A coalition of as many as 40 state attorneys general is expected to announce an investigation into the mortgage-servicing industry, an effort some of them hope will pressure financial institutions to rewrite large numbers of troubled loans.
The move comes amid recent allegations that mortgage-servicers, which include units of major banks such as Bank of America Corp., submitted fraudulent documents in thousands of foreclosure proceedings nationwide.
The banks say the document problems are technical—largely the result of papers approved by so-called robo-signers with little review—and don't reflect substantive problems with foreclosures. Still, they have drawn criticism from consumer advocates and state and federal lawmakers.
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3 comments:
the next step in destroying this once great nation. why should anyone pay there mortgage. just stay in your home cause you deserve it.
Just how long does it take these banks? There is a house in our neighborhood that has been vacant now for 2 years. Im getting sick of looking at it rot.
In the great shuffling of mortgages and selling of derivatives based on mortgages and all the other games, including mergers and bankruptcies, it's a GOOD bet that YOUR mortgage company can't produce either the mortgage paper itself, or the supporting documents. They BLUFF their way through because people don't think they stand a chance against mega-banks and corporations with lawyers....not true...its a FACT that the majority of mortgage fraud ORIGINATES with the banks....poor guys, you know they hate getting caught lying, cheating and stealing....
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