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11 Oct 2010 09:24

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Biz: States ready to throw collective book at mortgage lenders

  • Know how we know that the government is taking this whole foreclosure thing seriously? Well, more than two-thirds of the state attorney generals are about to probe the mortgage industry to see what happened with all that questionable paperwork that they’ve reportedly been plowing through the legal system. Last week, Bank of America halted foreclosures in all 50 states, but other companies have yet to follow suit to that degree. source
Posted by Ernie Smith • 0 Comments • Permalink

07 Oct 2010 20:03

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U.S.: Obama stops the foreclosure smorgasbord from becoming worse

  • what Obama said he would veto the Interstate Recognition of Notarizations Act, a minor bill  which passed both houses with little debate.
  • whyThe timing is suspect – as a side effect, the bill could allow mortgage lenders to rush through foreclosures more quickly from outside states. source
  • » Why this is a big deal: In recent weeks, politicians (especially Democrats) have been attacking mortgage lenders for using aggressive, shady techniques to push through foreclosures – a process which was impeded after the companies’ documentation came under question. A leading mortgage firm, Ally (better known as GMAC) recently had to halt all evictions in 23 states as a result of these documentation problems – revealed by one of their own employees in sworn testimony. The big story there, though, is that the smorgasbord of eviction is still on in 27 other states.
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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