You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

ARE YOU KIDDING?? Fed Investigation CAN'T FIND Single Homeowner Wrongfully Foreclosed Upon [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
Segami Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-10-11 01:35 PM
Original message
ARE YOU KIDDING?? Fed Investigation CAN'T FIND Single Homeowner Wrongfully Foreclosed Upon
Advertisements [?]

:wtf: :smoke: :smoke: :smoke:

" WASHINGTON, D.C. -- A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed's Consumer Advisory Council said Thursday. :crazy: :shrug:

During a public meeting attended by Fed chairman Ben Bernanke and other regulators, consumer advocates on the panel criticized federal bank regulators for narrowly defining what constitutes a "wrongful foreclosure." At least one member of the panel voiced concerns that the public would not take the Fed's findings of improper practices seriously, since the wide-ranging review did not find a single homeowner who was wrongfully foreclosed upon. :rofl:

The Fed's findings seem to support claims from the banking industry, which has admitted to sloppy practices but has maintained that the homeowners whose homes have been repossessed were substantially behind on their payments. The Fed's report has not been released to the public.

All 50 state attorneys general joined together last fall to probe banks' foreclosure practices after several companies halted home repossessions when improper paperwork practices -- like the so-called "robo-signing" scandal -- came to light. The law enforcement officers have said they've found banks violated numerous state laws. State and federal officials are considering a large-scale settlement with banks and mortgage servicers that could include penalties totaling up to $30 billion and requirements to modify more distressed mortgages. The Fed's report will only further the disagreements between bank regulators, whose top priority is ensuring the safety and soundness of the banking system, and law enforcement officials, who are concerned with reportedly widespread violations of state and federal bankruptcy and consumer protection laws during foreclosures.

Kirsten Keefe, a member of the Fed consumer panel and an attorney at the Empire Justice Center in Albany, New York, said the Fed's report defined "wrongful foreclosures" as repossessions of borrowers' homes who were not significantly behind on their payments. Based on that definition -- the homeowners were already in default -- the Fed found the foreclosures to be justified, members said.


Printer Friendly | Permalink |  | Top
  -ARE YOU KIDDING?? Fed Investigation CAN'T FIND Single Homeowner Wrongfully Foreclosed Upon Segami  Mar-10-11 01:35 PM   #0 
  - i'll bet they didn't look hard. like my 12 year old who can't find her mp3 player...  ejpoeta   Mar-10-11 01:37 PM   #1 
  - But I'm quite sure in the end your twelve year old will eventually find her mp3 player if she wants  Segami   Mar-10-11 01:49 PM   #8 
  - Um, didn't they foreclose on someone who didn't have a *mortgage*?  gkhouston   Mar-10-11 01:38 PM   #2 
  - That has happened MORE than once  Aerows   Mar-10-11 02:04 PM   #17 
  - It's like voting, Its all about who gets to COUNT them.  HereSince1628   Mar-10-11 01:39 PM   #3 
  - Fox and hen house time.  savannah43   Mar-10-11 01:40 PM   #4 
  - All depends on how you define 'wrongly'  felix_numinous   Mar-10-11 01:43 PM   #5 
  - Absolute BS that is disproven by Missouri Court Rulings  percussivemadness   Mar-10-11 01:45 PM   #6 
  - Lots of other court rulings also  sabrina 1   Mar-10-11 01:53 PM   #12 
  - Oh please...  tallahasseedem   Mar-10-11 01:46 PM   #7 
  - Excuse me for a moment...  Sherman A1   Mar-10-11 01:50 PM   #9 
  - Wow, they missed my girlfriend, as a matter of fact I KNOW  sabrina 1   Mar-10-11 01:50 PM   #10 
  - Yup! They ' conveniently ' missed your girlfriend's criminal foreclosure.  Segami   Mar-10-11 02:02 PM   #15 
  - Stolen?  Lost in Space   Mar-10-11 08:03 PM   #31 
  - People were told they could only get help from HAMP if they went into foreclosure  EFerrari   Mar-10-11 01:51 PM   #11 
  - I've self-censored at least four responses to this. None of them polite in the slightest.  Pacifist Patriot   Mar-10-11 02:00 PM   #13 
  - Feel free, I just can't think of enough words that would be  sabrina 1   Mar-10-11 02:15 PM   #20 
     - That's just it.  Pacifist Patriot   Mar-10-11 02:19 PM   #21 
  - Watch the Academy Award winning film.... INSIDE JOB  Ichingcarpenter   Mar-10-11 02:02 PM   #14 
  - Already watched it when it first came out.  Segami   Mar-10-11 02:04 PM   #16 
  - look at our federal reserve  Wisconsin_2_Nation   Mar-10-11 02:05 PM   #18 
  - They keep doing it because nobody ever gets criminally charged or goes to jail. THEIR position  Segami   Mar-10-11 02:12 PM   #19 
     - They give out 9 Trillion with no record of who has it or any accountablity.  Wisconsin_2_Nation   Mar-10-11 02:26 PM   #25 
        - Quite frankly, they're just warming us up by shaving away some of the shock edge  Segami   Mar-10-11 02:32 PM   #26 
  - You have GOT to be kidding me? Holy shit...I knew they were bent, but I never thought they'd...  truebrit71   Mar-10-11 02:21 PM   #22 
  - Well DUH! That's because there are none!  Shandris   Mar-10-11 02:23 PM   #23 
  - Lol, so that will be their explanation!  sabrina 1   Mar-10-11 02:25 PM   #24 
     - Tell me you couldn't imagine GHWB smirking into the camera and saying...  Shandris   Mar-10-11 02:41 PM   #29 
  - Sounds like they didn't leave a single stone turned . . .  hatrack   Mar-10-11 02:40 PM   #27 
  - How come they get fined, and we go to jail? N/T  Nordmadr   Mar-10-11 02:41 PM   #28 
  - Can't find any BP oil in the gulf either,  Chris_Texas   Mar-10-11 02:42 PM   #30 

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC