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Capitol One to pay $12M in case on servicemen

The Justice Department says Capital One has agreed to pay $12 million to resolve allegations the bank violated special protections in federal law for members of the military. The government says Capital One wrongfully foreclosed on some homes and improperly repossessed some cars. In addition, the government says the bank obtained wrongful court judgments against… Continue Reading Capitol One to pay $12M in case on servicemen

Mortgage default warnings surged in August

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Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures. The number of U.S. homes that received an initial default notice — the first step in the foreclosure process — jumped 33 percent in August from July, foreclosure listing firm… Continue Reading Mortgage default warnings surged in August

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Goldman to stop controversial mortgage practices

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Goldman Sachs’ mortgage subsidiary agreed Thursday to stop many of its controversial mortgage-related practices in a settlement with a New York state banking regulator. The New York’s Department of Financial Services and Banking Department said the settlement was a condition to Goldman Sachs Group Inc.’s sale of its Litton Loan Servicing subsidiary to a mortgage… Continue Reading Goldman to stop controversial mortgage practices

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People are starting to buy homes again, lifting a battered industry that is bracing for its worst sales year in more than a decade. Signed contracts to purchase homes rose in November, the fourth increase in five months. That should give the housing market a boost in the first few months of the new year… Continue Reading Rise in signed contracts gives housing market lift

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The fear of missing out on historically low interest rates spurred first-time homebuyer activity in November, according to a Campbell-Inside Mortgage Finance study. “The recent surge in interest rates has made potential homebuyers nervous,” said the survey’s Director Thomas Popik. “If rates go up much more, then a good percentage of them will no longer… Continue Reading Low interest rates caused first-time homebuyer levels to surge

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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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Lenders are boosting their attempts to avoid home foreclosures, but fewer than half of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent, data released Friday show.The report, based on an analysis of nearly 35 million loans worth more than $6 trillion, was published by the… Continue Reading Loan modification rise; homeowners see little relief

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