Real Estate Market Freeze Over
The freeze on foreclosures is over in 23 states, and the Bank of America has again resumed processing them. So far in its self-review, the bank says it has found no errors in its foreclosure process. The process was halted in all 50 states, but is only resuming in 23 for now.
The bank said on Monday that it plans to resume foreclosures next week in 23 states that require a judge's approval to restart the process. The bank says it will continue delaying about 30,000 foreclosures in the other 27 states for now.
"We voluntarily paused our process in the 23 judicial states, not because there was evidence of problems, there was not, but because we wanted to ensure our customers they are being treated fairly," said Dan Frahm, a bank spokesman.
This comes as a result of the news that an unknown number of foreclosures were approved without the bank even looking at the paperwork. It caused a storm when the news first hit the headlines, and caused many banks, including Bank of America to pause foreclosure actions.
In the past weeks, lenders such as JPMorgan Chase, the GMAC Mortgage unit, and Bank of America have admitted that paperwork in an unknown number of foreclosures may contain errors ranging from incorrect dates to forged or inconsistent signatures. It also came to light that so-called “robo-signers” were being used to approve hundreds of foreclosures without even reading them through, or verifying the information in them.
Guy Cecala of Inside Mortgage Finance, an industry publication, reports that "this draws a line in the sand that the banks expect this problem will be over in relatively short order and it will be back to business as usual. If Bank of America can do it, certainly the smaller ones will follow suit."
Despite the resumption of foreclosure actions, the U.S. regulators said they are continuing their investigations into the practices of the lenders, and whether the shoddy processes caused unnecessary evictions. However, critics of the banks say it’s inevitable that the government and congress would come to the rescue and “forgive” the mistakes with a new law.
It’s widely believed that congress will table new legislation forgiving and polishing over the mistakes in order to get things back in order. The real estate market needs all the help it can get, but there is unlikely to be widespread support for more “forgiveness.”
Voters are already angry with the president, the government and the situation, so adding to that is unlikely to get any support. The widespread feeling is that the banks got off way too lightly, and continue to do what they want even while being kept in business by public money.
Whatever the outcome of this mess, it’s certain that foreclosures will resume across all lenders as soon as possible. That means more misery for homeowners, and more foreclosed properties flooding an already saturated market. The only winners in all this are those guys who make the signs to put up outside houses. They must be making a fortune.
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Bingo Bust : You Tell Us
MONTGOMERY, Ala. (AP) - Two Alabama casino owners, four state senators and five others arrested in a vote-buying investigation have been released on bond after arriving in court in shackles.
Federal agents spread out across the state Monday to arrest 11 people indicted by a grand jury in Montgomery. They are accused of trading votes on a pro-gambling bill for millions of dollars in payments and campaign donations.
The 11 had their first court appearance Monday afternoon. A judge allowed all to go free on bonds ranging from $100,000 to $500,000. The highest bonds were set for casino operators Milton McGregor and Ronnie Gilley.
Gilley's attorney, Doug Jones, says there is no question the charges are tied to Montgomery politics and the upcoming election for governor, where the biggest issue is electronic bingo.
(Copyright 2010 by The Associated Press.
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“Muslim McCain Fans Confront Intolerance At Rally (VIDEO)” I call bullshit.
Not that the Huffington Post is anything less than a wooooonderful organization, but I'm gonna call bullshit on this. Looks completely staged to me.
I don't give a shit who wins, Obama and McCain are one in the same as far as I'm concerned.
By the way, I like that Obama bumper sticker with the crescent and the commie symbols. I could stick that on my car to piss the libs off but I'd probably end up getting get keyed <>..<>
