Bank of America Now Delaying Foreclosures in 23 States

I guess we'll have to wait and see if this delay hurts or helps. Some experts I read yesterday seem to think that this investigation will cause the banks to work more cooperatively with people who want to keep their homes.

Others said that slowing the process would put fewer foreclosures on the market at one time- and avoid the massive free fall that happens when more than half the properties on the market are priced at REO bottom dollars.

Others say we're just prolonging the pain.

We can be sure of one thing - that whatever they do it will be what they think will bring them the most profits.

It would be easy to excuse them... they're in business, so of COURSE they're in it for the profits.

The assumption is that we shouldn't expect them to care. To that I say... Bull Sh..

You and I are also in business, and if we weren't making any profits we'd go be in some other business.

And... if we didn't care about the people we serve, we'd be out of business pretty darned fast.

I believe what happened - at least at B of A - is that after they got our tax money they started figuring out how to keep it for the executives. They fired many of their old, knowledgeable employees and hired cheaper people who knew nothing. Just my opinion because I know someone who worked there for close to 30 years and was "downsized" out of a job just as soon as B of A got the money.

The reason it's only 23 states is because those are the states that demand proof. They can get away with it in the other states without oversight.

Meanwhile... What I'm reading is that some of the people who already lost their homes are filing suit. And I hope they win.

Call me mean-spirited, but I hope the banks have to pay for their fraudulent behavior.

Making a profit is fine. I'm all for the capitalist system. But only if that profit is gained honestly.

Gouging, lying, and deliberate sloppiness are not OK.

Lynda - Whatever California is doing has to do with consumer protection laws. For whatever reason, their procedures with regard to foreclosures are different from those in the 23 states affected by this freeze.

But... if they can go after the banks from a different angle, all the better.

They want consumers to be held accountable. It's time THEY were held accountable as well.

Pat - Thank you!

Jose - So far it's Chase, GMAC, and Bank of America who admit to not reading the files before they sign the foreclosure documents. Wells Fargo says it's paperwork is all in order.

This is probably why homes have been foreclosed on while in the middle of loan modifications or short sales... the foreclosure departments didn't bother to read and know what was going on.