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Firm agrees to $2B deal for loan abuses

December 20, 2013 in Uncategorized

WASHINGTON (AP) — Ocwen Financial Corp. will reduce struggling borrowers’ loan balances by $2 billion in an agreement with federal regulators and 49 states over foreclosure abuses.

The Consumer Financial Protection Bureau and state attorneys…continue reading on mitchellrepublic.com

Firm agrees to $2B deal for loan abuses

December 20, 2013 in Uncategorized

WASHINGTON (AP) — Ocwen Financial Corp. will reduce struggling borrowers’ loan balances by $2 billion in an agreement with federal regulators and 49 states over foreclosure abuses.

The Consumer Financial Protection Bureau and state attorneys…continue reading on mitchellrepublic.com

SD Supreme Court dismisses suit claiming lender on hook for flood insurance

May 17, 2012 in The Daily Republic

PIERRE (AP) The South Dakota Supreme Court says a Hermosa woman cannot sue a lender for failing to make sure her home was covered by flood insurance.
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Minnesota foreclosures decrease, but trouble persists

February 22, 2012 in Grand Forks Herald

Foreclosures in Minnesota fell 17 percent last year to the lowest level since 2007, according to a report released Tuesday. While foreclosure rates dropped in many areas, there are counties that saw no improvement — or where repossessions actually increased. Continue Reading

SD gets $8M in foreclosure-abuse settlement

February 9, 2012 in The Daily Republic

PIERRE (AP) South Dakota’s share of a $25 billion settlement between five mortgage lenders and 49 states is just under $8 million. The amount includes loan term modifications and other forms of assistance. Continue Reading

N.D. to receive $3 million in national mortgage settlement

February 9, 2012 in Grand Forks Herald

Attorney General Wayne Stenehjem tells The Associated Press that North Dakota will get a direct payment of about $3 million. He says his plan is to develop a program with private industry to increase housing in oil country, particularly for newly hired law officers and emergency responders. Continue Reading

Minnesota gets $280 million in landmark national mortgage settlement

February 9, 2012 in Grand Forks Herald

Minnesota Attorney General Lori Swanson and Commerce Commissioner Mike Rothman announced Minnesota’s settlement today. Five major U.S. banks agreed to pay about $26 billion to reimburse American homeowners. Continue Reading

Obama to detail proposal for broader housing refinance

February 1, 2012 in Grand Forks Herald

President Barack Obama today plans to draw attention to a proposal he outlined in his State of the Union address to allow homeowners with privately held mortgages to take advantage of record low rates, for an annual savings of about $3,000 for the average borrower. The administration proposal faces a major hurdle in Congress. Continue Reading

Home prices fall in most major U.S. cities

December 27, 2011 in Grand Forks Herald

The Standard & Poor’s/Case-Shiller index released today showed prices dropped in October from September in 19 of the 20 cities tracked. Prices in a majority of cities declined for the second straight month, reflecting the typically fall slowdown after the peak buying season. Prior to that, prices had risen for five consecutive months in at least half of the cities tracked. Continue Reading

Recent court decision would broaden bankruptcy option

November 17, 2011 in Grand Forks Herald

A recent ruling from the Bankruptcy Appellate Panel of the 8th Circuit Court of Appeals said that people who file for Chapter 13 protection can discharge their second or any junior mortgage (it’s called lien stripping) and still keep their house if the value of the house is less than the first, or primary mortgage. Continue Reading