Latest Posts
Home > Author Archives: ProPublica (page 4)

Author Archives: ProPublica

ProPublica

Loan Modification Programs Broken. Crippled by Lax Oversight and Bank Control

justball-144x125

by Kiel and Olga Pierce, ProPublica With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation–rather than enforcement–with the nation’s biggest banks. Those banks, Bank of America, Wells Fargo, JPMorgan Chase, and Citibank, service the majority of mortgages. ... Read More »

New Evidence of Robo-Signers In States Where Foreclosures Bypass Judges

justball-144x125

by Marian Wang, ProPublica When problems in the foreclosure process caused banks to temporarily freeze foreclosures last fall, the focus was on improperly signed foreclosure affidavits–legal documents used when foreclosure are required to go through courts. But as we’ve noted [1], most states are “non-judicial [2]” states, meaning foreclosures can proceed without a court order. And turns out, those states–where ... Read More »

Voided Foreclosures Could Mean Big Trouble for Banks Moving Forward

justball-144x125

by Marian Wang, ProPublica When Massachusetts’ highest court ruled against U.S. Bank and Wells Fargo earlier this month and invalidated two foreclosures, the decision was hailed by some as an important precedent [1] for courts seeking to resolve foreclosure disputes. While the decision’s impact isn’t entirely clear, even Wall Street analysts who downplayed its applicability [2]acknowledged its troubling implications for ... Read More »

Chase Bank Overcharges Troops on Mortgages and Admits to Improper Foreclosures

justball-144x125

by Marian Wang, ProPublica, JPMorgan Chase acknowledged this week that it overcharged some 4,000 military families for their mortgages and wrongfully foreclosed on at least 14. It’s not clear how much the mistakes have cost these families, but the bank told NBC News that it’s collectively refunding about $2 million [1] to those affected. It has also promised to restore ... Read More »

What Do Carmen Electra, 50 Cent & Shaquille O’Neal Have in Common?

justball-144x125

by Jesse Eisinger, ProPublica, Over the weekend, the popular rapper 50 Cent urged his 3.8 million Twitter followers to buy [1] the stock of a microscopic company in Florida. The penny stock jumped 290 percent on Monday. The rapper, who owns 7.5 million shares and warrants for 22.5 million more in the company, had a paper profit that was briefly ... Read More »

Stories of Homeowners and Loan Modifications: Where Are They Now

justball-144x125

by Karen Weise, ProPublica ProPublica has been covering the government’s foreclosure relief effort [1] since the Obama administration launched the program in the spring of 2009. This week, ProPublica is checking back with some of the homeowners we’ve profiled over the past year. Some homeowners received modifications that prevented foreclosure, some are still in limbo and others have moved on. ... Read More »

Newbie Attorneys Reaking Hell at Foreclosure Law Firms

justball-144x125

by Marian Wang, ProPublica A few months into the foreclosure scandal, we reviewed job listings seeking supposed foreclosure experts and even department supervisors, noting that many listings offered low pay and required little education [1]. Some listings we saw were posted by staffing agencies, recruiting workers and paralegals for banks and foreclosure law firms. As it turns out, those clerical ... Read More »

Bank Errors Taint Credit Reports and Lower Credit Scores

justball-144x125

by Marian Wang, ProPublica, We’ve pointed out cases in which banks’ miscommunication and disorganization have caused mistaken foreclosures [1], but as several recent [2] reports [3] have noted, that’s not the only way in which bank mistakes have affected homeowners. Some consumers have been surprised to see damage to their credit score after requesting information from the banks. One Nevada ... Read More »

False Attorney Signatures Cast New Doubts on Foreclosures

justball-144x125

by Sasha Chavkin, ProPublica Many foreclosures have been thrown into question because of flawed documentation such as inaccurate affidavits describing a mortgage’s history. But three recent court cases point to another type of flaw in foreclosure filings that could place thousands more cases in doubt: false attorney signatures on court documents. Experts said that foreclosures that relied on court documents ... Read More »

Major Foreclosure Contractor Underplayed the Extent of Document Flaws

justball-144x125

Marian Wang, ProPublica In our primer on the players in the foreclosure scandal, we noted that the biggest foreclosure contractor to which banks outsourced servicing tasks, Lender Processing Services (LPS), has been accused of flaws in the processing of key mortgage documents. The company has said that it is “not aware of any defects in our signing and review processes ... Read More »

Unemployed People Facing Loss of Benefits. What Next for Them?

justball-144x125

by Marian Wang, ProPublica Unless Congress acts to extend programs for those who have exhausted regular state unemployment benefits, millions of jobless workers may soon be phased out of emergency unemployment benefits. Unemployment benefits from states typically last for 26 weeks, but since 2008, Congress has on four occasions passed emergency provisions that use federal funds to extend benefits for ... Read More »

Government Loan Modification Money Not Being Used by Banks

justball-144x125

by Paul Kiel, ProPublica When the Obama administration launched its flagship foreclosure prevention program in early 2009, it pledged to spend up to $50 billion helping struggling homeowners. But the government has so far only spent a tiny fraction of that. A recent Treasury Department report summarizing TARP spending put the total at $600 million through October. Although the Treasury ... Read More »

Regulators Totally Missed Foreclosure Problems

justball-144x125

Marian Wang, ProPublica While they may be conducting their own investigations, federal prosecutors and national bank regulators for the most part aren’t the ones leading the investigation into the foreclosure mess. At least that’s the perception–one that’s reinforced when Elizabeth Warren, Obama’s head of consumer financial protection, says her money is on a 50-state investigation by the states’ attorneys general. ... Read More »

Would You Rather Work at Burger King or Be a Foreclosure Department Supervisor?

justball-144x125

by Marian Wang, ProPublica For years, banks and other companies handling foreclosures have turned to cheap labor to process the growing volume of foreclosures. At JPMorgan Chase, they were called “Burger King kids“–walk-in workers hired to handle foreclosure proceedings. Many barely knew what a mortgage was and had only high-school educations. Prompted by a Financial Times article about banks hiring ... Read More »

What Elections Could Do to Financial Regulations

justball-144x125

by Marian Wang, ProPublica As Americans go to the polls today, their votes will influence a number of issues that we’ve been watching, whether it be the foreclosure scandal or implementation of financial regulation and healthcare reform–some of our favorite topics. So here’s our attempt to parse some of the election coverage and bring these issues into sharper focus: Foreclosure ... Read More »

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.