Fox Lake Towing and Recovery

A partial settlement plan has been constructed by a group of state attorneys general and federal regulators. In theory, it addresses banks’ flawed mortgage servicing, modification and foreclosure practices. In reality, it just lets the banks off the hook.

Continue reading The Mortgage Mess Settlement Proposal: Off to an Awful Start

The Mortgage Mess Settlement Proposal: Off to an Awful Start originally appeared on DailyFinance on Mon, 07 Mar 2011 16:00:00.

Filed Under: Columns, Economy, Real Estate, Credit

Blockbuster should liquidate instead of reorganize under new ownership because the video-rental store chain lacks the necessary cash to continue operations after a proposed sale is completed, Home Media Magazine reported, citing a division of the U.S. Justice Department.

Continue reading Blockbuster Should Liquidate Instead of Reorganize

Blockbuster Should Liquidate Instead of Reorganize originally appeared on DailyFinance on Wed, 02 Mar 2011 15:43:00.

Filed Under: Company News, Media, Netflix, Blockbuster, Retail

Blockbuster should liquidate instead of reorganize under new ownership because the video-rental store chain lacks the necessary cash to continue operations after a proposed sale is completed, Home Media Magazine reported, citing a division of the U.S. Justice Department.

Continue reading Blockbuster Should Liquidate Instead of Reorganize

Blockbuster Should Liquidate Instead of Reorganize originally appeared on DailyFinance on Wed, 02 Mar 2011 15:43:00.

Filed Under: Company News, Media, Netflix, Blockbuster, Retail

Banks created the Mortgage Electronic Registration System to save themselves a boatload in fees by keeping mortgage transfers off the books of local governments. Now, a New York judge says the whole system violates state law, and banks holding MERS mortgages there can’t foreclose. Where will this disaster go from here?

Continue reading Another Way Banks Make Everyone Pay: The MERS Mortgage Mess

Another Way Banks Make Everyone Pay: The MERS Mortgage Mess originally appeared on DailyFinance on Wed, 16 Feb 2011 13:00:00.

Filed Under: Columns, People, Real Estate

A Louisiana bankruptcy case involving a single foreclosure best illustrates the problems with the banks’ outsourcing their mortgage default work to firms like LPS. The result of this money-saving maneuver by banks winds up costing everyone else dearly.

Continue reading When Banks Outsource Foreclosures, Nothing Good Happens

When Banks Outsource Foreclosures, Nothing Good Happens originally appeared on DailyFinance on Fri, 11 Feb 2011 21:40:00.

Filed Under: Company News, Columns, Real Estate