CFPB report on Reverse Mortgages confirms IW Criticisms

The Consumer Financial Protection Board released a report noting problems in the Reverse Mortgage market similar to those I stated in a prior post.

Is SEC reporting the key to solving the mortgage crisis?

I don’t believe that we will have an economic recovery until we resolve the mortgage crisis.  The media may have moved on to congressional body parts, but the mortgage crisis is still very real and the engine of financial entropy.  In discussions with foreclosure attorneys for the banks, it seems clear to all parties involved […]

Doubts raised on OCC foreclosure estimate | Reuters

A Reuters analysis raises doubts about a widely cited statement by U.S. Comptroller of the Currency John Walsh that only a “small number” of wrongful foreclosure sales have occurred despite widespread misdeeds by banks that are the leading mortgage loan servicers. via Analysis: Doubts raised on OCC foreclosure estimate | Reuters.

Federal Reserve Should Withdraw Proposals that Enable Loan Scams on Senior Citizens

The Fed has issued a wide-ranging proposal on reverse mortgages—a loan product that represents a growing market for lenders, but which can pose major risks for elderly homeowners. In comments submitted to the Board, the groups detail how the Board’s proposal would permit several negative outcomes: Bundling harmful and unnecessary products with reverse mortgages.  When […]

4 LI Counties worst hit with foreclosures, Suffolk #1

New York State Banking Department Issues Second Report on Pre-Foreclosures Notices 134,000 Notices Sent to NY Homeowners Warning of Possible Foreclosure The New York State Banking Department today announced that more than 76,744 90-day pre-foreclosure notices were sent to New York homeowners who have fallen behind on their mortgage payments since May 31, 2010. A […]