Millions of homeowners who took out Home Equity Lines of Credit during the housing boom are facing a looming deadline that could mean much larger monthly payments.
The Richmond City Council has set up new guidelines for the proposal.
The Richmond City Council Tuesday evening will consider scrapping the city’s controversial plan to buy struggling homeowners’ underwater mortgages.
James Quindale Page, 42, dubbed by authorities as the “Button Down Bandit,” was indicted by a federal grand jury in Oakland on Thursday on six counts of bank robbery. Each count carries a possible maximum sentence of 20 years in prison if he is convicted.
Despite rising home prices in much of the Bay Area, many home buyers are struggling to wade out from their underwater mortgage – prompting some Richmond city leaders to attempt a unique tactic to provide mortgage relief.
California should receive at least $20.6 billion from a settlement with the nation’s major mortgage lenders, the largest share of any state and about $2 billion more than expected when the agreement to assist homeowners was announced last year, according to a report released Thursday.
U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners.
The federal government has sued Wells Fargo Bank in New York, blaming the nation’s largest originator of home mortgages for thousands of loan defaults over the last decade.
Some Bank of the West customers are complaining that checking accounts that were supposed to be “Free for Life” are no longer free.
A bond insurer said lenders are losing millions in Stockton’s bankruptcy while the city continues to fund pricey pensions.