Paul Kiel

Secret Documents Show Weak Oversight Of Key Foreclosure Program

The Obama administration launched its main program to prevent foreclosures in the spring of 2009 with $50 billion and abundant promises. What the Home Affordable Modification Program, or HAMP, lacked — and wouldn’t have for years — was effective oversight of the big banks that were crucial to the program’s success. Documents obtained by ProPublica […]

Paul Kiel
By Paul Kiel
To protest foreclosures in the nation's housing market, Occupy Homes demonstrators in Minneapolis, Minn. have helped homeowners remain in their homes after foreclosure. (AP Photo/Elaine Thompson)

The Obama administration launched its main program to prevent foreclosures in the spring of 2009 with $50 billion and abundant promises. What the Home Affordable Modification Program, or HAMP, lacked — and wouldn’t have for years — was effective oversight of the big banks that were crucial to the program’s success. Documents obtained by

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Doubts About Independent Foreclosure Review Spread

The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims of their own abuses, […]

Paul Kiel
By Paul Kiel
A foreclosed house with sale pending sign is shown in Tigard, Ore., Tuesday, March, 8, 2011. (AP Photo/Don Ryan)

The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims of their own abuses,

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Is BofA’s Foreclosure Review Really Independent? You Be The Judge

Late last year, the country’s bank regulators launched a massive program to evaluate millions of foreclosure cases and compensate homeowners who fell victim to the banks’ flawed or illegal practices. Regulators dubbed it the “Independent Foreclosure Review” to emphasize that the banks would not be making key decisions about loans they had made or serviced. […]

Paul Kiel
By Paul Kiel
A Bank of America branch is shown in Charlotte, N.C., Friday, April 16, 2010. (AP Photo/Chuck Burton)

Late last year, the country's bank regulators launched a massive program to evaluate millions of foreclosure cases and compensate homeowners who fell victim to the banks' flawed or illegal practices. Regulators dubbed it the "Independent Foreclosure Review" to emphasize that the banks would not be making key decisions about loans they had made or

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Foreclosure Fail: Study Pins Blame On Big Banks

Over the past several years, we’ve reported extensively on the big banks’ foreclosure failings. As a result of banks’ disorganization and understaffing — particularly at the peak of the crisis in 2009 and 2010 — homeowners were often forced to run a gauntlet of confusion, delays, and errors when seeking a mortgage modification. But while evidence […]

Paul Kiel
By Paul Kiel
A foreclosed house with sale pending sign is shown in Tigard, Ore., Tuesday, March, 8, 2011. (AP Photo/Don Ryan)

Over the past several years, we've reported extensively on the big banks' foreclosure failings. As a result of banks' disorganization and understaffing — particularly at the peak of the crisis in 2009 and 2010 — homeowners were often forced to run a gauntlet of confusion, delays, and errors when seeking a mortgage modification. But while

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Big Foreclosure Compensation, But Only For The Right Wrongs

Can you put a price on the damage caused by a wrongful foreclosure? Banking regulators have. And it’s $125,000. Or $60,000. Or $15,000. Or… it’s unclear. Last November, banking regulators launched a process to force the big banks to compensate homeowners victimized by their foreclosure abuses. Many crucial details remained unclear, including how much victims […]

Paul Kiel
By Paul Kiel
Those facing foreclosure in the United States are coming together to fight big banks in order to stop the foreclosure trends in the country. (Photo by Jeffery Turner)

Can you put a price on the damage caused by a wrongful foreclosure? Banking regulators have. And it’s $125,000. Or $60,000. Or $15,000. Or… it’s unclear. Last November, banking regulators launched a process to force the big banks to compensate homeowners victimized by their foreclosure abuses. Many crucial details remained unclear, including how

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Guiding You Through The Govt’s Foreclosure Compensation Maze

If you’re a victim of banking abuses during the foreclosure crisis, the government says it’ll make sure you receive compensation from your bank. It’s a simple idea. But for victims, determining who’s eligible, how to apply, and when you might get a check in the mail isn’t simple at all. So we built a list […]

Paul Kiel
By Paul Kiel
A group of homeless people sit around the fire at their homeless encampment near the Mississipi river, Thursday, Feb. 23, 2012 in St. Louis. (AP Photo/Tom Gannam)

If you're a victim of banking abuses during the foreclosure crisis, the government says it'll make sure you receive compensation from your bank. It's a simple idea. But for victims, determining who's eligible, how to apply, and when you might get a check in the mail isn't simple at all. So we built a list of Frequently Asked Questions. It

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Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds

States have diverted $974 million from this year’s landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. That’s nearly forty percent of the $2.5 billion in penalties paid to the states under the agreement. The settlement, between five of the country’s biggest banks […]

Paul Kiel
By Paul Kiel

States have diverted $974 million from this year’s landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. That’s nearly forty percent of the $2.5 billion in penalties paid to the states under the agreement. The settlement, between five of the country’s

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