Hearings: Foreclosures hit homeowners not in default

[JohnWxy]

Remember, no need to regulate businesses, "the Market will police itself".

Keep that socialist, intrusive Government outa my business. "The Government isn't the solution it's the problem" .. Ronnie Reagan.

REpublican/Tea-Party dogma: "We need smaller (read: incompetent), less intrusive government."

in other words "trust in the Lord" (note in Corporate Fuedalist state, the businesse (incl corporations) ARE the LORDS.

Be a happy serf, keep your head down and shut up, lest you be branded a heretic or witch (in the current vernacular: a pinko, commie, Liberal or a Keynesian)

enjoy:

http://www.usatoday.com/money/economy/housing/2010-11-17-foreclosures17_ST_N.htm

Foreclosures are hitting homeowners who are not in default and banks are tacking on excessive fees that can drive borrowers into foreclosure, according to testimony Tuesday before a congressional committee.

Diane Thompson, with the National Consumer Law Center, told the Senate banking committee that foreclosures against homeowners who are not in legal default are a widespread problem. She said about 10% of the cases she handles involve homeowners who are not in any default when foreclosures are initiated.

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The hearing on problems with foreclosures and mortgage modifications follows recent revelations that some mortgage companies — among them Bank of America, JPMorgan Chase and GMAC Mortgage — had filed faulty legal papers in tens of thousands of foreclosure cases. More than 1 million homes are expected to enter foreclosure this year.

State attorneys general, who recently began a 50-state investigation into foreclosure practices, are also probing borrowers' complaints about long delays and lost paperwork that have plagued mortgage-modification cases.

(more)

[Angry Dragon]

1. Bankers march yourselves to jail

Barbara Desoer, president of Bank of America Home Loans, said the bank is improving its foreclosure process, adding new affidavit forms, a quality-control program and new procedures for selecting and monitoring law firms the bank hires to assist with foreclosure processing.

She said the bank is refiling 102,000 foreclosure affidavits, but no one was foreclosed on in error.

Chase Home Lending CEO David Lowman said employees signed documents without reviewing them — a legal error — but the foreclosures were justified.

"Our process did not live up to our standards," he said.

http://www.usatoday.com/money/economy/housing/2010-11-17-foreclosures17_ST_N.htm
Same link as in Op just trying to stay legal

[DCKit]

2. They've been going after the homes in areas that didn't depreciate...

and those that recovered quickly for some time already.

This tactic will only keep them solvent long enough for the upper echelon of the industry to reap a couple more years of outrageous salaries and bonus $$$$, then the banks will collapse.

And nobody (either the bankers or the economists) will have seen it coming.

[Kolesar]

3. How?

[mzmolly]

4. "Remember, no need to regulate businesses, 'the Market will police itself'."

:rofl:

Such an absurd position, isn't it?

[subterranean]

5. Hell, some foreclosures hit homeowners who didn't even have a mortgage!

For an example, google "Jason Grodensky."

[ProgressiveProfessor]

6. I got a warning like that...laughted it off

Wrong name, to a PO Box, minor stuff like that.