November 25, 2008
In Chicago, Illinois, Reuters reports:
A Royal Bank of Canada mortgage unit will pay $10.98 million to settle charges it gave the U.S. government false information about borrowers who took out 219 home loans that ended up in foreclosure.
RBC Mortgage Co agreed to the payment to avoid litigation but denied wrongdoing, according to Patrick Fitzgerald, the [...]
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November 7, 2008
In Sacramento, California, the San Francisco Chronicle reports:
Gov. Arnold Schwarzenegger proposed a new plan Wednesday to induce lenders to modify home loans to help struggling borrowers avoid foreclosure. [...] Schwarzenegger suggests imposing a 90-day stay for the foreclosure process for owner-occupied homes that have received notices of default. Lenders could be exempted from the stay [...]
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November 4, 2008
The New York Times reports:
Former Washington Mutual (WaMu) senior mortgage underwriter Keysha Cooper tells of the bank’s unethical and deceptive lending practices. According to her, “At WaMu it wasn’t about the quality of the loans; it was about the numbers.” “They didn’t care if we were giving loans to people that didn’t qualify. Instead, it [...]
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November 3, 2008
The Wall Street Journal reports:
J.P. Morgan Chase & Co. launched a plan on Friday to modify the terms of $70 billion in mortgages for borrowers who are behind on their payments or soon could be. The move by the New York bank will cover as many as 400,000 borrowers. They’ll be moved into loans carrying [...]
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