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The 2010 United States foreclosure crisis, sometimes referred to as Foreclosure-gate or Foreclosuregate, [1] [2] refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including Bank ...
Up to 9 million homes were at risk of entering foreclosure over the 2009-2011 period, versus one million in a typical year. At roughly U.S. $50,000 per foreclosure according to a 2006 study by the Chicago Federal Reserve Bank, 9 million foreclosures represents $450 billion in losses. Subprime lending
A JPMorgan Chase employee testified in a deposition that she was one of eight managers who combined to sign some 18,000 documents a month without the personal knowledge the documents claimed they ...
Generally, though, if you want to get a second chance mortgage after foreclosure, here’s how long you’ll have to wait: Conventional loan (3–7 years) – After a foreclosure, it can take you ...
Bear Stearns Companies, Inc. acquisition by JP Morgan Chase & Co. (JPMC) In March 2008, the Fed provided funds and guarantees to enable bank J.P. Morgan Chase to purchase Bear Stearns, a large financial institution with substantial mortgage-backed securities (MBS) investments that had recently plunged in value. This action was taken in part to ...
A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...
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