Posts Tagged ‘ally bank’

Speaker Pelosi and 30 California Democrats: “Banks Need To Be Held Accountable.”

Today, Speaker Pelosi and 30 California Democrats told the justice department that “it is time that the banks were held accountable for their practices.” Really? You guys are just figuring this out? Wow, Congress is sure slow on the uptake…or maybe it’s all that Goldman Sucks money flowing into the pockets of elected officials that’s clogging up their brains.

Let’s see: over the past two years, we have seen the foreclosure rate continue to rise and hundreds of thousands of Americans have been kicked out of their homes in spite of programs designed to help them. Going through the HAMP process is a nightmare in and of itself, aside from the trauma of foreclosure itself, because the banks just don’t want to cooperate. They won’t even cooperate on short sales most of the time! Recently, we’ve had the Ally Bank signature debacle and another company, Lender Processing Services (LPS) has been in the news lately because apparently they’ve been having their employees sign authorized employees’ signatures to foreclosure documents.

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Paperwork Issues Have Halted Foreclosures In Only 23 States

You may have heard about the Ally Bank employee who admitted that he signed off on foreclosures without actually verifying who owns the mortgage and the amounts owed. As a result, thousands of foreclosures have been stalled until the mess can get sorted out.

There were similar happenings at Wells Fargo and JP Morgan Chase which have resulted in the mortgage giants having to stop the foreclosure process until the documents can be sorted out. Furthermore,  recent news about so-called “foreclosure mill law-firms” who regularly submit false documents on behalf of the banks to “speed up the process” has also come to light.

It is clear that the fraud that precipitated the foreclosure crisis is now rife within the foreclosure process itself. There has been little accountability pressed on the banks and so far, they’ve gotten away with hundreds of thousands of foreclosures, of which a significant percentage may have been completed fraudulently.

To their credit, many state governments have acted quickly to enact laws that demand the lender make sure it has the right to foreclose and even if it does, that foreclosure must be the last resort step. However, some Federal action to impose at least a 90 day moratorium on foreclosures nation wide would help in making sure that more fraudulent foreclosures take place and that more borrowers have the time to try and save their homes.

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