Posted on 10/08/2010 2:30:48 PM PDT by Kartographer
U.S. lawmakers pushed for the country's largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions nationwide.
BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide moratorium on foreclosures, expanding on a 23-state suspension announced last week while it conducts a review of its procedures.
Disclosures that some big U.S. mortgage processors filed false affidavits in thousands of foreclosure cases is drawing fresh scrutiny to an industry already in the sights of regulators and lawmakers for its role in the financial crisis.
(Excerpt) Read more at news.yahoo.com ...
Sure, why not? Let’s have 25 percent of the economy come to a complete standstill—what a GREAT idea!!!
In this case, I’d agree. I certainly wouldn’t purchase a foreclosed home because there really isn’t a guarantee of a clear title available in most cases. It’s a big gamble....
Damn peasants! Paperwork? Courts? Laws? Bah! We are above such things, let trade continue!
Not only is the housing market now at a near complete standstill, the banks except for gubmit money are also.
Somehow, I belive this was the October Surprise.
“...I certainly wouldn’t purchase a foreclosed home...It’s a big gamble.”
...you ain’t kidding...and it’s not just title issues...my brother in law and I looked at one....it was so run down that the gutters had little trees growing in them...the real estate agent said ‘They’re all like that’....once a guy knows he’s going into forclosure he doesn’t lift a finger for maintainence...he figures it’s not gonna be his house any more, so why bother.
I have a number of clients who are looking for homes. None of them are interested in foreclosures or short sales.
Bad JUJU, I guess.
Wow, systemic fraud. From Bank of America. Who would have ever suspected? /s/
Never let a good (or manufactured) crises go to waste.
By executive order Obama will nationalize all mortgages.
Any home or building without a clear title will now be owned by the federal gov’t.
I predict Chase, Wells Fargo, One West will be following BofA in the coming days.
Why are they going to do it?
Because they’re trying to mitigage any class action law suits.
Several law firms are already preparing for litigation.
And with the numbers of foreclosures, the testimony already submitted and the dollar amounts in jeapordy, this will be huge. It will make the asbestos class action look like a child’s play..
I almost feel bad for the banks, but not really.
They made plenty of money with these crazy loans and well they deserve everythings that’s going to happen to them.
And Cuomo, Dodd, and Frank also need to have their gonads fried for what they did.
And never ever ever buy a foreclosed home with tenants in it.
Under Federal legislation signed March 2009, any tenant with a month to month gets a 90 day notice before you can file for eviction and any tenant with a lease can stay until the lease period expires before you can file.
So imagine what your carrying cost will be.
Right now in the California, it going to cost you around at least $1,500 to buy these tenants out.
And never ever ever buy a foreclosed home with tenants in it.
Under Federal legislation signed March 2009, any tenant with a month to month gets a 90 day notice before you can file for eviction and any tenant with a lease can stay until the lease period expires before you can file.
So imagine what your carrying cost will be.
Right now in the California, it going to cost you around at least $1,500 to buy these tenants out.
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