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Colorado Attorney General John Suthers will serve on the executive committee of a multistate effort looking at the integrity of foreclosure processes used by mortgage lenders and servicers in Colorado and across the country. The effort will probe allegations that lenders, loan servicers or their agents are submitting thousands of affidavits and other documents without… Continue Reading Foreclosure crisis: Suthers to join probe of lenders

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GMAC enlists independent review of foreclosures

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GMAC Mortgage said Tuesday that it has enlisted several legal and accounting firms to conduct independent reviews of its foreclosure procedures nationwide as questions grow over whether lenders improperly took back properties from thousands of homeowners. The company, a unit of Ally Financial Inc., also said a review of cases in 23 states has found… Continue Reading GMAC enlists independent review of foreclosures

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Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place. “I’m a 60-40 optimist,” he said at the time. Today, Case’s mood is far… Continue Reading Foreclosures: Freeze could undermine housing market

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Colorado Attorney General John Suthers wants a freeze on sales of foreclosed homes. Suthers late last month sent a letter to GMAC/Ally Financial requesting a review of the company’s foreclosure processes in Colorado and plans to do the same with other lenders soon, his office said today. Suthers asked GMAC “to suspend evictions and … sales”… Continue Reading Foreclosures: State AG wants freeze

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Hundreds, if not thousands, of Colorado homeowners who are behind on their home mortgage payments will get a borrowers’ time-out, thanks to Bank of America’s decision to freeze all foreclosure cases in its portfolio. And if other banks follow Bank of America’s lead, many more Coloradans could get the same breather. Exactly how many isn’t… Continue Reading Foreclosures: A reprieve for some Colo. homeowners

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BofA halts U.S. foreclosures for review

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Bank of America on Friday halted foreclosures on homes across the country so it could review paperwork in tens of thousands of cases for flaws, expanding a crisis at a perilous time for the housing market. The move came as PNC Financial Services became the fourth major bank to announce that it would stop foreclosures… Continue Reading BofA halts U.S. foreclosures for review

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Banks to allow local groups to buy foreclosures

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Major banks are agreeing to give local governments and nonprofit groups the ability to buy foreclosed homes before they are sold to private investors. The Obama administration says local officials could benefit from acquiring these properties and using the land for redevelopment projects. Congress has provided $7 billion in money to buy the homes. These… Continue Reading Banks to allow local groups to buy foreclosures

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Colorado foreclosures fell during October, both from the previous month and from a year ago, according to RealtyTrac’s U.S. Foreclosure Market Report. A total of 5,047 Colorado properties were in foreclosure during October, down 18.75 percent from September and down 6.08 percent from October 2008. Colorado saw one foreclosure filing for every 421 homes during October, the… Continue Reading Colorado foreclosure rate dropping

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Statistics don’t lie, but they do send different – even confusing - messages to different audiences. Ryan McMaken, spokesman for the Colorado Division of Housing, Department of Local Affairs said this week that El Paso County’s 30 percent spike in new foreclosure filings compared to last year was in stark contrast to a lower statewide increase… Continue Reading County foreclosure status: depends on whom you ask

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Before it recessed for the month of August, the House approved the Neighborhood Preservation Act H.R. 2529, which would authorize banks and lending institutions insured by the Federal Deposit Insurance Corp. to allow foreclosed homeowners to remain in their homes as renters on long term leases.
Continue Reading Act would let foreclosed owners rent from bank

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