foreclosures 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...

Wells Fargo Erred in Thousands of Foreclosure Cases

WASHINGTON (Oct. 27) -- Wells Fargo admitted Wednesday it made mistakes in the paperwork for thousands of foreclosure cases and promised to fix them. The San Francisco-based bank said it plans to refile documents in 55,000 of the cases by mid-November. The company said not all those cases included errors but didn't say...

Bank of America to Resume Foreclosures in 23 States

WASHINGTON (Oct. 18) -- The pace of U.S. home foreclosures may not slow much after all. Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed. Ally Financial...

States to Unveil Joint Probe Into Foreclosures

WASHINGTON (Oct. 13) -- Up to 40 state attorneys general are preparing to launch a joint investigation into the mortgage industry over the foreclosure-document mess. If the states have their way, mortgage companies will have to revamp the way they handle foreclosures, pay penalties for violations and expand help to...

Opinion: Big Risks From a Foreclosure Halt

(Oct. 13) -- We've recently seen a lot of reports about flaws in the foreclosure process, including lenders certifying that they're familiar with all pertinent aspects of a given case when they're not. This is unacceptable, and those responsible for such false certifications should be held legally accountable. But the...

Background on foreclosures

Foreclosure is a specific legal process where a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

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