Even as the impact of the ongoing debacle slowly unfolds, it’s not too early to tote up a list of 10 far-reaching developments that have already happened. None bodes well for the U.S. housing market, banks or economy.
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The latest data from RealtyTrac reveals another bruising quarter for foreclosures. In September alone, the number of homes repossessed by banks hit a record 102,134.
Continue reading More Than 100,000 Homes Rep…
The government’s efforts to stem the foreclosure crisis may have been hampered by its reliance on Fannie Mae and Freddie Mac, according to a new report.
The two mortgage giants have “a history of profound corporate mismanagement,” and were overly reliant on subcontractors, the report by the Congressional Oversight Panel said.
Private businesses “do not take an oath of office, nor…
Continue reading Report: Treasury Outsourced Foreclosure Bailout
Report: Treasury Outsourced Foreclosure Bailout originally appeared on DailyFinance on Thu, 14 Oct 2010 07:33:00.
Filed Under: Company News, Economy, Real Estate, Taxes, Credit
The Florida attorney general’s office has subpoenaed Lender Processing Services, which handles many foreclosure documents, as part of its investigation into potentially flawed foreclosure paperwork.
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JPMorgan Chase says it’s doubling its review of foreclosure documents to some 115,000 cases, which could slow foreclosures in 41 states. Meanwhile, officials in all 50 states have launched a joint investigation into the allegat…