Cuomo Admin Requires OCWEN To Install Monitor

Exam Finds Indications that Problems Remain at Ocwen From New York State Department of Financial Services Superintendent Benjamin M. Lawsky today announced that the Department of Financial Services is requiring Ocwen Financial Corporation to hire a monitor to ensure that the company complies with an agreement to reform its mortgage servicing practices. The action was […]

Judge tosses foreclosure suit by ‘living dead’ bank IndyMac

Nate Raymond, Reuters Something scary has been haunting a homeowner facing foreclosure in Brooklyn — a “living dead” bank that a judge compared to Dracula. In a decision Thursday involving an apparent case of robo-signing, Kings County Supreme Court Justice Arthur Schack questioned how the failed thrift IndyMac Federal Bank could have initiated a foreclosure […]

ResCap Goes Broke Leaving Families In Limbo

Catherine Curran, NY Post Two weeks ago, a Westchester family had finally reached the end of seven years in foreclosure hell. Then the plate tectonics of the massive bank that controls their fate shifted. Ally Financial, formerly GMAC, filed Chapter 11 bankruptcy for its troubled Residential Capital mortgage unit last Monday. Ally owes taxpayers roughly […]

NYS Holds Hearing On Forced-Placed Insurance

Greg B. Smith, NY Daily News UNEMPLOYED SOCIAL worker Mary Burton had never heard the term “forced place insurance” when the monthly mortgage payments on her modest Staten Island home suddenly shot up from $864 to $1,297. Her homeowner’s insurance had lapsed, and her lender, Citibank, had automatically tacked on new — much more expensive — insurance […]

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