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 PNC Financial Services Group (NYSE:PNC) is now the fourth major lender to impose a foreclosure freeze because of mounting public pressure on mortgage banks to review their foreclosure documentation procedures. According to the New York Times, a title insurer said he received a memo from PNC informing that the bank’s sales of → Read More  3 comments - (Comments are closed)  President Obama has refused to sign off on a bill that was designed to make it more difficult for homeowners to fight foreclosures. Known as the “Interstate Recognition of Notarizations Act” the bill was written with the purpose of shielding banks and mortgage processors from liability for foreclosures that were processed → Read More One comment - (Comments are closed)  Thousands of homeowners were wrongly kicked out of their homes because of faulty foreclosure paperwork on the part of mortgage companies like the Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:AMJ.SO) and Ally Financial Inc. (formerly GMAC Inc.). Yesterday, we reported on the decision of the Bank of America to put on hold → Read More 5 comments - (Comments are closed)  The Senate is scheduled to convene on the 13th of this month. As we pointed out earlier, Senator Debbie Stabenow’s Tier 5 unemployment extension bill, the “Americans Want To Work Act” (S.3706), is not tabled for deliberation on that day’s agenda. In the absence of a Tier 5 unemployment extension bill, President → Read More 4 comments - (Comments are closed)  Republicans say the financial reform bill recently passed by the U.S. House of Representatives fails to address the future of beleaguered housing giants Fannie Mae and Freddie Mac and would cost taxpayers more costly bailouts. The U.S. House of Representatives on Wednesday passed a landmark financial reform bill that seeks to implement a wide overhaul of financial regulations. In a 237 to 192 vote, the Wall Street Reform and Consumer Protection Act is a step towards what House Speaker Nancy Pelosi calls “the toughest set of Wall Street reforms in generations.” The House vote is split along partisan lines, as 19 Democrats voted against and just three Republicans voting in favor. → Read More 2 comments - (Comments are closed)  A last minute alternative plan attempting to save the Wall Street reform bill was agreed to by the lawmakers after disagreements about taxing large banks and hedge funds could have almost certainly threatened the passage of the bill in the House when it comes up for voting later this week before the → Read More Comments are closed | |||||
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