Michigan Fraud Closure

01/03/2014

http://www.nytimes.com/2014/01/04/your-money/with-the-new-year-new-consumer-protections-on-mortgages.html?src=rechp&_r=0

Making sure borrowers can afford their loans and understand the statements they get.

12/13/2013

http://www.consumeraffairs.com/news/foreclosure-inventory-plunges-120913.html

The number of foreclosures posted a sharp year-over-year decline during October. According to CoreLogic, a provider of residential property information,

12/04/2013

http://www.nytimes.com/2013/11/30/opinion/what-you-dont-know-about-mortgages.html?src=rechp

New loan rules fall short of full transparency.

12/02/2013

http://www.detroitnews.com/article/20131202/BIZ/312020057/Bank-America-pay-Freddie-Mac-404M?odyssey=mod|newswell|text|FRONTPAGE|s

Charlotte, N.C. - Bank of America will pay $404 million to mortgage buyer Freddie Mac to settle all remaining claims over home loans sold in the previous decade.

11/25/2013

BOA, this just the beginning:

Bank of America Corp. should pay the maximum penalty of $863 million for selling defective loans to Fannie Mae and Freddie Mac, given the egregiousness of the fraud, U.S. prosecutors told a federal judge.

11/22/2013

http://www.nytimes.com/2013/11/24/realestate/delinquency-rates-on-the-decline.html?src=rechp

11/19/2013

http://dealbook.nytimes.com/2013/11/19/13-billion-settlement-with-jpmorgan-is-announced/?hp

JPMorgan Chase and the Justice Department finalized a $13 billion settlement on Tuesday, punctuating a long legal battle over the risky mortgage practices that became synonymous with the financial crisis.

11/14/2013

What a shock!

New Census data released Thursday show Michigan suffered some of the worst housing losses during the recession, with the crash in Detroit severely pulling down averages in both Wayne County and the region.

11/11/2013

http://www.nytimes.com/2013/11/10/realestate/qualified-loans-redefined.html?hp

Lenders will be required to meet new underwriting standards for “qualified mortgages” — those eligible for sale on the secondary market.

10/28/2013

Banks have to pay but the payment may just be a write-off: http://www.nytimes.com/2013/10/26/opinion/reparations-from-banks.html?_r=0

The government wins against Bank of America and nears a settlement with JPMorgan Chase.

10/17/2013

http://www.nytimes.com/2013/10/17/business/fewer-homeowners-than-expected-helped-by-mortgage-settlement.html?src=recg

Under the $25 billion national mortgage settlement intended to help at-risk homeowners, more gave up their homes in short sales than stayed in their homes through debt reduction.

10/07/2013

http://www.nytimes.com/2013/10/01/business/freddie-mac-and-wells-fargo-settle-on-loans.html?src=rechp&_r=0

The settlement, reached Friday, would resolve virtually all repurchase liabilities on home loans sold to Freddie Mac before 2009.