Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.
The move adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.
Bank of America isn't able to estimate how many homeowners' cases will be affected, Dan Frahm, a spokesman for the Charlotte, N.C.-based bank, said Friday. He said the bank plans to resubmit corrected documents within several weeks.
Two other companies, Ally Financial Inc.'s GMAC Mortgage unit and JPMorgan Chase, have halted tens of thousands of foreclosure cases after similar problems became public.
The problems could cause thousands of homeowners to contest foreclosures that are in the works or have been completed. If the document problems turn up at other lenders, a foreclosure crisis that's already likely to drag on for several more years could persist even longer.
Several states are stepping up pressure to halt foreclosures. On Friday, Connecticut Attorney General Richard Blumenthal asked a state court to freeze all home foreclosures for 60 days. Doing so "should stop a foreclosure steamroller based on defective documents," he said.
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Is possession 9/10 s of the law????
ReplyDeleteWill this be a black swan event or a black pig-out event?
All paper title claims to ownership and to foreclosures by the insolvent banksters will now be questioned by those in possession.
Millions of Dept peons may go on strike?
Rent free squatters in underwater houses will now be counted in the millions especially rich squatters in huge mansions living in gated communities who owe millions of dollars but can still afford lawyers especially if they are living rent free.
The legal system will not be able to cope with the overload but lawyers will be in for a bonanza –in for the kill .
The poorer now TV dumbed down people will remain Debt Peons and told its ‘immoral” not to pay usury debts to the Fed led mafia like, financial gangsters.
The widespread corruption and fraud in the great Ponzi system of finance capitalism was facilitated by the Fed ,the government Freddie and Fannie ,the SEC and the banks all conniving in doing “the work of God” in casino capitalism have bankrupted America.Now as we see they were keeping two sets of books to dodge taxes and have problems finding their faked up deeds and contracts.They often hid or destroyed the fraudelant paperwork!
None have been even prosecuted let alone hung.
When exposed for fraud they get a slap on the wrist fine .
But, many ordinary Americans caught up the mess the financial gangsters created are losing their jobs and houses and being tossed out on the street.
That’s legality in corrupt casino capitalism America.
De-industrialized America was running on credit in a dollar hegemony driven bubble economy created by bankster debt issuance of money created out of fresh air.
Trillions of $ worth Dud bonds were sold to the rest of the world in recent years they will have difficulty getting their dividends let alone the principle back,
from an insolvent American finance sector that has already been bailed out by the government once.
The Credit supply /money markets for America shut down in 2008 and the banks are only backed now by money printing and government “guarantees” for loans.
Even then, the banks are not loaning, as they know the jigs is already up.
If ordinary Americans do not want to continue ,or cannot afford more socializing of the losses of the banksters of capital , they will either have to turn socialist and rebuild an industrial wealth producing economy ,or restart capitalism with a debt moratorium or Jubilee Year.
The common thread in your post even though you'd never admit it is that people are fucking stupid.
ReplyDeleteIt takes no brains whatsoever to spend money; especially money that's not even yours. It takes no brains whatsoever to procreate either - you stick in your willy and bingo!
Even if it's the hard way, idiots must learn; just like a child does - their are consequences for YOUR actions
It always takes 2 to tango & I will certianly never feel sorry for some jerkwad who a) can't keep his pecker in his pocket and b) signs a document he has no idea of the contents.
The above "worker" has well over 500 years of documented proof in history from around the globe on how to correctly conduct oneself in a society.
This world must rid itself of excuses - it's YOUR life; if you were lucky enough to be born in The USA instead of Uganda do us all a big ole fat favor
Man the fuck up !
"Even if it's the hard way, idiots must learn; just like a child does - their are consequences for YOUR actions
ReplyDeleteIt always takes 2 to tango & I will certianly never feel sorry for some jerkwad who a) can't keep his pecker in his pocket and b) signs a document he has no idea of the contents."
just so it takes 2 to tango.
On the one hand a perhaps financialy naive debt signer encouraged to beleive that he could and was entitled to acheive the American dream house.
On the other hand , shrewed financialy skilled experienced banksters loaning other peoples money telling the signer that not to worry houses prices always go up.And the house could be used as an ATM.
The banksters were not interested due diligence or in protecting their depositers or the signer either in selling the mortgage but in creating profits from fraudelanty bundled mortgages in sub prime bonds.
The signer may indeed may have been stupid and naive in listening to the best financial advice available .
You want the signer ,who turned through no fault of his own into victim to pay up for his stupidity.
A real contract must be seen as benificial to both parties.
Otherwise the "contract" is extortion and fraud .
But ,do not mention the criminal facilitators of that spupidity being held responsible for THEIR acts.
What stupid ,child bully like ,con men supporting "morality" are you spreading here?
Love your con men banksters and their bailouts and blame the victims of the criminal con men as the responsible one that must pay for fraud.