Posted on 10/08/2010 9:42:44 AM PDT by Chunga85
Bank of America Corp. is placing a moratorium on all foreclosure proceedings and sales across the U.S. amid political pressure on U.S. banks to examine foreclosure-documentation problems.
The nation's largest bank by assets is the first financial institution to stop all foreclosure actions amid revelations that the banking industry had used "robo-signers," people who sign hundreds of documents a day without reviewing their contents, when foreclosing on homes. Bank of America, J.P. Morgan Chase & Co. and Ally Financial Inc. last week postponed foreclosures in 23 states where a court's approval is required to foreclosure on a home.
The decision by Bank of America to extend its postponement to all 50 states takes effect Saturday. The bank doesn't intend to lift the moratorium until its assessment of all documentation is complete, a spokesman said.
On Thursday, Rep. Edolphus Towns (D., N.Y.), chairman of the House oversight committee, became the latest lawmaker to call for a nationwide moratorium on foreclosures.
(Excerpt) Read more at online.wsj.com ...
Deadbeats!
Nothing to see here...move along.
hurray! Now we can all stop paying our mortgages. Hell I’ll stop paying my credit cards while I run up debt. If they don’t enforce contracts lets all party until the system breaks down.
I recently invested in a foreclosure. I guess my timing was pretty good. Looking forward to a decent rental market.
Hope you got a title insurance policy on that.
Is that you Peggy Joseph?
Your timing stinks actually. Now you not only have the headaches of rentals but you will have to sit there and worry that some MBS stakeholder and/or foreclosed homeowner may come after you and win title to your new home thanks to the obfuscations and outright fraud that has been perpetrated during foreclosures.
Good luck ... and that's a serious sentiment as you are going to need it.
That’s awfully mean Centurian. I’ll let you know.
Didn’t mean to be mean. Just be aware of the risks. Above all possession is 9/10ths of the law so you have that going for you. :-)
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