New suit alleges deceptive foreclosure practices

SPRINGFIELD, Mass. (WWLP) – This week, Massachusetts slapped a huge lawsuit on five major U.S. banks. The lawsuit claims the banks’ shady practices have contributed to people illegally being removed from their home. State Attorney General Martha Coakley says she is not going to wait any longer to hold banks accountable for allegedly deceptive foreclosure …

How crappy U.S. mortgages hurt Ireland and Germany

JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors claiming losses on $4.5 billion of soured mortgage debt, adding to litigation targeting the two largest U.S. banks. The plaintiff Sealink Funding Ltd said it lost money after buying nearly $2.4 billion of residential mortgage-backed securities (RMBS) from JPMorgan …

J.P. Morgan Securities LLC settles with SEC

As the mortgage crisis and subprime debacle came and went, scars were left on the financial landscape across the Unted States and elsewhere around the world. Did those who caused the problem escape with minimal damage? Banks are finding out how to settle allegations against them while using damage control to offset publicity. Balance sheets …

Saxon Mortgage only modified 42 mortgages, dead last

For weeks consumer advocates at watchdog organization listened to and read reports of how well Saxon Mortgage modified mortgages. Many of those reports were false or misleading. Sources such as subprime blogs echoed glowing reports from news sources. Much of the data was wrong. Saxon Mortgage permanently modifed only 42 mortgages. That is correct — …