Are you in one of the 23 States that Bank Of America is investigating its procedures in?

By
Services for Real Estate Pros with Boomerang Social

Us here in North Carolina are not on their list of investigations, but doesn't it just seem logical that if they are checking into their own procedures in 23 states, that all of the rest of the states they have supplied mortgages in should be on that list too?

It only seems to reason if they are looking at their own procedures, there are issues within their system.  Particularly when JP Morgan Chase (JPM, Fortune 500) just came out and said "it will also halt foreclosures for about 56,000 homeowners after learning that its employees may have approved foreclosures without personally reviewing loan files."  (How can anyone do that and sleep at night?)

With everything that has been happening to so many home owners in the last couple of years, don't you just wonder why these government controlled entities are still allowed to run ramped?

What are your thoughts on this matter?

 

Check out CNN's article here.

Comments (2)

Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

This new foreclosure problem is another reason the banks should expedite the processing of short sales so they can reduce their number of non-performing loans.

Oct 03, 2010 08:10 AM
Troy Funk
Allison James Estates & Homes, Sarasota 941-957-3737 - Sarasota, FL
Broker / Associate

Dave, YEAH! -  I agree ... expedite the processing of short sales!

Oct 03, 2010 09:44 AM