"Lenders, States Discuss Foreclosure Compensation Fund" AND "We Aren't Leaving Afghanistan" NEWS

[KoKo]

Report: Lenders, States Discuss Foreclosure Compensation Fund

The nation’s biggest lenders are reportedly preparing to create a compensation fund for borrowers who lost their homes in improper foreclosures. According to the Washington Post, banks are negotiating details with officials heading the foreclosure investigation by all 50 state attorneys general. The probe was launched last month following revelations mortgage companies made misleading or fraudulent statements and signed off on documents without proper review to approve foreclosures. The attorneys general are focusing on the three largest mortgage servicers—Bank of America, JPMorgan Chase and Wells Fargo—with other banks to follow. The news comes as executives from some of the nation’s top banks appeared before a Senate Banking Committee hearing on the foreclosure crisis. Committee chair Christopher Dodd (D-CT) said that widespread banking practices are threatening homeowners.

Sen. Christopher Dodd: "Many believe that the robo-signing errors are simply the tip of a much larger iceberg, that they are emblematic of much deeper problems at the mortgage servicing business, problems that have resulted in homeowners, of course, losing their homes in unjustifiable foreclosures. In fact, servicing practices may be putting homeowners at risk."

During the hearing, Chase Home Lending chief executive David Lowman was interrupted by protesters as he delivered prepared remarks. One protester unveiled a banner reading "Dave Lowman lies."
Canada to End Afghan Combat Mission-


IN OTHER NEWS:

A top NATO official says foreign troops could remain in Afghanistan far beyond a newly touted withdrawal deadline. The Obama administration has said it will extend a conditional date for withdrawing troops by three years to 2014. But speaking to reporters ahead of a NATO summit in Portugal, the top NATO civilian official in Afghanistan, Mark Sedwill, said, "The end of 2014 does not mean that the mission is over, but the mission changes. It’s the inflection point, if you like." Sedwill’s comments come as the Canadian government has announced plans to end its combat mission in Afghanistan. In a blow to the U.S.-led NATO occupation, Canadian Foreign Minister Lawrence Cannon said Canadian forces would leave Kandahar next year.

MUCH MORE:
http://www.democracynow.org/2010/11/17/headlines#1

[dixiegrrrrl]

1. The fund idea bears watching.

Down here on the Gulf of Mexico, we are seeing that the BP fund is all but dead. People are getting pennies on the dollar for their losses AND have to sign a promise to not sue BP to get even a token payment.

I do not trust the "fund" idea at all.

And, the problem is not going to go away. The MBS trusts are suing, as they should.