Page 1 of 6 123 ... LastLast
Results 1 to 10 of 52

Thread: BofA halts foreclosures in 50 states

  1. #1
    Liberal Fascist For Life!


    Redress's Avatar
    Join Date
    Mar 2008
    Location
    Georgia
    Last Seen
    Today @ 03:50 AM
    Lean
    Very Liberal
    Posts
    93,268
    Blog Entries
    2

    BofA halts foreclosures in 50 states

    BofA halts foreclosures in 50 states - Yahoo! News

    AP-3 pm-A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states.

    The move, along with another decision on foreclosures by PNC Financial Services Inc., adds to growing concerns that mortgage lenders have been evicting homeowners using flawed court papers, without verifying the information in them.

    ...

    The bank did so in reaction to mounting pressure from public officials inquiring about the accuracy of foreclosure documents. A document obtained last week by the Associated Press showed a Bank of America official acknowledging in a legal proceeding that she signed thousands of foreclosure documents a month and typically didn't read them. The official, Renee Hertzler, said in a February deposition that she signed up to 8,000 such documents a month.
    This is an odd one. By doing this, it could slow recovery, but on the other hand, processing foreclosures that have not even been read by the proper officials is something that really should not happen.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

  2. #2
    pirate lover
    liblady's Avatar
    Join Date
    Aug 2009
    Location
    St Thomas, VI
    Last Seen
    03-14-16 @ 03:55 PM
    Gender
    Lean
    Progressive
    Posts
    16,165
    Blog Entries
    1

    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by Redress View Post
    BofA halts foreclosures in 50 states - Yahoo! News



    This is an odd one. By doing this, it could slow recovery, but on the other hand, processing foreclosures that have not even been read by the proper officials is something that really should not happen.
    it actually saves the bank a lot of money in the short term, and in the long term, they may be able to turn those mortgages around. but they aren't doing it out of the kindness in their hearts......

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


  3. #3
    Sage
    Erod's Avatar
    Join Date
    Aug 2008
    Location
    North Texas
    Last Seen
    12-09-17 @ 11:30 AM
    Lean
    Conservative
    Posts
    13,026

    Re: BofA halts foreclosures in 50 states

    So Dodd led the charge with Barney Frank to "encourage" banks to make these loans, and now he wants to stop the banks from collecting whatever they can for them after the loans defaulted?

    What a putz.

  4. #4
    pirate lover
    liblady's Avatar
    Join Date
    Aug 2009
    Location
    St Thomas, VI
    Last Seen
    03-14-16 @ 03:55 PM
    Gender
    Lean
    Progressive
    Posts
    16,165
    Blog Entries
    1

    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by Erod View Post
    So Dodd led the charge with Barney Frank to "encourage" banks to make these loans, and now he wants to stop the banks from collecting whatever they can for them after the loans defaulted?

    What a putz.
    that makes no sense whatsoever. he's not stopping the banks from collecting, they are stopping themselves, temporarily.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


  5. #5
    Sage
    Erod's Avatar
    Join Date
    Aug 2008
    Location
    North Texas
    Last Seen
    12-09-17 @ 11:30 AM
    Lean
    Conservative
    Posts
    13,026

    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by liblady View Post
    that makes no sense whatsoever. he's not stopping the banks from collecting, they are stopping themselves, temporarily.
    From the CNN story: "Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee, announced Friday that he will hold a hearing to investigate allegations of improper mortgage servicing and foreclosure processing on Nov. 16, the day after the Senate returns from recess."

    He's sticking his nose into the mess he created.
    Last edited by Erod; 10-08-10 at 05:23 PM.

  6. #6
    Liberal Fascist For Life!


    Redress's Avatar
    Join Date
    Mar 2008
    Location
    Georgia
    Last Seen
    Today @ 03:50 AM
    Lean
    Very Liberal
    Posts
    93,268
    Blog Entries
    2

    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by Erod View Post
    From the CNN story: Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee, announced Friday that he will hold a hearing to investigate allegations of improper mortgage servicing and foreclosure processing on Nov. 16, the day after the Senate returns from recess.

    He's sticking his nose into the mess he created.
    He is looking into whether the foreclosures where handled properly, as in whether the paperwork was even read before it was signed. No one is saying the banks cannot foreclose, only that they have to do so properly.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

  7. #7
    Sage
    Erod's Avatar
    Join Date
    Aug 2008
    Location
    North Texas
    Last Seen
    12-09-17 @ 11:30 AM
    Lean
    Conservative
    Posts
    13,026

    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by Redress View Post
    He is looking into whether the foreclosures where handled properly, as in whether the paperwork was even read before it was signed. No one is saying the banks cannot foreclose, only that they have to do so properly.
    And as the Bank is saying, yes, they have done so properly.

    There is NO advantage for a bank to foreclose. They do so because they have to. Unfortunately, a high number of foreclosures doesn't look so good for the economy, and if you can slow down or halt them, you can make things look rosier than they are....right before an election.

    This is purely political, and Dodd is pulling the strings.

  8. #8
    Professor
    The_Patriot's Avatar
    Join Date
    May 2010
    Last Seen
    02-06-12 @ 06:25 AM
    Gender
    Lean
    Very Conservative
    Posts
    1,488

    Re: BofA halts foreclosures in 50 states

    This sounds like the banks were sticking it to the people again. The first time was with the banks doing sub-prime loans to people that couldn't afford them, the second time was banks repackaging the loans as investments, the third time was the bailouts, and this time with improper checking of the foreclosures so they could seize the homes for quick resale. I say let's just get rid of the banks and start over. Screw them since they've already made massive profits off of the taxpayers.

  9. #9
    Professor

    Join Date
    Dec 2009
    Location
    Grand Junction, CO 81506
    Last Seen
    05-30-11 @ 07:02 PM
    Gender
    Lean
    Independent
    Posts
    2,236

    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by Redress View Post
    BofA halts foreclosures in 50 states - Yahoo! News
    This is an odd one. By doing this, it could slow recovery,
    It also allows many to stay in their homes, and that's a big plus, even if it's only temporary...

    ricksfolly

  10. #10
    pirate lover
    liblady's Avatar
    Join Date
    Aug 2009
    Location
    St Thomas, VI
    Last Seen
    03-14-16 @ 03:55 PM
    Gender
    Lean
    Progressive
    Posts
    16,165
    Blog Entries
    1

    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by The_Patriot View Post
    This sounds like the banks were sticking it to the people again. The first time was with the banks doing sub-prime loans to people that couldn't afford them, the second time was banks repackaging the loans as investments, the third time was the bailouts, and this time with improper checking of the foreclosures so they could seize the homes for quick resale. I say let's just get rid of the banks and start over. Screw them since they've already made massive profits off of the taxpayers.
    so you believe the banks wanted people to default on their loans....and on the flip side, aren't the people who took out those loans responsible as well? your reasoning is faulty here. banks DON"T WANT those homes on their books. they would rather people be able to pay their mortgages.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


Page 1 of 6 123 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •