JPMorgan CEO says foreclosure deal threatened
Reuters
4:56 AM PST, January 26, 2012

(Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said President Barack Obama's decision to expand investigations into home lending and sales of mortgage securities could stop settlement talks with the states over foreclosure practices.

"It has a pretty good chance of derailing it," Dimon said in a televised interview with CNBC from Davos, Switzerland on Thursday.

Obama, in his State of the Union address Tuesday, said he has asked his attorney general to create a special unit of prosecutors to expand investigations into home lending and packaging of mortgage-backed securities. It is not clear how the new unit will be different from earlier investigations.

JPMorgan is the largest U.S. bank and one of the larger servicers of mortgage loans. JPMorgan, Bank of America , Wells Fargo & Co , Citigroup and Ally Financial Inc have been in talks with state attorneys general for months about settling allegations of foreclosure abuses.

The banks and states have been discussing a plan that would have the banks pay $25 billion to homeowners through reductions in principal on mortgage loans.

"I think it would be better for America if that settlement took place," Dimon said. "If this thing derails that, so be it."

(Reporting by David Henry; editing by John Wallace)


Source: http://www.ivpressonline.com/business/sns-rt-us-jpmorgan-foreclosuretre80p0uc-20120126,0,1893647.story

Bank of America detiene las ejecuciónes hipotecarias mientras Fannie Mae interviene

Bank of America slows foreclosures as Fannie Mae steps in
10/02/2010 © South Florida Sun-Sentinel

Bank of America announced it is delaying foreclosures in 23 states – including Florida - - after the Associated Press reported that a bank official acknowledged in a legal proceeding that she signed up to 8,000 foreclosure documents a month and typically didn't read them. 

Bank of America said late Friday it is delaying foreclosures in 23 states, becoming the third major lending institution to acknowledge mortgage documentation problems. Meanwhile, Fannie Mae stepped up efforts to hold lenders accountable, saying it will warn loan servicers to report problems with cases that may violate financial laws.

Bank of America -- one of the largest mortgage lenders in Florida and the nation's largest bank -- did not give an estimate for how many homeowners' cases will be affected in South Florida and elsewhere.
Bank of America spokesman Dan Frahm said the institution was "assessing our existing processes" and would be delaying some actions.

The Federal National Mortgage Association – commonly known as Fannie Mae -- said it is alerting 1,400 loan servicers nationwide that they would be in violation of their contracts on federally-backed Fannie Mae loans if their foreclosure processes don't comply with state and local laws.