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Big Banks Address Milwaukee Foreclosures
Posted on October 24th, 2010 No commentsRepresentatives of five of the nation’s leading banks told a crowd of 1,100 that they would work with the advocacy group Common Ground to deal with Milwaukee’s foreclosure crisis, including maintaining vacant land and boarded-up properties. Representatives from U.S. Bank, Wells Fargo, Bank of America, JPMorgan Chase & Co. and Deutsche Bank were at the meeting. Read more in the Milwaukee Journal Sentinel. -
MGIC No Stranger to B of A Issues
Posted on October 22nd, 2010 No comments“The recent hubbub over Bank of America’s ‘foreclosure gate’ scandal can’t be surprising to Milwaukee-based MGIC Investment Corp, which has tangled with the mega-bank for nearly a year over what MGIC considers faulty or fraudulent mortgage documents,” wrote banking reporter Rich Kirchen in the Business Journal’s Milwaukee Biz Talk blog.
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Guaranty Bank Settles Insurance Lawsuit
Posted on October 20th, 2010 No commentsBrown Deer-based Guaranty Bank has settled a federal lawsuit that accused an insurer of illegally selling the bank mortgage guarantee insurance. In early 2009, Guaranty filed a lawsuit asking the court to let it stop paying premiums to Evanston Insurance Co. of Deerfield, Ill., but nonetheless keep the insurer’s coverage on its home-equity loan portfolio intact, the Milwaukee Journal Sentinel reported. -
Wisconsin Joins Mortgage Investigation
Posted on October 13th, 2010 No commentsWisconsin officials have joined a nationwide investigation into whether mortgage servicers improperly submitted documents used to foreclose on homeowners around the country, an issue that could further delay the revival of the housing market. Read more in the Milwaukee Journal Sentinel or the Business Journal of Milwaukee. -
Milwaukee Home Sales Down 29% from ’09
Posted on October 11th, 2010 No commentsSales of existing homes in the Milwaukee metro area fell 28.6 percent in September from a year ago, but average sale prices of homes sold in Milwaukee, Ozaukee, Washington and Waukesha counties rose during the first three quarters of 2010, according to the Milwaukee Journal Sentinel. -
Bank to Open Sheboygan Mortgage Office
Posted on October 1st, 2010 No commentsWausau-based River Valley Bank has announced plans to open a new mortgage office in downtown Sheboygan this fall that will employ up to eight people, the Sheboygan Press reported. -
M&I Continues Foreclosure Moratorium
Posted on October 1st, 2010 No commentsMarshall & Ilsley Corp. said Friday it has extended its mortgage foreclosure moratorium again – the seventh three-month extension since late 2008, the Milwaukee Journal Sentinel reported.
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JPMorgan Chases Postpones Foreclosures
Posted on October 1st, 2010 No commentsJPMorgan Chase & Co. is asking that rulings be postponed in some pending foreclosures so the bank can review statements. New York-based Chase is looking at filings again because it learned that some of its employees had not reviewed underlying records before signing affidavits. About 56,000 foreclosures are affected by the delay, the Business Journal of Milwaukee reported.
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Well-Publicized Subprime Mortgage Cancelled
Posted on September 24th, 2010 No commentsMore than three years after he says he was duped into buying an inner city house and taking out a subprime mortgage loan, buyer Pedro Medellin is off the hook. Central States Mortgage Co., the now-closed mortgage lender, agreed to agreed to cancel the $103,500 mortgage Medellin took out in 2007. Medellin, a Waukesha bank teller, said he was tricked into buying the house when he thought he was just filling out a lengthy job application, according to the Milwaukee Journal Sentinel. -
Mortgage Delinquencies Edge Higher
Posted on August 26th, 2010 No commentsThe delinquency rate on Wisconsin homes was 6.65 percent in the period that ended June 30, compared with 6.46 percent in the first quarter, according to the Mortgage Bankers Association. Loans 30 days overdue, which had been declining since the start of 2009, increased in the quarter and could lead to more foreclosures. Read the Milwaukee Journal Sentinel story.