Posts marcados ‘FORECLOSURES’


Treasury Done ‘Very Little’ to Fix Gov’t Foreclosure Prevention

Program, Says Watchdog


.Getty Images file photo. 

Making the argument that the Treasury Department has done “very little” to improve a foreclosure prevention program that has failed to meet its goals, the government’s TARP watchdog testified at a hearing on Wednesday that the case for keeping the program alive has worn thin and is “all but exhausted” [PDF]. (mais…)


Where Things Stand: Foreclosure Paperwork Scandal

by Marian Wang


(Joe Raedle/Getty Images)

Some struggling homeowners are currently getting a temporary reprieve from foreclosure sales and evictions during the holiday season, but that doesn’t mean all foreclosure cases have stopped moving through the courts — and it doesn’t mean we’re done covering the developments in the foreclosure scandal either. Here’s where things stand: (mais…)


Goldman, JPMorgan Lobbyists Top List of Most Visits to

Regulators on FinReg


by Marian Wang


From left to right, Deputy Treasury Secretary Neal Wolin, Federal Reserve Board Chairman Ben Bernanke, Chairman of the Federal Deposit Insurance Corporation Sheila Bair and Chairman of the Securities and Exchange Commission Mary Schapiro testify during a hearing before the Senate banking committee on Sept. 30, 2010, in Washington, D.C. (Alex Wong/Getty Images)

Since July, financial regulators have had more than 500 meetings with lobbyists [1] from hundreds of companies seeking to shape the interpretation and enforcement of new financial reform law, according to the Los Angeles Times.

Most groups in these meetings—more than 90 percent, according to the Times—are banks, hedge funds, and other big companies that rely on the financial industry. Many seek exemptions to the law’s specific provisions that limit risky trading or increase consumer protection against bank fees, according to the Times’ examination of public disclosures from the Federal Reserve, Securities and Exchange Commission, Federal Deposit Insurance Corporation and Commodities Futures Trading Commission. (mais…)


Banks Face New Rules on Foreclosures from Skeptical State




by Marian Wang

As banks resume foreclosures and claim to have added safeguards [1] to their processes, it’s been left up to state court judges to decide whether they buy what the banks are saying.

Many judges haven’t.

The Washington Post, for instance, spoke with some judges in New York who estimated that they’re dismissing about 20 to 50 percent of foreclosure cases due to documentation flaws [2]. The state’s chief judge issued a new rule last month requiring lawyers handling foreclosures to verify that all documents in the proceeding are accurate [3]—and lawyers filing bad documents could face “penalties of perjury.” (mais…)


Want to Earn $10-12 an Hour? Be a ‘Foreclosure

Department Supervisor’

by Marian Wang

. A sign is seen in front of a foreclosed home on Nov. 19, 2008, in Rio Vista, Calif. (Justin Sullivan/Getty Images)

For years, banks and other companies handling foreclosures have turned to cheap labor to process the growing volume of foreclosures. At JPMorgan Chase, they were called “Burger King kids [1]”—walk-in workers hired to handle foreclosure proceedings. Many barely knew what a mortgage was [2] and had only high-school educations.

Prompted by a Financial Times article about banks hiring foreclosure experts [3], we went on a few job sites to browse the listings ourselves, just to see if the qualifications for new hires have changed since the foreclosure-document scandal first surfaced.

What we found is that it varies, depending on the company hiring. Requirements for many foreclosure jobs—often advertised by staffing or temp agencies—still offer low pay and require little education. Some of the brand-name banks include in their job listings language about “compliance with [proper] procedures” and regulations. Most didn’t post pay. (mais…)

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