Z

NEW YORK (Reuters) - U.S. home buyers are less willing to buy foreclosed properties than they were six months ago, citing risks like hidden costs, but demand could grow because of the government's expanded tax credit, a survey showed on Tuesday.

A continued drop in demand for the glut of foreclosed properties would add a fresh layer of pain to a housing market...

Obama administration facing new pressure on foreclosures

2010-06-15T09:22:25Z

WASHINGTON (Reuters) - The Obama administration is facing stepped up pressure to provide more details about its efforts to help struggling homeowners stay in their homes.

U.S. Treasury Secretary Timothy Geithner earlier this month said about half a million American families are now participating in ...

U.S. Treasury set to finalize home "short sales" plan

2010-06-15T09:25:17Z

NEW YORK (Reuters) - The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include "short sales" as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.

"Short sales," or sales of homes for less than the balance on existing mortgages, are seen as a key way...

San Francisco home sales fall in August

2010-06-15T09:27:36Z

SAN FRANCISCO (Reuters) - Home sales in the San Francisco Bay area fell 14.3 percent in August from July as buyers found fewer bargains due to a slimmer inventory of foreclosed properties, MDA DataQuick...

Unemployment spreads distress in U.S. home loans

2010-06-15T09:34:29Z

NEW YORK (Reuters) - Cities in the U.S. Sun Belt states of California, Florida, Nevada and Arizona dominated the record foreclosure spree in the first half of the year, but distress in other regions emerged as joblessness spread,

Foreclosures at record high in first half 2009 despite aid

2010-06-15T09:37:07Z

NEW YORK (Reuters) - U.S. home foreclosure activity galloped to a record in the first half of the year, overwhelming broad efforts to remedy failing loans while job losses escalated.

Foreclosure filings jumped to a record 1.9 million on more than 1.5 million properties in the first six months of the year, Reuters) - U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second half of 2010, Barclays Capital economist Michelle Meyer

Gloom over California home prices hard to shake

2010-06-15T09:41:43Z

SAN FRANCISCO (Reuters) - Matt Bording doubts many in his financial bind would agree that home prices in California are near a bottom. And there are many in his predicament.

Bording owes more on his mortgage than his

Job losses muddy outlook for U.S. housing comeback

2010-06-15T09:43:58Z

MIAMI (Reuters) - A pickup in U.S. home sales has kindled hopes for a housing recovery, but plunging prices, rising unemployment and a new wave of foreclosures are clouding prospects for a quick end to the American real estate debacle.

"We're not at the bottom and anybody that's trying to call the bottom right now is c...

About 12 percent of U.S. homeowners late paying or foreclosed

2010-06-15T09:43:49Z

NEW YORK (Reuters) - One of eight U.S. households with a mortgage ended the first quarter late on loan payments or in the foreclosure process in a crisis that will persist for at least another year until unemployment peaks, the Mortgage Bankers Association said on Thursday.

Mortgage Subsidies: Arguably Useless, Likely Expensive

2010-10-21T09:21:19Z

...

Wikileaks Berkeley

2010-12-14T22:31:11Z

Beverly Dove holds a sign as she speaks during a city council meeting in Berkeley, Calif., Tuesday, Dec. 14, 2010. The council in this famously liberal city is considering a resolution Tuesday night bestowing hero status on Pfc. Bradley Manning, the soldier at the center of the

News on Reuters Group Plc

Massachusetts preparing to file foreclosure lawsuits