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The massive foreclosure machine that revved up to accommodate the huge backlog of mortgage defaults once again is coming to a screeching halt. JPMorgan Chase, one of the nation's largest mortgage ...
This revelation led to increased scrutiny of foreclosure documentation. The practice was apparently common in the mortgage industry. In the weeks following the robo-signing revelation, other large banks came under fire for employing robo-signers as well, including JPMorgan Chase and Bank of America. [14]
Last week, the fourth-largest mortgage lender in America revealed that the foreclosure documents for potentially all Bank of America and Chase implicated in foreclosure 'robo-signing' scandal Skip ...
Over four days, its available cash declined from $18 billion to $3 billion as investors pulled funding from the firm. It collapsed and was sold at a fire-sale price to bank JP Morgan Chase March 16, 2008. [33] [34] [35] American homeowners, consumers, and corporations owed roughly $25 trillion during 2008.
In order for the deal to go through J.P. Morgan Chase required [24] the Fed to issue a nonrecourse loan of $29 billion to Bear Stearns. [25] [4] This means that the loan is collateralized by mortgage debt [26] and that the government can't go after J.P. Morgan Chase's assets if the mortgage debt collateral becomes insufficient to repay the loan ...
For Americans who lost their home to foreclosure, the real estate nightmare may not be over. In many states -- such as Florida, Illinois, New York, Texas, and Virginia, to name a few -- lenders ...
A bank walkaway is a decision by a mortgage lender (a bank) to not foreclose on a defaulted mortgage (when the borrower has ceased to make the payments), or to not complete foreclosure proceedings (to "walk away" from the mortgage).
Non-qualified mortgage (0 years) – With a non-qualified mortgage (non-QM), or a loan that doesn’t meet government standards, you could possibly get another loan right after your foreclosure ...