BofA moves on principal reduction promised in AG settlement

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"We believe that Bank of America gamed the system, perpetrating a fraud on both its customers and American taxpayers,"said Steve Berman, managing partner of Hagens Berman and one of the attorneys who filed the lawsuit. "BofA promised that it would work with homeowners to modify their mortgages under the HAMP program.

principal reduction. The state will receive a direct payment of $8.2 Million. These monies will be administered by the Department of the Attorney General, held in trust to provide benefits to Hawaii homeowners. Reaction to the settlement locally has been positive. According to the Reverend

Top 8 states for mortgage fraud The Empire State, which includes New York City, one of the most expensive cities to live in the U.S., has a mortgage debt average of $243,244. 8. Virginia. Northern Virginia is a popular commuter for federal government workers heading to D.C., so it’s no surprise Virginia is on this list. The average mortgage rate in Virginia is $246,379. 7.

Shadow inventory rocked by foreclosure snafu Naturally, the process kept the market from correcting and added vast numbers of foreclosed homes to the shadow inventory. During this same period. rates up to 12 times greater than the Fed’s rock.

For Thousands of Homeowners Behind on BofA Mortgages, Relief May Be in the Mail. Their combined monthly payment, including insurance, taxes and any homeowner association fees, along with mortgage principal and interest, must total more than 25% of their gross household income. For the reductions to be permanent, homeowners have to make three on-time payments after their modifications are completed.

House approves higher FHA conforming loan limits Collingwood Group Chairman calls out ‘regulatory Jihad’ on mortgage lenders Bethesda Real Estate Prices At Almost Same Levels As 2009 – The median asking prices of homes for sale in the Bethesda real estate market are largely the same today as they were in 2009, off by only a very small percentage. In late 2009, the weekly data points for home prices was sitting right at $1.08 million, and after 24 months, that same measurement now registers .05 million, a.One limitation was the lack of maximum loan limits in most states, higher. ratio approved under the automated system as long as it is a conforming loan. Recommended Let the 2020 Games Begin: The.

Debt, service, and the origins of capitalism Homeowners File Class Action Lawsuit Against Bank Of America For Allegedly Failing To Modify Troubled Mortgages A class action lawsuit was filed against Bank of America in U.S. District Court, Western District of Washington (Seattle), No. 10-00488, on behalf of homeowners alleging that Bank of America reneged on a promise to modify troubled mortgages as [.]

The recent report from the Monitor of the multi-state Attorneys General settlement with the five big mortgage servicers showed that wells fargo trails behind Bank of America and Chase when it comes to the amount of principal reduction given as part of first lien loan modifications.

Here’s the banks’ counterproposal for a servicing fraud settlement. I can sum it up in two words: drop dead.. So the counterproposal to principal reduction mods is a free Fed-Ex mailer.. that they’ll comply with the law. Note how that differs from the AG proposal, which would have required various affidavits not only when required by law.