Bank Of America Halts Foreclosures

[Madeline]

....in 23 states. Odd, right before the election, eh?

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/01/AR2010100106678.html?hpid%3Dtopnews&sub=AR

 

[Samson]

....in 23 states. Odd, right before the election, eh?

washingtonpost.com

Bank of America's announcement comes as federal and state law enforcement officials have stepped up their scrutiny of foreclosure practices.

Connecticut Attorney General Richard Blumenthal (D) announced a 60-day moratorium on foreclosures by all banks in the state, making it the first jurisdiction to take such wide-ranging action.

Blumenthal called the actions of J.P. Morgan and Ally a "possible fraud on the court undermining the integrity of the legal process and consumers' ability to fight foreclosures." He added, "This freeze should stop a foreclosure steamroller based on defective documents and enable effective remedies."

You're not implying that democrats are trying to buy time.....30 days now......by delaying foreclosures, and popularizing themselves?

When have Dems ever toyed with the mortgage markets?

 

[goldcatt]

Hmmm....there are two sides to every story. And BoA is well known for being sloppy, poorly managed, and just flat out incompetent. And that's in my field, which deals with the money making side. It makes me wonder how much worse the recovery side must be. I'd love to see the docs involved.

 

[Charles_Main]

It may be political Timing, But there is good reason why they are doing it.

These banks can't afford to pay someone to do upkeep on all these properties that are not going to sell anytime soon. They are making a financial Decision to just let the people stay in the house and hope they get their act together and start paying, instead of kicking them out, and ending up with another empty house on their books.

 

[loosecannon]

It may be political Timing, But there is good reason why they are doing it.

These banks can't afford to pay someone to do upkeep on all these properties that are not going to sell anytime soon. They are making a financial Decision to just let the people stay in the house and hope they get their act together and start paying, instead of kicking them out, and ending up with another empty house on their books.

It isn't political timing! That's just foolish partisan insanity speaking.

http://www.usmessageboard.com/economy/134172-gmac-ally-crisis.html

 

[loosecannon]

These banks can't afford to pay someone to do upkeep on all these properties that are not going to sell anytime soon. They are making a financial Decision to just let the people stay in the house and hope they get their act together and start paying, instead of kicking them out, and ending up with another empty house on their books.

NO, not at all....:

http://www.usmessageboard.com/economy/134172-gmac-ally-crisis.html

 

[william the wie]

The 23 states looking into GMAC/Ally, Morgan Chase and now BOA are shooting the Dems. This may and probably is inadvertent because many of the AGs are Dems but by hitting GMAC first, the one mortgage company where pinning the blame on the scapegoat hits Obama in the butt, this crisis will go in Obama's column. It was his auto bailout that got USG fingerprints all over GMAC and this will be known as the GMAC bailout.