FORECLOSURE » Prevent Foreclosures
The sale of homes in foreclosure was still an issue for the housing market in the third quarter of 2011, according to a new report from RealtyTrac. President Barack Obama announced plans to develop a housing task force that will tackle improper mortgage loan bundling, one of the issues that helped the financial system crumble in 2008.
Foreclosure Sales Comprise 20 Percent of Sales 
The number of foreclosures throughout the U.S. has been extremely high over the past few years, but according to new data generated for CNNMoney by RealtyTrac, the majority of zip codes hit hardest are situated in western states. The report also found that, in addition to a suffering economy, the significant increase in REO homes sold has left the housing sector in peril, making it difficult for the industry to bounce back.
Foreclosures Highest in Middle-Income Western Zip Codes 

Hundreds of thousands of foreclosure cases facing reviews ordered by regulators last year may take months longer than originally expected, according to documents filed with federal banking regulators this week. The delays noted by Bank of America and JPMorgan Chase will impact the time frame that homeowners could expect to receive settlement compensation for improper foreclosure actions.
Bank of America Requests New Foreclosure Deadlines 
Short sales and foreclosures (REOs) made up 46 percent of homes sold in November, according to a new survey conducted by Campbell/Inside Mortgage Finance. The survey, released on Tuesday, showed just how difficult it has been for the U.S. housing market to bounce back from its crisis.
Foreclosures and Short Sales Offer Major Discounts 
Five major mortgage lenders could be facing concessions totaling $19 billion as bank representatives and government officials put finishing touches on a settlement for wrongful mortgage foreclosures, sources have told The Wall Street Journal. Officials have been working with banks for months to determine how they should be held responsible for the mortgage robo-signing scandal, but some states expressed concerns that the deal on the table doesn’t meet their expectations.
Banks Held Responsible for Wrongful Mortgage Foreclosures 
Occupy Wall Street demonstrators and other housing activists are heading to neighborhoods hardest hit by the foreclosure crisis to protest mortgage lenders’ mistreatment of homeowners. Protesters in New York, Los Angeles, Chicago and other cities are expected to visit neighborhoods for one scheduled day of protests on Dec. 6.
Occupy Our Homes Rallies Against Foreclosure Crisis 
Fannie Mae, Freddie Mac and several large mortgage lenders have announced that they will not foreclose on delinquent borrowers during the Christmas season. The mortgage servicers said they are taking this step to help struggling homeowners rest assured that they won’t have to think about facing a stressful foreclosure for at least a few more weeks. 
Nevada’s Attorney General announced on Thursday that two people have been indicted for allegedly being involved in a “massive” robo-signing mortgage scheme. A spokeswoman for Attorney General Catherine Masto said she believed the indictments will represent the first criminal charges filed in association with robo-signing, an illegal act of falsifying foreclosure documents.
Two Individuals Face Dozens of Robo-Signing Charges 
Thousands of homes in foreclosure have been waiting to be processed by mortgage lenders are finally beginning to make their way through the pipeline, says a new report by RealtyTrac, an online marketplace for foreclosed properties. As a result, the number of filings climbed by 7 percent in October.
Delayed Foreclosure Paperwork Finally Being Processed 
Two recent reports have highlighted the unwanted yet very real link between foreclosure and homes with an underwater mortgage. One report found the foreclosure process is moving so slowly throughout half of the country, it could take decades to clear millions of delinquent and foreclosed homes. In the second separate report, the delayed foreclosure process was blamed for a sharp increase homeowners saddled with negative equity.


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