Manns Medium

The article by Derek Kravitz of the Associated Press Real Estate Writer titled Gov't orders 14 lenders to reimburse homeowners should have been something celebrated by all who read it except maybe those who took advantage of this economic disaster and homeowners.   It brought a smile to my face and I finally felt relieved that the government had finally stepped up and done something but as with all other things, there are always those who can not see the forest for the trees. The article sited these lenders and servicers by reporting that “the federal government on Wednesday ordered 16 of the nation’s largest mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon.   Government regulators also directed the financial firms to hire auditors to determine how many homeowners could have avoided foreclosure in 2009 and 2010.   Citibank, Bank of America, JPMorgan Chase and Wells Fargo, the nation's four largest banks, were among the financial...

Zachary Roth from the Yahoo News Blog, The Lookout pens an article titled The foreclosure mess isn’t going away reporting that b anks profit by processing a vast number of homes into foreclosure as quickly as possible.   And as the foreclosures unwind in a slew of court proceedings nationwide, many banks have produced dubiously rendered legal documents that seek to shore up the ownership paperwork long after the original mortgage transactions were on the books. In some cases, financial institutions paid contract companies who employed an army of "robo-signers"—office workers who forged signatures on mortgage documents that were then used to initiate foreclosures.” “All 50 state attorneys general are currently   conducting an investigation   into the foreclosure mess--including cases that involve forged documents like these. And Shelia Bair, head of the Federal Deposit Insurance Corporation, told CBS she thinks the banks should have to pay billions to set up a compensat...