Friday, October 8, 2010

Attorneys General in 40 States Said to Join on Foreclosures - Bloomberg

NOTES: So because it will take longer to go through the "slump" we should allow problems to fester and FRAUD to run rampant???? Sorry Paul Miller but in my opinion you are an idiot. FRAUD is FRAUD is FRAUD is bad for the country... worse than going through monetary problems.

SECOND: Very few LENDERS are taking possession of the home.. most cannot state in court that they are the actual creditor... in fact they REFUSE to state thye are the creditor. Do you really think you know who your creditor is?? stay tuned for a new post over the next few days that will instruct you on how to find out who MIGHT be in the loop.

Attorneys General in 40 States Said to Join on Foreclosures - Bloomberg: "No ‘Tidal Wave’

“There are reasons for these procedures and those are to make sure the banks own the homes they are foreclosing on,” Robert Lawless, a professor at the University of Illinois College of Law in Champaign, said in a telephone interview. “At the same time I don’t think it is going to be a tidal wave of relief for homeowners. My bet is that there will be a delay.”

Vickee Adams, a spokeswoman for San Francisco-based Wells Fargo & Co., and Mark Rodgers, a spokesman for New York-based Citigroup Inc., said the companies were still processing foreclosures. Thomas Kelly, a spokesman for New York-based JPMorgan, and Gina Proia, spokeswoman for Detroit-based Ally, declined to comment.

Lenders took possession of a record 95,364 homes in August and issued foreclosure filings to 338,836 homeowners, or one of every 381 U.S. households, according to RealtyTrac Inc., an Irvine, California-based data vendor.

“If you have a national moratorium on foreclosures, that’s a problem,” Paul Miller, an analyst for FBR Capital Markets Corp. in Arlington, Virginia, said in a phone interview. “The longer you drag out foreclosures the longer it takes to get through” the housing slump, he said."

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