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New Foreclosure Statute in New York -- Lawmakers Hammer Mortgage Lenders

New York State has passed foreclosure statutes which will impose considerable delay upon the mortgage foreclosure process and create numerous new opportunities for borrowers and other defendants to contest the foreclosure case. The law will also expose lenders to potentially significant repair and...

Lawsuit Wave Could Hurt Housing Market: FDIC Chief

ARLINGTON, Va. - (AP) A wave of lawsuits from troubled borrowers who lost their homes to foreclosure could hurt the already-ailing housing market, a top banking regulator said Monday. Sheila Bair, chairman of the Federal Deposit Insurance Corp., said litigation by the affected homeowners "could...