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.
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.
Paul Sakuma / AP
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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. This Story 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. This Story 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. This Story 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. This Story 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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Our (401)ks are looking too full? |
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