Welcome to Banking Update, a roundup of articles and news from around the internet. The Federal Reserve’s political moves threaten its independence, loan modification companies prey on vulnerable homeowners, the big banks refuse to disclose their risk on derivatives, consumers want to be bailed out for foolish financial decisions, loss of confidence in governments grow […]
Mortgage Default Is A Financial Bonanza For Many Homeowners As Foreclosure Crisis Continues
December 22, 2011 By 6 Comments
The Office of the Comptroller of the Currency (OCC) painted a gloomy picture for the housing markets with its release of the OCC Mortgage Metrics Report for the third quarter of 2011. Mortgage delinquencies remain at high levels and foreclosures increased by double digits. The OCC report covers mortgages serviced by federal savings associations and […]