They are Monitoring Foreclosures to Their Best

They are Monitoring Foreclosures to Their Best

Pressure is being put on the regulators to show to the legislators that they are monitoring foreclosures to their best. There is a widespread proof that the lenders have taken recourse to slipshod documentation to foreclose and evict delinquent house owners.

A hearing is being held by the Senate Banking Committee on the troubles plaguing the mortgage servicing group. Questions are arising whether they are posing a greater risk to the economy or if the problems are only isolated incidents.

The problems nipping the heels of the housing market that is struggling to stand has been aggravated by the use of robo-signers to ink per day thousands of affidavits without proper security of the contents.

The regulators have come under a cloud of criticism for not being alert on these pervading defects. It has caused public ire against the banks that have been bailed out to flare up. The money came from the taxpayer's kitty.

An investigation against the mega banks and servicers is underway by a team including the bank regulators, attorneys general of all the 50 states. The lenders had temporarily suspended foreclosures for reviewing their documentation problems but since then resumed operations contending that everything is alright.

It is expected that the regulators including FDIC's Chairperson Sheila Bair and Governor of Federal Reserve Daniel Tarullo will submit the latest report on the progress of the investigation and how dangerous is the documentation issue to the recovery of the housing sector and to the health of the banks.

Fannie Mae and Freddie Mac representatives have also been asked to appear. In all likelihood they will be queried on their latest resolve to resume foreclosures.

Robert Menendez of Senate's housing sub-committee of its banking panel said, "I want to hear why they feel that they have corrected policies that have allowed the foreclosures to take place without the rubber stamping and all the excesses that took place in the foreclosure practices".

It is outside Washington that most of the activities relating to foreclosures are taking place. The attorneys general of all the states are taking a leading part in probing the problems of the servicers. Bank of America and JP Morgan Chase are keen for an early settlement but so far it is uncertain and it could be months before a consensus is reached.

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