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US Around Set Off A Wave Of Home Foreclosures Ban
Author : Christina Xia
Submitted : 2011-12-20 16:28:02 Word Count : 638 Popularity: 0
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A local government to actively promote the national policy-makers oppose the ban wave of housing foreclosures are off the United States.
U.S. mid-term elections approaching, for the support and votes for the residents, suffering from high number of foreclosures the local government can not wait for the White House pressure to sign the law, first from the region to investigate and intervene in a foreclosure problem. According to reports, the United States more than 2 / 3 of the state attorney general plans this week to some of the bank foreclosure issue a joint investigation was launched. The largest U.S. mortgage lender Bank of America, represented by large financial institutions have recently announced that it will suspend foreclosures nationwide. However, the White House has clearly expressed its opposition issued a nationwide ban on foreclosures.
Federal Housing Management Committee David Stevens recently told the "Washington Post" said that Obama does not support a national ban on foreclosures. He said, "Let all financial institutions do nothing to prohibit foreclosed homes fragile property market downturn."
Obama senior adviser David Axelrod 10, said the government against the enactment of foreclosures nationwide ban, but Obama wants to resolve the error as soon as possible foreclosure foreclosure documents related cases.
Foreclosure is off for the homeowner with a mortgage, the bank will buy a house from the premises and prohibit redemption. Mindful of the fact the ban is intended to protect the foreclosure redemption right to buy a house, so the outages, it can still use the housing. Reuters article analyzed, although initiatives to make foreclosure ban homeowners happy (to keep the loans to buy houses), but will fall temporarily stop the foreclosure may be a further blow to the economy, prevent banks tackling their bad loans, but also left a number of the family still faces the risk of repayment.
U.S. banks are facing growing political pressure to stop the foreclosure of their temporary, due to some reports that some lenders are opportunistic in order to expedite the foreclosure process. Earlier, JP Morgan Chase employee recognition, nine staff in one month "rushed" signed 18,000 copies of legal documents of housing type, but each of these documents verified. The 11 "Florida Times" reported that the current housing-related documents for the examination has established a separate department, each employee processing speed of 25 copies per hour.
The largest U.S. mortgage lender, Bank of America announced the suspension of 9 foreclosures across the country to examine the possible defect in the foreclosure documents. Bank of America is the first announced the suspension of all 50 states, the bank foreclosures. So far, JP Morgan and A llyFinancial its GMACM ortgage mortgage sector has been suspended in the 23 states of the housing foreclosure, to review procedures related to foreclosure.
Bank of America announced a foreclosure in the news, the Senate Democratic leader Harry Reid called on the government issued a nationwide ban on foreclosures. As Nevada's foreclosure rate of the first states living in America, Reed held on November 2 re-election in the state will face a severe situation.
According to Reuters, the Iowa Attorney General Miller-led state Attorney General must decide whether to sign before the evening of 11 joint investigations, so the first official joint statement is expected to announce on January 12 . Currently, at least half a dozen states have announced that this independent investigation.
U.S. Senate Finance Committee announced that it will hold Nov. 16 hearing to investigate the mortgage foreclosure process services and the existence of the improper practices and fraud. The outgoing Chairman of the Senate Banking Committee, said Dodd, "American families do not have to worry about the bureaucratic mismanagement because of sloppy or fraudulent acts of losing their housing."
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