A massive loss of confidence in the foundations of property rights and rule of law has occurred. And this loss is having a devastating impact on the housing market, effectively locking up all those foreclosed homes that need to…
Attorneys general in dozens of states plan to launch a joint probe into charges that banks used bogus paperwork to evict borrowers from their homes.
The investigation will go after charges that lenders including GMAC, JPMorgan Chase (JPM) and Bank of America (BAC) forged documents and faked social security numbers in order to foreclose on homes, The New York Post said.
Bank of…
Continue reading Attorneys General May Launch Foreclosure Investigation
Attorneys General May Launch Foreclosure Investigation originally appeared on DailyFinance on Mon, 11 Oct 2010 07:35:00.
Filed Under: Company News, Economy, JP Morgan Chase, Bank of America, Real Estate, Taxes, Credit
The state’s House Democratic delegation has asked the Justice Department, the Fed and Controller of the Currency to investigate the widespread — and growing — problem of faulty bank documents in foreclosure cases. One agency …
Several big banks have admitted that their employees routinely sign scads of foreclosure documents without verifying their information. Wells Fargo and CitiMortgage have denied engaging in similar practices. Yet new evidence sh…
The mortgage-backed securities meltdown whose effects still haunt our economy sprang from a simple cause: The rules of the game gave big incentives to every player involved to ignore the problems and keep collecting their fees….