Posted on 10/09/2010 6:48:26 AM PDT by DeaconBenjamin
SAN FRANCISCO (Reuters) – California Attorney General Jerry Brown on Friday called on lenders to halt foreclosures in the state, following recent disclosures of problems with legal documentation in home seizures.
Earlier on Friday, Bank of America Corp became the first lender to suspend foreclosures across the U.S.
Brown, who is running for governor of the nation's most populous state, had previously called on GMAC and JPMorgan Chase and Co to suspend foreclosures after they disclosed problems with its legal documentation in home seizures.
"Bank of America has taken an important step, and the other major lenders should follow its lead," Brown said in a statement.
Revelations of document problems in foreclosures have become widespread in recent weeks, and could put new pressure on the already shaky housing market still clogged with homeowners at risk of default after the real estate bust.
(Excerpt) Read more at news.yahoo.com ...
Banks foreclosing are ‘whores’ huh, Jerry? =.=
Brown hasn’t really thought this out, it would seem.
If you take away the lenders ability to move on the collateral in case of default, it basically does away with the idea of mortgages and just changes every loan into an unsecured one.
I guess the idea is to push mortgage rates up to the level of credit card interest rates.
People defaulted on their mortgages. The banks want the collateral back to minimize losses.
Now, why are they whores?
Iowa AG Tom Miller (another Democrat) made the same demand last week to Iowa banks.
Must be from a DNC talking point paper...
The companies now have lost every court case against them. This “problem” has been known for years. People are doing to the banks exactly what the banks have been doing to them and they know the courts are giving people their homes so now the banks need to change the laws to protect them.
The banks exposure is the loss as a “servicer” of the loan. They never lost money on the “loan” itself it is future revenues they have been scamming.
Great political move! Appeal to your slavish base while insulting everybody who makes their house payments.
You must have missed the embedded sarcasm being it was a comment that ended with Brown...as in JERRY BROWN. =.=
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.