Macomb County considers ending foreclosure reprieve on occupied homes

Eric Lawrence and Christina Hill, Detroit Free Press Macomb County’s treasurer says the county is looking at ending its practice of not foreclosing on the occupied homes of people who fail to pay their property taxes. The county has set up payment plans and contacts delinquent taxpayers, but even with the extra effort, too many […]

Judge Schack Hits HSBC For Frivolous Motion Demands CEO Appear

Juan Gonzalez, NY Daily News A Brooklyn judge has ordered the head of one of the nation’s biggest banks to appear in court and explain why it should not be penalized for submitting false documents in a foreclosure case. In a scathing decision issued Friday, Supreme Court Justice Arthur Schack dismissed HSBC‘s case against Bedford-Stuyvesant homeowner Ellen Tahrer as a […]

Report Claims Banks Are Cutting Principal On Some Mortgages

Ben Berkowitz, Reuters Bank of America Corp and JPMorgan Chase & Co have started modifying tens of thousands of mortgages where the banks deem the loans especially risky, even if the borrowers have not asked, the New York Times reported on Sunday. In some cases, the paper said, the banks are slashing the amount borrowers […]

St. Petersburg Times Editorial Calls for Fixing HOA Loophole

Florida legislators can’t anticipate every legal loophole that some unscrupulous person will exploit, which is why they have to stay nimble and respond to scams when they arise. The latest one demanding a legislative response is an opening in state foreclosure law that allows investors to get title to properties for pennies on the dollar […]

Wells Fargo private mods outnumber HAMP 5 to 1

Jon Prior, Housing Wire Wells Fargo completed or started trials on roughly 585,000 mortgage modifications through its private programs since the beginning of 2009, more than five times the 101,000 initiated through the Home Affordable Modification Program. HAMP launched in March 2009 but almost immediately drew criticism. Treasury officials admit the more than 3 million […]

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