Publicly traded companies are under an obligation to announce business developments to its investors and analysts. Admission of an error in foreclosure proceedings is counted under that particular obligation. This is probably why the country’s second largest mortgage servicer, which previously said no such errors occurred in their banks, is now making a disclosure. Wells Fargo & Co. made an unexpected Read full article »
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No Foreclosure Freezing From Wells Fargo
There have been mounting pressure to freeze all foreclosure proceedings in all 50 states until the foreclosure scandal tides over and thorough investigation has been made. The country’s largest bank has heeded to the call and other major financial institutions might follow suit. One major bank though has flat out refused to freeze any foreclosure, saying no such fraud has Read full article »
First Dibs On Foreclosed Properties Go To Communities, Thanks To The First Look Program
National Community Stabilization Trust president Craig Nickerson said, “You can't be successful in neighborhood stabilization unless you control all the pieces on the chess board.” And with the latest program participated by major mortgage lenders, state and local governments will get a bigger chance to control the chess pieces. Housing Secretary Shaun Donovan announced the First look program, which will allow Read full article »
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