Chicago Real Estate Reader

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Federal Regulators Hit Banks on Mortgage Practices

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The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision released enforcement action against fourteen major bank/servicers in the form of consent orders.

Robo-Settlement Snags

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Word was last week that federal banking regulators, not the state attorneys general, were going to announce some kind of "enforcement action" against 14 big banks/servicers in the so-called "robo-signing" foreclosure paperwork mess today or tomorrow. Now I'm told that may be a bit delayed, and now I'm reading the AGs expected punitive monetary "settlement" is also in question.

Home Builders and Foreclosures: If You Can’t Beat ‘Em, Join ‘Em

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Right now banks are pushing foreclosures to market faster than ever, perhaps due to improving paperwork procedures, and perhaps due to the fear of some kind of settlement/penalty coming down the pike from state attorneys general and federal regulators. In any case, the volumes are rising, and that hurts home prices and home builders.