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State Attorneys General

Fewer Homeowners Put On Notice For Being Behind On Payments

Posted 08.16.2011 | Business

LOS ANGELES (AP) — The number of U.S. homeowners who were put on notice for being behind on their mortgage payments fell in May to the lowest level ...

Shahien Nasiripour

Official: Bank Of America 'Significantly Hindered' Federal Investigation | Shahien Nasiripour | Posted 08.13.2011 | Business

NEW YORK -- Bank of America, the largest U.S. bank by assets, "significantly hindered" a federal investigation into the firm's faulty foreclosure prac...

Shahien Nasiripour

Bank Of America Faces New Probe; New York Attorney General Launches Investigation Into Mortgage Securitization | Shahien Nasiripour | Posted 08.12.2011 | Business

New York Attorney General Eric Schneiderman has targeted Bank of America, the biggest U.S. bank by assets, in a new probe that questions the validity ...

Shahien Nasiripour

Foreclosure Fraud Price Tag Four Times Higher Than Banks' Initial Proposal | Shahien Nasiripour | Posted 08.06.2011 | Business

WASHINGTON -- The nation's largest mortgage companies are operating on the assumption that they will have to pay as much as $20 billion to resolve cla...

Shahien Nasiripour

Confidential Federal Audits Accuse Five Biggest Mortgage Firms Of Defrauding Taxpayers | Shahien Nasiripour | Posted 07.16.2011 | Business

WASHINGTON -- A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of ...

Shahien Nasiripour

HSBC Continues Freeze On Home Seizures | Shahien Nasiripour | Posted 07.11.2011 | Business

HSBC North America Holdings, the ninth-largest U.S. bank by assets, told investors Wednesday that the bank's moratorium on home seizures continues in ...

William Alden

Home Price Fall Accelerated In First Quarter | William Alden | Posted 07.09.2011 | Business

Almost five years after home prices peaked, they're still moving in the wrong direction. Home values fell 3 percent during the first three months o...

Shahien Nasiripour

Obama Administration, State Officials Expected To Give Banks New Mortgage Terms | Shahien Nasiripour | Posted 07.06.2011 | Business

WASHINGTON -- The Obama administration and state officials are expected to offer the nation's five largest mortgage firms updated terms next week in o...

Shahien Nasiripour

Banks Illegally Foreclosed On Dozens Of Military Borrowers | Shahien Nasiripour | Posted 07.05.2011 | Business

WASHINGTON -- Two of the nation's largest mortgage firms illegally foreclosed on the homes of "almost 50" active-duty military service members, accord...

Shahien Nasiripour

Mortgage Debt Relief For Distressed Homeowners Won't Hurt Big Banks, IMF Says | Shahien Nasiripour | Posted 06.15.2011 | Business

NEW YORK -- A broad mortgage debt-relief program for distressed homeowners would not significantly impact the nation's four biggest banks, according t...

Rift Widens Between Federal, State Officials On Foreclosure Reform

The Huffington Post | Maxwell Strachan | Posted 06.12.2011 | Business

The rift continues to widen between state and federal officials over foreclosure reform. Since the 50 state attorneys general first issued their pr...

Shahien Nasiripour

Big Banks Save Billions As Homeowners Suffer, Internal Federal Report Finds | Shahien Nasiripour | Posted 05.28.2011 | Business

NEW YORK -- The nation's five largest mortgage firms have saved more than $20 billion since the housing crisis began in 2007 by taking shortcuts in pr...

Shahien Nasiripour

Obama Administration's Plan To Punish Banks | Shahien Nasiripour | Posted 05.25.2011 | Business

NEW YORK -- The Obama administration is seeking to force the nation's five largest mortgage firms to reduce monthly payments for as many as three mill...

The Continuing Mortgage Mess

Robert Kuttner | Posted 05.25.2011 | Business
Robert Kuttner

After the drubbing that the Democrats took last November, you would think that it might occur to the White House that it makes sense to be more clearly aligned with the interests of consumers. But that is still contested terrain.

Zach Carter

Congressional Republicans Set Sights On Homeowners, Elizabeth Warren As Split Emerges with State GOP Leaders | Zach Carter | Posted 05.25.2011 | Business

WASHINGTON -- As state and federal officials near an agreement with the nation's largest financial firms to settle allegations of abusive foreclosure ...

Making the Case Against Mortgage Banksters, Part Two: Financing Prosecution

Nicholas Carroll | Posted 05.25.2011 | Business
Nicholas Carroll

The Federal government has now let former Countrywide CEO Angelo Mozilo go scot-free, paying less than 10% of his assets in fines, with no admission o...

U.S. Bank Given Mortgage Code Of Conduct

Reuters | Sakthi Prasad | Posted 05.25.2011 | Business

(Reuters) - U.S. banks received a proposal from state attorneys general and several federal agencies that could require them to reduce loan balances o...

Making the Case Against Mortgage Banksters, Part One: Legalities

Nicholas Carroll | Posted 05.25.2011 | Business
Nicholas Carroll

Federal prosecutors have trotted out reasons why they aren't prosecuting mortgage banksters. No lawyer I've spoken to agrees. Nor do I. This is an analysis of why the criminal cases can be made.

Shahien Nasiripour

State Regulators: Foreclosure Prevention Efforts Are Failing Because They Don't Reduce Principal | Shahien Nasiripour | Posted 05.25.2011 | Business

*This story has been updated* Lackluster foreclosure-prevention efforts and the dearth of principal reductions risk plunging more homeowners into for...