News Topic: foreclosures

In a unanimous ruling, the court placed new limits on the ability of consumers to sue law firms that handle foreclosures on behalf of mortgage servicers. ... Read full article

The agency wants mortgage servicers to extend special forbearance plans to those affected by the partial government shutdown and evaluate borrowers for loss-mitigation options. ... Read full article

As the government shutdown enters its third week, mortgage servicers are activating the response plans they normally use during hurricanes and wildfires to assist federal workers who may have trouble paying their mortgages. ... Read full article

An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks. ... Read full article

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years. ... Read full article

The bank recently notified an upstate New York man that he was wrongly denied a mortgage modification, and enclosed a $25,000 check. But details of what went wrong have been hard to come by. ... Read full article

The bank says a calculation error led it to deny help to distressed homeowners; a former U.S. deputy attorney general will help with in the 1MDB fraud scandal. ... Read full article

The Federal Housing Administration is making it easier for reverse mortgage servicers to submit insurance claims by expanding the types of supporting documentation it will accept on defaulted loans. ... Read full article

Fannie Mae and Freddie Mac issued new capital requirements for private mortgage insurers that will create big swings in carriers' asset reserves. ... Read full article

The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information. ... Read full article

Lending to problematic or serial evictors can cause people to be pushed out of their homes in the name of profits. Banks must adopt standards against this practice. ... Read full article

The bank continues to battle a series of negative headlines such as erroneous foreclosures, but public and investor reaction has been muted. ... Read full article

The Fed's order targets affidavits prepared by employees of CitiFinancial in connection with the company's exiting the mortgage servicing business. ... Read full article

Sen. Brian Schatz, D-Hawaii, said it is hard to imagine how Wells Fargo's $8 million remediation plan would correct a mistake that led to 400 wrongful foreclosures. ... Read full article

Wells Fargo estimates that in 400 instances, borrowers later went through foreclosure who were improperly denied or not offered a mortgage modification. ... Read full article

The bill aimed at helping struggling homeowners also requires documentation of servicer behavior and FHFA evaluation of the services provided to borrowers. ... Read full article

Outgoing N.Y. Attorney General Eric Schneiderman has been a thorn in the side of financial institutions, using his state’s significant clout to affect national policy debate on a host of topics ranging from dark pools to cryptocurrencies. Here’s a look ... Read full article

The group says Mulvaney, who also runs OMB, was not totally forthcoming with the Senate Budget Committee about the foreclosure of a property he owns in South Carolina. ... Read full article