Cook County says that the bank's alleged predatory lending practices resulted in a higher number of foreclosures, increased blight, and lower property taxes in urban Chicago. Bank of America was seeking to have the suit dismissed, claiming that the county lacked standing to sue and waited too long to initiate litigation. The bank also says the county did not prove that the bank violated the Fair Housing Act, according to reports.
Read More »MERS Wins Victory in Illinois Court Over Authority to Act as Mortgagee
An Illinois court ruled on Tuesday that mortgages naming Mortgage Electronic Registration Systems, Inc. (MERS) as the mortgagee are valid and enforceable, according to an announcement from MERSCORP Holdings, Inc.
Read More »Potestivo Adds Associate Attorney
Michigan-based real estate finance and credit industry law firm Potestivo & Associates recently announced the hiring of Art Sriratana as associate attorney. Sriratana will be working in the Foreclosure Department at Potestivo's Chicago office.
Read More »Fay Servicing Adds RES.NET’s REO Portal to Manage Portfolio
RES.NET, a California-based software applications firm serving the real estate industry, has partnered with Fay Servicing to provide Fay's clients access to RES.NET's expansive network of agents and vendors through the company's REO Portal.
Read More »Foreclosure Starts Sink to Pre-Recession Level in Chicago Area
The number of foreclosure filings in a six-county region in Illinois that includes Chicago dropped by nearly 38 percent from the first half of 2013 to the first half of 2014, falling to its lowest level since 2007, according to data released by the Woodstock Institute on September 4.
Read More »Watt Blames Homeowner Skepticism for HARP Slowdown
In a town hall style meeting in Chicago Tuesday, Mel Watt, Director of the Federal Housing Finance Agency, blamed fear of being taken in by a scam for eligible homeowner’s reluctance to take advantage of the Home Affordable Refinance program.
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