REO stands for real estate owned and occurs when a house goes into foreclosure after a property owner cannot make principal and/or interest payments on a loan. The property then goes through the foreclosure process and is placed for sale by auction. If the opening bid is not met, the property becomes a REO or real estate owned.
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· Foreclosures Slow as Document Flaws Emerge. By DAVID STREITFELD.. GMAC and JPMorgan Chase have acknowledged legal missteps, and have suspended new foreclosure actions in 23 states.. one of the major title insurance companies, Old Republic National Title,
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The AG of Ohio was just interviewed by Maria Bartiromo on CNBC. He basically said that the banks they have looked at (Ally/GMAC, Bof A and JP Morgan) were engaged in fraud as a business model. The banks are fried. Watch out for an XLF crash.
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Most, like GMAC, are still initiating foreclosures but are no longer evicting people. And a major title insurance company, Old Republic National, has said it won’t insure foreclosed homes sold by.
Florida law firm fires 14 employees for wearing orange Old Republic Will No Longer Insure JPMorgan and GMAC REOs Nevada: Foreclosure-Gate Causing Chaos In The Mortgage Industry.. one title insurance company, Old Republic national title insurance, has announced that it will no longer write new insurance policies for homes that have been.
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