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Foreclosure Related News from Around the Country

Foreclosure related news from around the country:

Bank of America Smacked with Foreclosure Fraud Lawsuits
implode-explode.com

“Although Bank of America (BoA), along with other big banks like Wells Fargo, Citibank, Ally/GMAC and JPMorgan Chase, recently reached a very favorable settlement of potential criminal fraud charges related to their mortgage lending practices, two recently unsealed civil fraud lawsuits against BoA reveal they may not be out of the woods just yet…

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Lenders Have Fewer Options With Foreclosures, Allowing More Ex-Homeowners to Stay
eforeclosuremagazine.com

Lenders Have Fewer Options With Foreclosures, Allowing More Ex-Homeowners to StayThe real estate market’s collapse in 2007 and subsequent foreclosure crisis over the last few years has taken its toll on millions of homeowners and former homeowners. Increasingly, though, another unusual class of individuals is feeling the weight of the crisis: lenders.

In what some might call poetic justice, banks and lenders across the country are actually finding themselves with far fewer options when it comes to managing home foreclosures…

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Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement
implode-explode.com

“Well, guess what. The whistleblower suits were folded into the settlement, which is why they were recently unsealed”

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Distressed House Sales using Sacramento Data for February
CalculatedRiskBlog.com

Distressed House Sales using Sacramento Data for FebruaryI’ve been following the Sacramento market to look for changes in the mix of house sales in a distressed area over time (conventional, REOs, and short sales). The Sacramento Association of REALTORS® started breaking out REOs in May 2008, and short sales in June 2009.This will be interesting once something changes significantly…

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Report: Mortgage Settlement might be filed in court Monday
CalculatedRiskBlog.com

Nick Timiraos at the WSJ has some details about the settlement. He also writes that the settlement documents might be filed in court tomorrow.Here is the online site for the mortgage settlement. Note the “National Mortgage Settlement (coming soon)” in the upper right.

From Timiraos: Mortgage Deal Is Built on Tradeoffs
Settlement documents, which could be filed in court as soon as Monday, will detail the formulas governing how banks gain credit for that aid, as well as new standards banks will have to follow when they deal with borrowers who face or go through foreclosure…

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