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Foreclosures

BUSINESS
June 6, 2013 | By E. Scott Reckard
A month after nearly halting foreclosure sales in reaction to tighter federal regulation, Wells Fargo & Co. and Citigroup Inc. are still selling seized properties at a sharply reduced pace, according to a research firm that tracks Western foreclosure filings. The slowdown illustrates the continuing fallout from scandals that erupted in 2010 over “robo-signed” foreclosure documents, bank staffs that struggled to process loan modification applications reliably, and other borrower complaints.
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BUSINESS
May 19, 2013 | By E. Scott Reckard
Sales of homes in foreclosure by Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. ground nearly to a halt after regulators revised their orders on treatment of troubled borrowers during the 60 days before they lose their homes. The banks said they paused the sales on May 6 to make sure that their late-stage foreclosure procedures were in accordance with the guidelines. The banks wouldn't say exactly which issues had been under scrutiny. Bank of America Corp., by contrast, continued foreclosure sales at a normal pace, apparently confident its procedures met the revised restrictions.
BUSINESS
May 17, 2013 | By Kenneth R. Harney
WASHINGTON - Are large numbers of homeowners who have negotiated short sales with lenders at risk because of a startling omission in the American credit system? Do their credit reports and scores indicate that they were foreclosed upon, rather than having negotiated a mutually agreeable resolution with their lender? The answer appears to be yes, and recently two federal agencies - the Federal Trade Commission and the Consumer Financial Protection Bureau - were asked to investigate why. The reality is this: The credit reporting system now in place does not have a separate code that distinguishes a short sale from a foreclosure.
BUSINESS
April 29, 2013 | By Jim Puzzanghera
WASHINGTON -- Goldman Sachs and Morgan Stanley will begin sending $247 million in payments on Friday to nearly a quarter-million people under a settlement of foreclosure-abuse allegations with regulators, the Federal Reserve said. The two Wall Street giants are the last of 13 mortgage servicers to begin making the payments to borrowers whose homes were in foreclosure proceedings in 2009 and 2010. The servicers, which also included Bank of America Corp. , Wells Fargo & Co. and JPMorgan Chase & Co., agreed to pay $3.6 billion to more than 4.2 million borrowers in a settlement reached in January.
BUSINESS
April 23, 2013 | By Alejandro Lazo, Los Angeles Times
The number of California homes entering foreclosure plunged in the first quarter, the result of an improving economy, rising home prices and strict new state regulations on lenders. During the year's first three months, new foreclosure actions in the Golden State dropped 51% from the previous quarter and 67% from a year ago, the real estate firm DataQuick reported Tuesday. The quarter's 18,567 default notices were the fewest in more than seven years. The sharp decline coincides with state regulations on banks, meant to curb foreclosure abuses, that took effect Jan. 1. But economic factors also played a big role in the declines, experts say. "If you were going to lose your job, you would have lost your job a long time ago," said Richard Green, director of the USC Lusk Center for Real Estate.
NEWS
April 23, 2013 | By Alejandro Lazo
New California foreclosure actions posted a sharp plunge in the first quarter to levels not seen since the last housing boom. Lenders filed 18,567 mortgage default notices on California houses and condominiums during the first three months of the year. That was a 51.4% drop from the previous quarter and a 67.0% drop from the first quarter of 2012, according to real estate firm DataQuick. The filing of a notice of default is the first step in California's formal foreclosure process.
BUSINESS
April 22, 2013 | By E. Scott Reckard, Los Angeles Times
A federal foreclosure-prevention effort that earmarked nearly $2 billion in taxpayer money to help troubled California homeowners has delivered only about one-sixth of that money in three years. But officials from the Keep Your Home California program say the pace of payouts is finally set to increase. That's because more banks, including the largest mortgage servicers, have agreed to use the funds to slash the loan principal amounts for certain borrowers. Until now, many borrowers seeking aid from the program have been frustrated.
BUSINESS
April 18, 2013 | By E. Scott Reckard
Some borrowers who received compensation for possible foreclosure abuses were told to take a hike this week when they tried to cash the checks.  Just when it seemed the mortgage mess might be tailing off, it was the latest debacle for a program whose flaws have raised fresh doubts about the competence of America's big banks and their federal regulators in Washington. The company that the regulators chose to handle the distribution of $3.6 billion to more than 4.2 million borrowers had failed to transfer the funds to the bank that issued the checks, according to a New York Times report Thursday.
BUSINESS
April 9, 2013 | By E. Scott Reckard, Los Angeles Times
As part of a settlement with federal regulators, 13 lenders this week are starting to pay out $3.6 billion to more than 4 million troubled borrowers whose homes were in foreclosure proceedings in 2009 and 2010. A chart released Tuesday by the regulators showed that most of the borrowers would receive $300, the minimum allowed under the settlement terms. The maximum of $125,000 would go to 1,135 borrowers whose homes were seized while they were serving in the military or who were current on their payments.
BUSINESS
April 9, 2013 | By E. Scott Reckard
As part of a settlement with federal regulators, 13 lenders this week are to begin paying $3.6 billion to more than 4 million troubled borrowers whose homes were in foreclosure proceedings in 2009 and 2010. A chart released Tuesday by the regulators showed most of the borrowers would receive $300, the minimum allowed under the settlement terms. The maximum of $125,000 was to be paid to 1,135 borrowers whose homes were seized while they were serving in the military or were current on their payments.
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