Submitted by Doug Cunningham on October 10, 2010 - 7:46pm
The Service Employees International Union (SEIU) and a coalition of community groups is calling for a national freeze on home foreclosures.
Several big banks, including Bank of America and JP Morgan Chase, have suspended foreclosures due to illegal and sloppy documentation.
In some cases the banks are unable to legally prove they own the homes that they’re busy taking away from working families.
SEIU wants a freeze on foreclosures and for Wall Street to refocus their efforts to help keep families in their homes by agreeing to principal write-downs and mortgage modifications.
Rightrdia supports this idea. many right wing investors have their sharp knives out because they bleive that housing prices will further implode mid-year. If another housing glut occurs, this will cause the value of most homes to slide even further.
The banks could try to work out agreements with homeowners to keep them in their homes by refinancing the home to cover the amount the home owner could not pay. This could also clear up the irregularities with the old mortgage.
The GOP wanted to pass a law so that an illegal interstate notarization scheme would be legal and the banks would be able to bypass the courts who have been throwing these foreclosures out. Obama wisely vetoed the bill.
Rightardia would expect the GOP to resist any legislation that would freeze foreclosures.
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
The Service Employees International Union (SEIU) and a coalition of community groups is calling for a national freeze on home foreclosures.
Several big banks, including Bank of America and JP Morgan Chase, have suspended foreclosures due to illegal and sloppy documentation.
In some cases the banks are unable to legally prove they own the homes that they’re busy taking away from working families.
SEIU wants a freeze on foreclosures and for Wall Street to refocus their efforts to help keep families in their homes by agreeing to principal write-downs and mortgage modifications.
Rightrdia supports this idea. many right wing investors have their sharp knives out because they bleive that housing prices will further implode mid-year. If another housing glut occurs, this will cause the value of most homes to slide even further.
The banks could try to work out agreements with homeowners to keep them in their homes by refinancing the home to cover the amount the home owner could not pay. This could also clear up the irregularities with the old mortgage.
The GOP wanted to pass a law so that an illegal interstate notarization scheme would be legal and the banks would be able to bypass the courts who have been throwing these foreclosures out. Obama wisely vetoed the bill.
Rightardia would expect the GOP to resist any legislation that would freeze foreclosures.
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
Netcraft rank: 8377
http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com
No comments:
Post a Comment