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Foreclosure

Citi Posts $2.2B Profit, Emphasizes Integrity of Foreclosure Procedures

Citigroup reported Monday that it pulled in a profit of $2.2 billion, or 7 cents per share, during the third quarter of this year. The company outperformed analysts' expectations of 6 cents per share as it boasted its third straight quarter of positive gains. Citi has skirted recent revelations of flaws in several major banks' handling of foreclosure paperwork, but the issue was front-of-mind during the company's conference call with investors. Citi officials stressed that reviews have not identified any issues with foreclosure processing or affidavits.

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Foundation Hotline Offers Help Against Foreclosure Scams

The Homeownership Preservation Foundation has partnered with NeighborWorks America, HUD, Fannie Mae, Freddie Mac, and the Lawyers Committee for Civil Rights Under Law to help prevent foreclosure-rescue scams. The coalition is positioning the Homeowner's HOPE Hotline (1-888-995-HOPE) as a central point of contact for homeowners who think they may be victim of a scam. Information provided to the hotline is used by local, state, and federal agencies to shut down predatory companies victimizing distressed homeowners.

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Wells, Citi, and PHH Maintain Foreclosure Procedures Are Sound

All the news of flawed, perhaps fraudulent, foreclosure paperwork has many worried that housing's feeble recovery could quickly derail. A number of large lenders have frozen foreclosure actions and REO sales, but there are several major names that are standing by initial claims that their foreclosure affidavits are legitimate. Wells Fargo says its process is ""sound"" despite a newly uncovered deposition by a self-proclaimed robo-signer and former employee. Citigroup and PHH Mortgage also say they have no reason to stop foreclosures in process.

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Ohio AG Seeks Preliminary Injunction in GMAC Foreclosure Case

Ohio Attorney General Richard Cordray has filed a preliminary injunction seeking to prevent GMAC Mortgage from completing foreclosure sales in his state that he says are based on faulty affidavits. Cordray filed suit October 6th against GMAC; its parent, Ally Financial Inc.; and one of its employees, alleging fraud against Ohio consumers and Ohio courts. The preliminary injunction asks that GMAC stop its ""faulty affidavit practices"" while the lawsuit is pending.

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Seven Million U.S. Mortgages Past Due or in Foreclosure: LPS

There are 7,018,000 mortgages in the United States that are 30 or more days delinquent or in the process of foreclosure, according to new data from Lender Processing Services (LPS). Of the more than 7 million home loans in the country currently going unpaid, 2,055,000 have already commenced foreclosure proceedings. LPS reports that 4,963,000 are in the pre-foreclosure default stages, with nearly half of these falling into the 90-plus-days delinquent bucket.

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Judge Throws Out Case Against Countrywide

A New York judge threw out a case against Countrywide Financial by investors who wanted the company to buy back mortgages that it had reduced payments for. Investors claimed it is unfair for them to have to absorb the cost of modified loans, and that Countrywide was required under contract to buy back any mortgages that it modified. In 2008, Bank of America agreed to an $8.4 billion settlement with attorneys general from several states regarding predatory lending charges against Countrywide.

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FHFA Orders Paperwork Fixes but Insists Foreclosures Should Proceed

The Federal Housing Finance Agency has issued a new policy that outlines specific steps Fannie Mae and Freddie Mac servicers should take to identify and correct deficiencies in foreclosure paperwork. Evidence of servicing staff cutting corners to process foreclosures quickly has lawmakers, consumer advocates, and the entire general public calling for an immediate moratorium on foreclosures. But FHFA says bringing the process to a complete halt is not the answer.

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Foreclosure Activity up 4% in Third Quarter: RealtyTrac

New data from RealtyTrac shows that foreclosure filings were reported on 930,437 properties in the third quarter, a 4 percent increase from the previous three-month period. Both bank repossessions and scheduled auctions set quarterly records. RealtyTrac's latest report puts the impact of recent foreclosure freezes into perspective. The company found that foreclosure activity in the judicial states most affected by paperwork problems accounted for 40 percent of all filings in the third quarter and 36 percent of REOs.

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Stewart Evaluating Title Insurance for Foreclosures Case-by-Case

Stewart Title Guaranty Co. is taking a guarded stance when it comes to repossessed properties that may be the subject of foreclosure paperwork reviews. It's been reported that the title insurer is making it difficult to write policies on REOs from lenders who've instituted foreclosure moratoriums. Stewart says it is evaluating the situation on a case-by-case basis. With concerns over establishing clear title to a property growing, many say the market for distressed properties has all but come to a standstill.

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JPMorgan Posts $4.4B Profit, Expands Foreclosure Review to 41 States

JPMorgan Chase kicked off the third-quarter earnings season Wednesday, and the company says profits are up 23 percent from a year ago. JPMorgan brought in $4.4 billion in net income during the quarter, beating analysts' expectations. During a conference call with investors, CEO Jamie Dimon announced that the company has expanded its foreclosure review to 41 states and 115,000 loan files. He also said the bank will stop using the Mortgage Electronic Registration System (MERS).

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