MILLIONS MORE FORECLOSURES IF GOVERNMENT FAILS TO ACT, ADDRESSING THE TRUTH ABOUT BANKS

MOST POPULAR ARTICLES

GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

by E. Tolle

http://www.housingwire.com/2011/09/20/amherst-to-senate-10-million-more-mortgages-set-to-default?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29

Tuesday, September 20th, 2011

Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from Amherst Securities Group. (In addition to the 5 million plus already taken)

Now there’s a story stating that nearly everyone other than those in Congress or not in upper management of a major bank is heading for foreclosure, and the perils that await us if this is allowed to continue unchecked. Then the very next article, also from Housing Wire:

http://www.housingwire.com/2011/09/13/bank-of-america-shifts-west-coast-foreclosures-into-overdrive

Notice of default filings jumped nearly 70% in California from the previous month, led by renewed activity from Bank of America according to the data provider ForeclosureRadar.

Foreclosure starts increased in five West Coast states from the previous month: California, Arizona, Washington, Oregon and Nevada.

BofA foreclosure starts more than doubled in August, jumping 116% from the previous month. Wells Fargo and U.S. Bank also showed increases but fell short of the BofA restart, according to ForeclosureRadar, which monitors West Coast states.

“While it can’t be said for every state in the nation, we are seeing continued improvements in foreclosure volumes in many areas of the country, and that is a potential harbinger for housing market recovery,” a BofA spokesperson said. “Strong gains like that from July to August demonstrate our progress – primarily in non-judicial states like California and Nevada – clearing more volume to advance to foreclosure once we pass the numerous, improved quality controls we have in place and only after all other options with homeowners have been exhausted.”

The first story discusses the obvious in your face dangers of a nation pursuing foreclosures upon nearly everyone holding a mortgage. The very next story in the same publication quotes B of A as saying that they are experiencing “continued improvements” in ratcheting up the foreclosure machine.

Have we yet heard the results from the Cease and Desist orders from the OCC? John Walsh demanded corrections on the very same issues that AZ’s AG is itching to sue on as we speak. What’s wrong with this picture? The crooks are again allowed to go back to business as usual, even though absolutely NONE of the defects (read: FRAUD) that were detailed by the normally asleep at the Wheel John Walsh slapped B of A and others for just late spring. This is dereliction of duty on the OCC’s part, and an obvious failure to adhere to a regulators orders on the part of B of A. Where in the world is Congress? Where’s Obama? Where’s the Justice Department? The FBI? Does anyone care about laws any longer?

It’s a sad state of affairs when we’re reduced to a few AG’s and two county recorders going after the most significant crimes against humanity of all time….and our government watches from the golf course. “Hell of a shot Boehner,….Thanks Barack…”

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |