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Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America (BAC). If what one bank employee said on the stand proves to be accurate, paperwork problems ...
Buying foreclosed homes soared in popularity during the Great Recession as a wave of foreclosures hit the market and drove down prices nationwide.
Bank of America Home Loans is the mortgage unit of Bank of America. It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3. ...
Foreclosures seem to be on the rise, but mortgage companies don't always get a slam dunk when it comes to taking your home from you. In order to foreclose, they've got to have their paperwork in ...
[3] [4] The foreclosure crisis caused significant investor fear in the U.S. [5] A 2014 study published in the American Journal of Public Health linked the foreclosure crisis to an increase in suicide rates. [6] [7] One out of every 248 households in the United States received a foreclosure notice in September 2012, according to RealtyTrac. [8] [9]
PennyMac was founded in 2008 (during the subprime mortgage crisis) by Stanford Kurland, the former President of Countrywide Financial, with financial support from BlackRock and Highfields Capital Management. [3] The company was set up with the aim to help stabilize the housing market and to avoid home foreclosures by buying up distressed mortgages.
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