Posts marcados ‘FORECLOSURE’

Eye on Loan Modifications

New York State Foreclosure Mediation Shows Glimmers of

Hope in Helping Homeowners

by Karen Weise

.Homeowners sit with counselors to help them modify their mortgages at the Jacob Javits Convention Center on Dec. 12, 2009, in New York City. (Michael Nagle/Getty Images)

With foreclosures at close to record highs, local and state governments around the country have tried to intervene to both make sure banks aren’t taking shortcuts and to help keep people in their homes.

New York State has one of the most aggressive efforts, mandating that homeowners and banks meet regularly under court supervision. The idea is simple: Banks and mortgage servicers have often done a poor job communicating with homeowners, and if the two sides are forced to sit down, there may be fewer foreclosures. Banks can proceed with foreclosure only if the court finds the two sides can’t reach a resolution. (mais…)


Despite Warnings From States, Federal Regulators Failed to

Act on Foreclosure Problems

by Marian Wang

. Photo by Spencer Platt/Getty Images

While they may be conducting their own investigations, federal prosecutors and national bank regulators for the most part aren’t the ones leading the investigation [1] into the foreclosure mess. At least that’s the perception—one that’s reinforced when Elizabeth Warren, Obama’s head of consumer financial protection, says her money is on a 50-state investigation by the states’ attorneys general [2]. The New York Times’ Joe Nocera, for instance, has said that the handful of federal investigations into the subject are “not going to amount to a hill of beans.” (mais…)


What Elections Could Do For the Foreclosure Crisis,

FinReg, and Other Issues We’re Watching

by Marian Wang
ProPublica, Nov. 2, 2010

.People cast their votes at the Gilpin County Courthouse on Nov. 2, 2010, outside of Central City, Colo. (Matt McClain/Getty Images)

As Americans go to the polls today, their votes will influence a number of issues that we’ve been watching, whether it be the foreclosure scandal or implementation of financial regulation and healthcare reform—some of our favorite topics. So here’s our attempt to parse some of the election coverage and bring these issues into sharper focus:

Foreclosure Crisis

In the wake of a foreclosure-documentation scandal that has grabbed headlines for more than a month, Elizabeth Warren, who’s leading the Obama administration’s Consumer Financial Protection Bureau, said, “Right now my money is on the attorneys general [1],” who in October launched a joint investigation in all 50 states. (mais…)


Who’s Who in the Foreclosure Scandal: A Primer on the Players

by Marian Wang


.Photo by Flickr user nzlawyer. 

The unfolding foreclosure scandal just keeps expanding. Scrutiny first fell on the “robo-signers” who rubber-stamped banks’ foreclosure paperwork [1], but they’re one of the many players who may have contributed to the mess. (mais…)

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