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Tag Archives: robo-signing

Top Lenders Clear out Foreclosure Inventories in Non-judicial States

Among the five lenders involved in the National Mortgage Settlement - Bank of America, Wells Fargo, JPMorgan Chase, Citi and Ally/GMAC - non-judicial pre-foreclosure activity (NOD, NTS) decreased 41 percent in November compared to a year ago, led by Bank of America with a 63 percent decrease and Citi with a 40 percent decrease. Meanwhile judicial pre-foreclosure activity (LIS, NFS) for the five lenders combined increased 26 percent from a year ago, led by Chase with a 114 percent increase and Wells Fargo with a 37 percent increase. Read More »

Robo-Signing Scandal Dampens Housing Recovery Hopes

Recent bank scandals involving robo-signing foreclosure documents and improprieties in the lending process have weakened consumer confidence about housing market recovery prospects. More than half of adults report that robo-signing disclosures account for less faith in mortgage lenders, banks, and government, according to a recent study by Trulia and RealtyTrac. Thirty-five percent believe the robo-signing issue will delay housing market ... Read More »

Crisis Freezes Foreclosures as REO Inventories Rise

As investigations and multi-month delays in the foreclosure process begin, those who will suffer most are JP Morgan Chase, Bank of America and Wells Fargo, according to a new survey of foreclosure exposure, and foreclosure suspensions are coming at a bad time, just as foreclosue sales are down and REO inventories are rising. Read More »