Bank of America gets Friday deadline to halt foreclosures in N.C.
Attorney General Cooper wants to know why bank stopped proceedings in other states but not N.C.
N.C. Attorney General Roy Cooper is giving Bank of America until Friday to halt foreclosure proceedings in the state amid concerns the Charlotte bank and other lenders haven't properly reviewed documents.
In a letter sent to the bank, Cooper questioned why Bank of America voluntarily suspended foreclosures in 23 states that involve a judicial process but not in its home state. North Carolina requires a "quasi-judicial" process in which clerks of court frequently review affidavits submitted by banks.
"If Bank of America has halted foreclosure proceedings in other states due to flaws in its affidavit process, we do not understand why Bank of America should routinely continue with foreclosures with the same flaws in North Carolina," Cooper's office wrote. FULL STORY
Ticker-Guy on MSNBC’s the Dylan Ratigan Show
Also, Chris Whalen from Institutional Risk Analytics gave a terrifying presentation on the foreclosure crisis yesterday: Chris is an expert on banking risk – and is not to be ignored. He is one of the very few who also had all this figured out a very long time ago. FULL STORY AT FedUpUSA
In foreclosure controversy, problems run deeper than flawed paperwork
By Brady Dennis and Ariana Eunjung Cha
Washington Post Staff Writers
Thursday, October 7, 2010; 12:01 AM
Millions of U.S. mortgages have been shuttled around the global financial system - sold and resold by firms - without the documents that traditionally prove who legally owns the loans.
Now, as many of these loans have fallen into default and banks have sought to seize homes, judges around the country have increasingly ruled that lenders had no right to foreclose, because they lacked clear title.
These fundamental concerns over ownership extend beyond those that surfaced over the past two weeks amid reports of fraudulent loan documents and corporate "robo-signers."
The court decisions, should they continue to spread, could call into doubt the ownership of mortgages throughout the country, raising urgent challenges for both the real estate market and the wider financial system. FULL STORY