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Thousands of foreclosures are put on hold

During the housing boom, millions of homeowners got easy access to mortgages. Now, some mortgage lenders and government officials have taken action after discovering that many mortgage documents were mishandled.

 
 

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Demonstrators whose homes are under or have been lost to foreclosure hold signs during a rally in front of a J.P. Morgan Chase Bank in Oakland, Calif.


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Reston-based company MERS in the middle of foreclosure chaos
Article | As courts across the country face a wave of foreclosures, a name little known to the public has cropped up on thousands of court filings as a stand-in for prominent banks, lenders and mortgage servicers.
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Foreclosure logjam threatens Fannie, Freddie
Article | A breakdown in the nation's foreclosure process threatens to create billions of dollars in losses for federally controlled mortgage finance companies Fannie Mae and Freddie Mac, highlighting how improper actions by banks could impose new costs on taxpayers, said government officials and industry ...
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Bank of America to restart foreclosures in 23 states
Article | Just 10 days after announcing a nationwide halt to foreclosure sales, Bank of America, the nation's largest bank, said Monday that it would begin resubmitting paperwork on Oct. 25 to restart foreclosures on borrowers who missed their payments in 23 states.
This Story
For foreclosure processors hired by mortgage lenders, speed equaled money
Article | Millions of homes have been seized by banks during the economic crisis through a mass production system of foreclosures that was set up to prioritize one thing over everything else: speed.
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Momentum builds for nationwide freeze on foreclosures
Article | Senior Obama administration officials said Friday that a nationwide moratorium on foreclosure sales may be inevitable, despite their grave reservations about the impact a broad freeze would have on the nation's housing market and economic recovery.
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Government had been warned for months about troubles in mortgage servicer industry
Article | Consumer advocates and lawyers warned federal officials in recent years that the U.S. foreclosure system was designed to seize people's homes as fast as possible, often without regard to the rights of homeowners.
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Bank of America to restart foreclosures in 23 states
Article | Just 10 days after announcing a nationwide halt to foreclosure sales, Bank of America, the nation's largest bank, said Monday that it would begin resubmitting paperwork on Oct. 25 to restart foreclosures on borrowers who missed their payments in 23 states.
This Story
Foreclosure mess prompts growing number of public officials to slow down process
Article | One month ago, the city of Chicago and the surrounding suburbs of Cook County became a foreclosure-free zone. It wasn't the banks or judges that instituted the moratorium, because they were still moving cases forward at a rapid clip. The holdup was elsewhere: at the sheriff's office.
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Amid mortgage mess, owners blindsided
Article | After Valarie Stovall fell behind on the mortgage on her home near Hagerstown, her lender agreed in April to slash her monthly payment by $300, and she immediately started paying the reduced amount.
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Florida community feels ripple effects as paperwork issues stall foreclosures
Article | IN FORT MYERS, FLA. The yellow stucco house at 1813 Oakley Ave. has blooming bougainvillea out front, a spacious yard out back and a buyer named Emilio Mamuyac who's smitten with the place and ready to move in. But he can't.
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Obama officials, attorneys general closer to terms of possible deal with banks in foreclosure mess
Article | Senior Obama administration officials, newly joined by state attorneys general, were on the brink Thursday of finalizing major elements of a possible settlement with large U.S. banks accused of flawed and fraudulent foreclosure practices, sources familiar with the discussions said.
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Pelosi, lawmakers call for federal probe on mortgage lenders
Article | House Speaker Nancy Pelosi called on the Justice Department to investigate the nation's largest mortgage lenders on Tuesday, and Maryland joined a growing list of states seeking to halt foreclosures while they probe claims of fraudulent filings.
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Loan recording mess in Va. allows homeowners who don't qualify to get tax break
Article | Countless homeowners in Virginia are getting a tax break for which they don't really qualify because a mortgage documentation mess makes it hard to determine who qualifies, officials say.
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J.P. Morgan, FDIC tangle over responsibility for WaMu liabilities
Article | Federal regulators and J.P. Morgan Chase - which together managed the collapse of Washington Mutual during the frenzied days of the financial crisis - are embroiled in a fight over who should cover billions of dollars from a legal mess that the failed Seattle thrift left behind.
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Judges revisiting foreclosure cases may aid homeowners but clog market
Article | On Florida's west coast, where the housing bust has flooded courts with foreclosure filings, the chief judge of the 6th Judicial Circuit has little sympathy for lenders who have routinely submitted flawed and possibly fraudulent foreclosure cases.
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Rush to foreclose by Fannie, Freddie helped feed problems with legal paperwork
Article | As the housing market came crashing down in 2008, the giant mortgage company Fannie Mae took an unprecedented step to help tackle the rising tide of foreclosures. It named an exclusive group of law firms that would help rapidly carry out the unsavory task of filing legal paperwork to remove homeo...
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Ezra Klein: Home remedies worth trying
Article | If you didn't think the gods of financial crises had a sense of humor, consider that the latest economic threat is that foreclosures have largely stopped. What's next? Our (401)ks are looking too full?

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