The New York Times recently reported that when homeowners went to cash checks coming from the National Mortgage Settlement, the checks bounced – yes bounced. Ronnie Edward, whose home was sold in a foreclosure auction, apparently waited three years for his $3,000 check. When it arrived, he went to his local bank in Tennessee, only … [Read more…]
The Arizona Court of Appeals (Division 1 in Maricopa County) just issued an opinion entitled Helvetica v. Pasquan, which addresses the scope of Arizona’s anti-deficiency protections in the judicial foreclosure (non-trustee’s sale) context. The first issue the Court addressed is whether refinancing a purchase money loan forfeits a borrowers’ anti-deficiency protection, to the extent that … [Read more…]
A long-vaunted settlement arising from the sixteen-month 50-state investigation into faulty bank foreclosure practices, which has perpetually been imminent, has finally concluded. The deal was struck between federal banking officials, 49 states Attorneys General, and the five largest mortgage servicers – Bank of America Corp., JPMorgan Chase Co., Wells Fargo Co., Citigroup Inc., and Ally … [Read more…]
Democrats on the House oversight committee have apparently been pushing to subpoena the Federal Housing Finance Agency ("FHFA") to obtain an analysis looking at what effects principal reductions would have on Fannie Mae and Freddie Mac. As HousingWire has reported, FHFA Acting Director Edward DeMarco has long defended the agency’s policy of keeping Fannie and … [Read more…]