Attorney General Mark R. Herring today announced that Virginia borrowers will receive an estimated $33.85 million of loan modifications or other relief as part of a $550 million joint state-federal settlement with mortgage lender and servicer SunTrust Mortgage Inc.
During the real-estate bubble, older urban neighborhoods across the nation, from Atlanta to Baltimore to Cleveland to Sacramento and countless communities in between, fell victim to a devastating plague of predatory lending and mortgage fraud. This was enabled by Wall Street’s bottomless appetite for financing home loans, lenders’ lax standards, and corruption among mortgage brokers […]
Foreclosures in April hit another high – one in every 374 U.S. households received a foreclosure filing last month. So far, foreclosures are up 32 percent from this time last year. The number of foreclosed homes in Virginia’s Fifth District has grown more than tenfold since November of 2007.
Op-Ed by Joe Russo According to the Pew Research Center, the State of Virginia is expected to suffer a rather hard blow of foreclosure activity. One in 33 houses in Virginia will suffer foreclosure activity by 2010. Although only 23 percent of all the loans made were “sub-prime”, the foreclosure problem is expected to affect […]