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Big banks like Bank of America service mortgages on behalf of other investors. Bank of America processes payments, negotiates with borrowers and operates the foreclosure process but does not actually own the loan. Many properties from the housing bubble had an additional home equity loan, or second lien.
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Inner City Press and its Fair Finance Watch dug into these connections, including to Spain’s Santander Bank and HSBC, when the Obiang disgraced Riggs was being sold to PNC Bank. Click here for coverage in Le Monde, in French. The U.S. Federal Reserve did little at that time.
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Judge Rejects Wells Fargo Foreclosure Documents Again by Abigail Field, DailyFinance, December 10, 2010 U.S. Bankruptcy Court Judge Martin Glenn denied Wells Fargo’s request for permission to foreclose on Tandala Mims’s house in the Bronx for a second time on Thursday because he still wasn’t satisfied that Wells — as opposed to some other bank — had the right to do so.
He says he paid $250 to The Community Business Center in Chamblee for help with a loan modification to save his home from foreclosure. Now, he feels like he’s been left in limbo. [C]ustomers have been showing up, one after the other, trying to get answers about the status of their loans, fearing that their homes may have been sold at auction.
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