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Government Points Finger to Firms Regarding Foreclosures
Holders of mortgage-backed securities have called for the speedy resolution of the 50-state investigation on questionable foreclosure practices of banks and other lending institutions in 2010. State officials in Arizona and in other states have launched talks with investors regarding the issue and how it impacts them. The 50-state probe aims to determine whether accusations that bank used false signatures in foreclosure document to expedite processing is accurate. The investigation was announced by bank regulators in October 13, 2010 following announcements by Ally Financial Inc��s GMAC mortgage and JPMorgan Chase & Co. that they will freeze repossessions in over 23 states while Bank of America froze foreclosure activities nationwide.
The investigations have touched on other mortgage practices and attorneys general urged banking institutions to enhance the entire process for loan modification. Probers called for measures to prevent foreclosures when borrowers are attempting to restructure their loans and to provide relief for borrowers who may have unwittingly become victims of a wrongful foreclosure.
Robosigning was at the helm of the scandal. It is the practice wherein banks used robo-signers in foreclosure documents without the benefit of a legal review to speed up the entire process. The probe revealed that the practice was being carried out nationwide and that all financial institutions were complicit.
Now, investors in mortgage-backed securities have weighed in on the issue calling for a speedy resolution of the problem. Houston lawyer and a leading representative of mortgage-backed securities investors,[link widoczny dla zalogowanych], Kathy Patrick is said to be involved in actions to urge Bank of America to buy back the bad housing loans they sold to investors.
The loan servicing and pooling agreements affect the rights of borrowers in loan modifications, such as the burdensome restrictions on seeking approval for restructuring loans forming part of portfolios held by government-backed companies like Ginnie Mae and Freddie Mac.
Investors prefer loan buy backs over increased investment in closed loans, and they are opposed to the dual track situation where banks are continuing foreclosure proceedings even as borrowers have submitted to a loan modification.
State attorneys said there will not be any universal settlement for the probes and that banks will be dealt with one at a time. While the 50 attorneys general are conducting the same probe, they are talking separately with the banks. Illinois State Attorney, Lisa Madigan, has concentrated her probe on mortgage companies, including Wells Fargo & Co. Florida State Attorney,[link widoczny dla zalogowanych], Bill McCollum, has held talks with executives from various banks, including JP Morgan, Bank of America and Goldman Sachs.
State attorneys believe the talks will continue for some time and they would exhaust all options,[link widoczny dla zalogowanych], including fines and penalties if the discussions do not produce a resolution that will run parallel to property rights, the rule of law and fair treatment. For cheap forcloser in Cleveland, OH, visit foreclosureconnections. com,[link widoczny dla zalogowanych], your source of foreclosures for sale.Topics related articles：


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