That housing meltdown that started way back when is still reverberating through the economy. And our souls.
Via Business Today:
- Buffalo foreclosure law firm faces suit - Jonathan D. Epstein/The Buffalo News
... A New York City attorney representing two downstate homeowners has filed a lawsuit against Steven J. Baum PC, calling the law firm a “foreclosure mill” that engages in “sloppy, irresponsible” work as part of a mortgage industry conspiracy to bilk homeowners.
The suit accuses Baum of knowingly and fraudulently filing foreclosures, paperwork and false notarizations statewide on behalf of lenders that don’t hold the actual mortgages, including HSBC Bank USA and its mortgage subsidiary. ...
- Haste drove foreclosures off the rails - Washington Post/Buffalo News
... Law firms competed with one another to file the largest number of foreclosures on behalf of lenders - and were rewarded for their work with bonuses. These and other companies that handled the preparation of documents were paid for volume, so they processed as many as they could en masse, leaving little time to read the paperwork and catch errors. ...
- Banks seize 288K homes in Q3, but challenges await - AP/Buffalo News
A total of 288,345 properties were lost to foreclosure in the July-September quarter, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service. That's up from nearly 270,000 in the second quarter, the previous high point in the firm's records dating back to 2005. ...
But fewer are expected now that several major lenders have suspended foreclosures and sales of repossessed homes until they can sort out the foreclosure-documents mess.
On Wednesday, officials in 50 states and the District of Columbia launched a joint investigation into the matter.
- So you bought a foreclosed home. Now what? - AP/Buffalo News
... "Anyone who's purchased a foreclosed property in the last three years should really be concerned," says George Babcock, a Providence, R.I., attorney who represents homeowners who have been foreclosed on. "They should call the attorney that did their closing and say, 'Hey, do I have a problem?'"
- Mortgage walkaways tell tales of morality - Gail Marks Jarvis/Chicago Tribune/Buffalo News
Americans have taken a sharp slap in the face from the the housing crisis, the financial crisis and the jobs crisis. Now some wonder whether the residue of those harsh realities is an ethical crisis.
For the first time in the nation’s history, bankers say, people are walking away from mortgages they can otherwise afford to pay. The phenomenon known as strategic default was once unthinkable. ...
- Foreclosure Mess Draws in the Lawyers Who Handled Them - The New York Times
- Housing mess just got messier - The Columbus [Ohio] Dispatch
- Feds can remedy mortgage me$$ - The New York Post
- Who are the culprits in the foreclosure crisis? - Huffington Post
- Citigroup earns $2.15 billion in 3rd quarter - AP/Buffalo News
Out with a little Brit wit:
-- George Pyle/The Buffalo News