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Foreclosure Crisis

How Banks and Government Fail Homeowners

Systemic failures at the country's banks and mortgage servicers have exacerbated the most severe foreclosure crisis since the Great Depression, making it extremely difficult for struggling homeowners to win a loan modification. Government efforts to limit the damage have fallen woefully

Bank of America Lied to Homeowners and Rewarded Foreclosures, Former Employees Say

Former Bank of America employees gave sworn statements that the bank lied to homeowners, denied loan modifications for bogus reasons and rewarded employees for sending homeowners to foreclosure.

For Most Homeowners, Gov't Foreclosure Deal Brings A Few Hundred Bucks

Bank regulators finally announced the details of a settlement with the biggest banks over foreclosure abuses. Most borrowers will receive $500 or less. And the details are confusing.

Feds Replace Flawed Foreclosure Review With Vague $8.5 Billion Settlement

Banking regulators admitted the Independent Foreclosure Review was a big expensive mess and shut it down. But many details about the $8.5 billion settlement that replaces it remain murky.

As Foreclosure Crisis Drags On, So Does Flawed Government Response

A look at the government's response as the foreclosure crisis enters its seventh year.

Cheat Sheet: BofA Supplied Default Answers for 'Independent' Foreclosure Claims Reviewers

The Independent Foreclosure Review, the government's main effort to compensate homeowners for harm by banks, is supposed to be independent from the banks. But in Bank of America's case, it wasn't.

Exec Who Allegedly Enabled Fraud Runs Chase’s Effort to Compensate Foreclosure Victims

A former Countrywide and Bank of America executive named by Justice Department lawyers as facilitating a scheme to defraud Fannie Mae and Freddie Mac now heads JPMorgan Chase's involvement in the Independent Foreclosure Review.

Secret Documents Show Weak Oversight of Key Foreclosure Program

The Obama administration trumpeted its flagship program to prevent foreclosures, known as HAMP. But it provided shockingly ineffective oversight.

Why Florida is Sitting on $300 Million Meant to Help Homeowners

Nearly eight months after a $25 billion foreclosure settlement was announced, Florida is one of the only states yet to decide what to do with its funds.

Doubts About Independent Foreclosure Review Spread

Evidence emerges that the largest banks might be influencing the determination of who was victimized by their own practices.

Is BofA’s Foreclosure Review Really Independent? You Be the Judge

Bank of America and federal regulators say the Independent Foreclosure Review is just that — independent. But documents and interviews indicate it's not.

Foreclosure Fail: Study Pins Blame on Big Banks

A study by government and academic researchers finds that approximately 800,000 homeowners missed out on mortgage modifications because of big banks' poor performance.

Big Foreclosure Compensation, But Only for the Right Wrongs

Last month, the government released information on the compensation victims of the banks’ foreclosure practices might receive. For homeowners, it turns out that it’s crucially important just how the bank messed up.

Guiding You Through the Govt's Foreclosure Compensation Maze

The government promises that harmed homeowners will get compensated —but its programs are confusing. We help navigate them.

Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds

Under the foreclosure settlement with big banks, states got $2.5 billion to help homeowners. But a comprehensive, state-by-state breakdown shows that almost a billion is going to general use.

Big Banks Slack on Maintaining Foreclosed Homes in Minority Areas, Complaint Charges

Housing advocates allege that Wells Fargo and U.S. Bank violated the Fair Housing Act by taking better care of foreclosed homes in white neighborhoods than in black and Latino neighborhoods.

Excerpt: At Goldman Sachs Servicer, 'Total Disaster'

An employee at a mortgage servicer that was owned by Goldman describes the internal chaos that harmed thousands of homeowners and undermined the government's flagship foreclosure prevention program.

Ask Paul Kiel Your Questions on the Foreclosure Crisis

Six million American homeowners are facing foreclosure. Tomorrow, reporter Paul Kiel will field your questions about this mess.

The Great American Foreclosure Story: The Struggle for Justice and a Place to Call Home

The story of how one woman went from a three-bedroom home to a tent is the story of how America ended up in a foreclosure crisis that still drags down the economy.

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