NEW YORK (CNNMoney) — Homeowners who were victims of foreclosure abuses during 2009 and 2010 could receive more than $125,000 from lenders as part of an Independent Foreclosure Review that is being overseen by two government agencies.
The Office of the Comptroller of the Currency (OCC) and the Federal Reserve laid out the framework in which borrowers will receive compensation for a wide range of foreclosure abuses and errors that occurred as a result of robo-signing. To read more . . . http://bit.ly/O0sQNC
“In addition, more distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore continued. “Our preliminary first quarter sales data shows that pre-foreclosure sales — typically short sales — are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.” >>read more
A steady flow of better-than-expected news out of the housing market is painting a brighter picture for the nation’s lenders and, perhaps best of all, a predicted tidal wave of foreclosures never made it to shore. >>read more
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