foreclosure crisis News

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Panel Warns of Nightmare Scenarios for Housing Crisis

(Nov. 16) -- The "robo-signing" scandal at the heart of the current foreclosure crisis may be just the tip of a legal iceberg that threatens to destabilize the American financial system just as the government is least equipped to support it. That's the judgment of the Congressional Oversight Panel, the watchdog agency...

Bank of America to Halt Foreclosures Nationwide

(Oct. 8) -- Bank of America (BAC) plans to halt foreclosure sales across the nation, as it reviews whether it handled its foreclosure documentation and procedures properly, the banking giant said Friday. The move by BofA extends the mortgage foreclosure moratorium it had initiated in 23 states earlier this month, after it...

Robo-Signing: Looks Like Citi and Wells Fargo Did It, Too

Documents submitted to a court are supposed to be true as submitted. As an attorney, if I file with a court a document in which I swore that I personally verified the information contained within the document is true, but I didn't actually do that, I'd get in real trouble. It's simple: That's fraud in the eyes of the court.

More Foreclosures Expected as Housing Crisis Continues

(July 29) -- In the first six months of this year, households in most of the country's largest 200 cities received more foreclosure warnings than in the first half of 2009, The Associated Press reports. High unemployment -- 9.5 percent in June, which doesn't include the millions of Americans who are no longer eligible for...

With More Foreclosures, Housing Market Far From Recovery

(July 15) -- Foreclosures hit a record high in the second quarter, reports The Los Angeles Times today. "U.S. bank repossessions increased 38 percent in the second quarter from the same period a year earlier for a record total of 269,952, according to Irvine research firm RealtyTrac. That was also a jump of 5 percent from...

Background on foreclosure crisis

The 2010 United States foreclosure crisis, sometimes referred to as Foreclosure-gate or Foreclosuregate, is an ongoing and unresolved issue in the United States and refers to an apparently widespread epidemic of improper foreclosures initiated by large banks and other lenders.

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