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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] In the fall of 2010, major U.S. lenders such as JP Morgan Chase, [15] Ally Financial (formerly known as GMAC), and Bank of America [16] suspended judicial and non-judicial ...
The Fed study reported that mortgage originations to investors rose from 25% in 2000 to 45% in 2006, for Arizona, California, Florida, and Nevada overall, where housing price increases during the bubble (and declines in the bust) were most pronounced. In these states, investor delinquency rose from around 15% in 2000 to over 35% in 2007 and 2008.
More than 1.28 percent of all households were in some stage of foreclosure during the first half of 2010. [101] Year-end: A total of 3,825,637 foreclosures were filed on 2,871,891 properties during 2010, up nearly 2 percent from the previous year. More than 2.23 percent of all households were in some stage of foreclosure during 2010. [102]
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The economic prospects for 2010 in the early 2009 were of a positive growth of 3.5 [21] and some saw a steady recovery by the second quarter of 2010. [22] At the end of 2010, the OECD revealed an estimated growth of 4.5 percent [23] while the Mexican government estimated a growth of over 5 percent [24] and the creation of 730 thousand jobs. [25]
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Ten states accounted for 74% of the foreclosure filings during 2008; the top two (California and Florida) represented 41%. Nine states were above the national foreclosure rate average of 1.84% of households. [30] U.S. Subprime lending expanded dramatically 2004–2006.