foreclosure

"hundreds of thousands may have been harmed"
2:12 pm
Tue October 21, 2014

NY regulators accuse top lender of repeated abuse

Bank regulators in New York are accusing the nation's largest subprime mortgage lender of errors that might have harmed hundreds of thousands of borrowers.

New York's Department of Financial Services accuses Ocwen Financial of backdating letters warning of foreclosure or unsuccessful loan modifications. This means that by the time a borrower receives a letter from Ocwen, it's already too late to do anything about it.

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$65M in "kickbacks" annually
4:53 pm
Mon August 4, 2014

NY regulators investigate mortgage empire

Benjamin Lawsky, superintendent of New York State Department of Financial Services.
Credit AP/Mike Groll

New York banking regulators are investigating one of the nation's largest non-bank mortgage servicing companies, Ocwen Financial, over worries the company is bilking $65 million a year in kickbacks from both struggling homeowners and investors.

Watchdogs are scrutinizing the controversial, but common, practice of forcing homeowners to buy overpriced property insurance once they fall behind in their mortgage payments.

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Up to $40K to payoff old debt
5:55 pm
Thu June 26, 2014

NY offers free loans to halt foreclosures

New York Attorney General Eric Schneiderman plans to offer $40,000 in free loans to homeowners trying to stop foreclosure
Credit AP/John Minchillo

New York Attorney General Eric Schneiderman is launching a free loan program to help homeowners struggling to avoid foreclosure. Homeowners can borrow up to $40,000 interest free.

The loans are aimed at homeowners trying to secure mortgage modifications which may be stalled because of small outstanding debts like back taxes or delinquent second mortgages.

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Housing
5:18 pm
Thu May 8, 2014

Study: Hartford worst city in nation for underwater homes, Bridgeport 10th

Of the top 100 cities around the country with homes under water financially, Hartford has the most. More than half of homeowners there owe more than their homes are worth, according to a study out Thursday. 

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Real Estate
9:43 pm
Wed April 23, 2014

Big-time home sales stoking Northeast real estate market

The housing market is trying to regain its footing, yet sales have slipped in much of the country. One exception is in Connecticut, where sales – especially of expensive homes – are doing well. We look at one history-making sale in Greenwich, Connecticut that's setting the tone for springtime homesellers. 

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