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

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Segami Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-10-11 01:35 PM
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ARE YOU KIDDING?? Fed Investigation CAN'T FIND Single Homeowner Wrongfully Foreclosed Upon
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: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.


cont'

http://www.huffingtonpost.com/2011/03/10/fed-reports-fi...



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