AGBeat » Economy

Stalled $26 billion civil mortgage settlement now finalized

Tara Steele — Thu, 09 Feb 2012 18:22:48 +0000

Mortgage foreclosure settlement In a historic deal after repeated delays and over a year of negotiations, the Justice Department, U.S. Department of Housing and Urban Development, and 49 state attorneys general has finalized a $26 billion civil settlement with five of the largest mortgage lenders for wrongful foreclosures through robo-signing wherein homes were foreclosed upon without human review or proper [...]

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Completed foreclosures drop 24% over the year

Tara Steele — Thu, 09 Feb 2012 08:10:26 +0000

A shift in foreclosures CoreLogic released its first national Foreclosure Report which provides monthly data on completed foreclosures, foreclosure inventory and 90+ delinquency rates, reporting that completed foreclosures for all of 2011 totaled 830,000 compared with 1.1 million in 2010. CoreLogic notes that since September 2008, there have been approximately 3.2 million completed foreclosures. Completed foreclosures fell from November (57,000) [...]

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Several states hold out, one leaves $25B mortgage settlement talks

Tara Steele — Wed, 08 Feb 2012 06:42:11 +0000

Settlement talks in limbo AGBeat has had a close eye on multi-state talks with the largest banks as over a year ago, all 50 states’ Attorneys Generals committed to negotiate terms on behalf of homeowners abused by banks leading up to and during the housing crash. Monday was the final deadline for all 50 states to declare whether they were [...]

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Banks’ brilliant idea to give cash incentives to short sale

Tara Steele — Wed, 08 Feb 2012 03:26:09 +0000

The housing crash Now that some of the causes and effects of the housing crash are becoming universally agreed upon and banks are ordered to pay billions in civil lawsuits and settlements for illegal foreclosures, the big banks are struggling to regain their composure after overlooking simple fixes like not continuing robo-signing documents illegally without human review before kicking people [...]

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Obama housing plan helps its one millionth homeowner

Tara Steele — Mon, 06 Feb 2012 23:30:14 +0000

Housing plan helps one million The U.S. Treasury Department reported today that since the Obama administration launched their foreclosure prevention program in 2009, nearly one million homeowners have been given permanent modifications to their mortgages, reducing their monthly payments. The housing plan gives mortgage servicers incentives to modify mortgage loans by cutting interest rates, deferring a portion of the loan [...]

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Mortgage settlement deal remains stalled, deadline passes

Tara Steele — Mon, 06 Feb 2012 23:10:32 +0000

The deadline has passed – no deal At the end of business today, the deadline came and went for the $25 billion civil settlement between the states Attorneys General and major lenders as punishment for bank misdeeds leading up to the housing crash. The original deadline to agree on the settlement terms was originally last Friday, but was pushed back [...]

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City may pull accounts from Wells Fargo for foreclosure abuses

Tara Steele — Sat, 04 Feb 2012 05:15:10 +0000

Foreclosure abuses In light of increasing reports of foreclosure abuses, the city government of Berkeley, California is considering pulling their $350 million out of all of their Wells Fargo accounts in exchange for a financial institution they deem less abusive and more consumer-friendly, according to the Oakland Tribune. This week, the Berkeley City Council voted unanimously to begin the discovery [...]

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Home prices fall for fifth consecutive month

Tara Steele — Thu, 02 Feb 2012 17:28:25 +0000

Home prices decline in 2011 With the release of the CoreLogic Home Price Index (HPI®) report for December, a full-year picture is now available for all price changes in 2011. According to the CoreLogic, the HPI report reveals that including distressed sales, home prices in the U.S. decreased 4.7 percent in 2011 compared with December 2010. With distressed sales excluded, [...]

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Mortgage application volume dips, lending remains tight

Tara Steele — Thu, 02 Feb 2012 15:28:53 +0000

Applications decrease According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, the volume of mortgage applications dropped 2.9 percent from the week prior, on a seasonally adjusted basis and is 4.3 percent lower than the same week in 2011. The share of mortgages that are refinances has been relatively level, coming in at 80 percent this week, down [...]

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Home prices drop in November lower than expected

Tara Steele — Tue, 31 Jan 2012 16:53:34 +0000

Home prices dip November home prices drop lower than expectations, falling 1.3 percent in November, according to the latest S&P/Case-Shiller 20-city report. Of the 20 cities studied, home prices dropped in 19, with the total dip representing a 3.7 percent price drop from November 2010, but a shocking 32.8 percent drop since prices peaked in 2006. The health of this [...]

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