Nevada Attorney General Catherine Cortez Masto said she has no regrets about passing the robo-signing law that has virtually brought foreclosure filings to a standstill in the state. She said banks are using the law as a “scapegoat,” allowing people to live in their homes for free.
Housing
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Confidence among U.S. builders ticked up this month to a five-year high, an indication that the housing market is slowly improving.
Maybe the banks are starting to figure it out. Instead of dealing with the legal challenges and expense of foreclosure, they’re approving more short sales, or homes sold for less than the principal mortgage balance.
Like thousands of Nevada homeowners, Mel and Yvonne Klien are underwater on their mortgage. And like many, the retirees were hopeful that they could get some relief from the federal Home Affordable Refinance Program, which would refinance their mortgage at a lower rate even though the Great Recession wiped out their home equity.
A former Las Vegas real estate agent was sentenced to nearly 22 years in federal prison Friday as the mastermind of a mortgage fraud conspiracy that cost financial institutions more than $24 million.
LOS ANGELES – Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales – scenarios that could further weigh down home values in coming months.
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