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Home | Tag Archives: Foreclosure Mediation

Tag Archives: Foreclosure Mediation

Feature: New World Order

The veterans of this business can remember when REOs ran in the neighborhood of 150,000 a year, delinquency rates were just around 4 percent, and you only needed a credit score of 620 to qualify for a prime mortgage loan. But the housing finance industry, and default servicing especially, has changed. In the cover story of it's September issue, DS News looks at the many factors--from a slew of new regulatory mandates to an altered public perception of debt obligations--that have altered the business into something far from customary.

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New York AG Sues HSBC, Alleging Failure to Follow Foreclosure Law

HSBC faces a lawsuit from New York Attorney General Eric T. Schneiderman, who accused the bank of failing to follow a state foreclosure law that mandates a settlement conference for past due borrowers. In a statement, Schneiderman announced he filed a lawsuit against HSBC, alleging the bank repeatedly failed to file a Request for Judicial Intervention (RJI) in a timely manner. According to Schneiderman, delays in filing the RJI increase the risk that homeowners will lose their home and leads to a backlog of foreclosure cases.

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Banks Provide $50.6B in Relief, Settlement Obligations Nearly Met

The five banks that took part in the national mortgage settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five banks--Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial--have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an update from the settlement monitor Joseph A. Smith, Jr. The provided relief comes out to about $81,437 per borrower.

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St. Louis County Passes Foreclosure Mediation Ordinance

Banks may have the right to schedule a foreclosure sale for past due borrowers, but in St. Louis County, homeowners will get a chance to schedule a mediation with their lender before facing foreclosure. On August 28, the St. Louis County Council passed an ordinance that will require lenders to provide homeowners with a notice advising them of their right to request mediation.

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Final Homeowners’ Rights Bills Pass in California Legislature

California attorney general Kamala Harris announced Thursday that the final parts of the California Homeowner Bill of Rights have passed out of both houses and are awaiting action from the governor. Harris said the entirety of the Homeowner Bill of Rights stems from need to help homeowners and implement the sorts of reform that were outlined in the national mortgage settlement. Once signed into law, all aspects of the legislative package will take effect at the start of 2013.

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California Anti-Blight Bill Signed into Law

California governor Edmund G. Brown signed into law a bill to help combat neighborhood blight, state attorney general Kamala Harris announced Monday. The bill-AB 2314-gives new homeowners additional time to fix any code violations in a home before local agencies move in to enforce the codes. It also extends indefinitely an existing provision that requires the owner of a foreclosed property to maintain the property.

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Nevada Committee Passes $11.7M Foreclosure Help Proposal

The Nevada Legislature's Interim Finance Committee passed an $11.7 million proposal to address mortgage fraud and the state's foreclosure crisis, attorney general Catherine Cortez Masto announced Friday. The proposal outlines the first part of a three-year, estimated $33.5 million dollar program that uses part of Nevada's share of the national mortgage settlement to help struggling homeowners.

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