Jamesb101.com

commentary on Politics and a little bit of everything else

Reid calls on lenders to halt foreclosures in all states…..

With This Senate Majprity Leader Harry Reid gets ahead of a issue that is dealing with the Economy and basic fairness…

I was listening to the CEO of the Bank America today…

The guy thinks this problem is gonna be gone in a few weeks…

I don’t think so…..

 

Senate Majority Leader Harry Reid(D-Nev.) called on major lenders to halt foreclosures across the country Friday following Bank of America‘s announcement that it will suspend all such proceedings until a review ofpossible paperwork problems is completed.

Reid, who had sent a letter to major banks asking them to suspend foreclosures in Nevada, extended his concern to include all 50 states.

“I thank Bank of America for doing the right thing by suspending actions on foreclosures while this investigation runs its course,” he said. “I urge other major mortgage servicers to consider expanding the area where they have halted foreclosures to all 50 states as well.”

Reid is the latest Democratic leader to join a growing chorus of lawmakers and state attorneys general who have called for greater scrutiny of the foreclosure process and a nationwide moratorium. Homeowner advocates say that lenders have used dubious paperwork to expedite the eviction of homeowners who are behind on their payments.

Pressure on the banks continues to grow on Capitol Hill, where Sen. Christopher J. Dodd (D-Conn.) said Friday that the banking committee he chairs will hold hearings Nov. 16 to investigate the foreclosure paperwork morass.

In its announcement, Bank of America, the country’s largest bank, said it is halting all foreclosure sales and foreclosure proceedings nationwide while it reviews the documents being used to justify homeowner evictions.

It is the first bank to put a moratorium on foreclosures in all states. Previously, Bank of America, JPMorgan Chase and others were only pausing foreclosures in states where a court has to participate in foreclosure proceedings.

“Bank of America has extended our review of foreclosure documents to all fifty states,” the bank said in a statement. “We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions are accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.”…..

More….

 

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October 8, 2010 - Posted by | Counterpoints, Government, Home, Law, Media, Other Things, The Economy, Updates |

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