Title insurers back off demands for blanket shield. Story in WSJ online
Title insurers have decided not to require lenders to provide a blanket shield from claims caused by flawed foreclosures after discussions"Title insurers have decided not to require lenders to provide a blanket shield from claims caused by flawed foreclosures after discussions around crafting an industry-wide agreement fell apart."
Title insurers drop demand for shield here
Interesting story but wouldn't surprise me if they were influenced by something or just thought the banks were holding all the cards. Maybe they just got a reality check and realized that the banks are in "power". Title insurers will inevitable take some major hits due to foreclosures mistakes.
I would guess cost of title insurance may be increasing as I type. A few land mines in the bunch will always increase risk,which of course, will lead to higher prices.
Wednesday, November 3, 2010
Monday, November 1, 2010
Bank of America may not be sure of how bad it is with their mortgages from Country Wide
Story in the WSJ touches on the issues faced by Bank of America. They are reviewing 102,000 mortgages to see if there are underlying issues that would prevent them from showing actual ownership of the note. I am not clear on why Bank of America and others, including Wells Fargo, are throwing out these numbers. Wells said it was reviewing 55000 documents that have problems regarding paperwork and ownership of mortgages.
Kindle 3G Wireless Reading Device, Free 3G + Wi-Fi, 6" Display, Graphite, 3G Works Globally - Latest Generation
But Bank of America is servicing 14 million loans, 10 million of which originated with Country Wide Homes Loans, before the BOA take over. My question is this: How can there not be far more errors in more than 102,000 of the 10 million originated mortgages?
Recovery from depression starts here.
It looks like we are not getting the full story once again. It think each time the banks gives an inch it is just a test balloon to see if they can slide by without the public realizing they are trying to scam the country again.
read the full story here on "trouble at BOA"
Kindle 3G Wireless Reading Device, Free 3G + Wi-Fi, 6" Display, Graphite, 3G Works Globally - Latest Generation
But Bank of America is servicing 14 million loans, 10 million of which originated with Country Wide Homes Loans, before the BOA take over. My question is this: How can there not be far more errors in more than 102,000 of the 10 million originated mortgages?
Recovery from depression starts here.
It looks like we are not getting the full story once again. It think each time the banks gives an inch it is just a test balloon to see if they can slide by without the public realizing they are trying to scam the country again.
read the full story here on "trouble at BOA"
Subscribe to:
Posts (Atom)