Up to 40 states plan inquiry into foreclosure data

[Swami]

WASHINGTON — The attorneys general of up to 40 states plan to announce soon a joint investigation into banks' use of flawed foreclosure paperwork.

A person briefed on the investigation said Saturday night that an announcement could come as early as Tuesday. The person spoke on condition of anonymity because the investigation was not yet public.

Iowa Attorney General Tom Miller will lead the investigation. Miller already has been leading multistate reviews of questionable foreclosure documents.

A joint investigation by 40 states would further escalate pressure on banks to widen their suspensions of foreclosures. On Friday, Bank of America became the first bank to halt foreclosures in all 50 states.

http://www.google.com/hostednews/ap/article/ALeqM5iJ58X5OKtPIJacbvkHZSAUByzMtAD9IOIMJO0?docId=D9IOIMJO0

[ascendingstarseed]

What's sad Swami is this should've happened well over two years ago, they've known about the corruption but they let it continue and millions of people have lost their homes unnecessarily, leading to homelessness, broken families and for some children loss of education if their family is homeless. I have a good friend who works in the foreclosure dept for Chase bank, at some point last year they began selling the foreclosed properties in bundled packages to the Chinese. The bank would tell homeowners they were reviewing their file, but no one would ever look at it. ..lies, lies and more lies.

[Fredkc]

From the link:
"JPMorgan Chase & Co., Ally Bank's GMAC Mortgage unit and PNC Financial have stopped foreclosures in the 23 states where foreclosures must be approved by a judge."

California sold out long ago. No decision by a judge required here.
I guess the suspension in other states explains why GMAC now calls us every single day, about our loan, instead of the usual once a month.

Fred