Foreclosure fraud: Looming issues for some of the top Banks

Foreclosure fraud: Looming issues for some of the top Banks

Bank of America, JP Morgan and Chase, and GMAC have all been in the headlines recently for bad practices with their foreclosure procedures being called into question.

With the implementation of the Obama Housing plan, Home Affordable Modification Program HAMP, it has helped thousands of homeowners, however, now we are dealing with the foreclosure mess and possibly false documents being signed by the lenders.

The foreclosure document debacle has already caused a major headache for the lenders, but this is just the beginning for the lenders as some of their investors who bought residential mortgage backed securities thought they were buying solid investments. Lenders who have used "robo signing" procedures as part of their process are not only facing possible lawsuits, but could also be responsible for buying back the securities sold to the investors.

As we all know Bank of America took over Countrywide and they probably will have the most issues as the courts become involved. A notice went out to Bank of America from the Federal government and also investor firms like Blackrock and Pacific Investment Management Company. They face a possible buy back purchase of loans totaling over $18 billon dollars.

So how does this affect you in the long run? Bank of America stated about a week ago they are resuming their foreclosure process and found no fault with their practices. If you think you are being treated unjust and are about to lose your home, you should contact legal counsel or your attorney general. Sometimes if the state steps in, it may help to shed some clarity on your situation. Stay on top of the latest news by following blogs and articles like the one below posted by the Wall Street Journal.

http://online.wsj.com/article/SB10001424052702303339504575566842307890662.html?mod=WSJ_PersonalFinance_PF4

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