Has your home been foreclosed? Is foreclosure imminent? What does the RoboSigning scandal mean to you? Alex Charfen of CDPE reports:
"Some of the nation’s largest banks will appear before Congress today to explain their actions regarding the “robo-signing” scandal in which lenders allegedly filed thousands of inaccurate documents in foreclosure cases. This scandal initially led to the recent foreclosure freezes by major lenders.
A 125-page report just released by the Congressional Oversight Panel may influence the conversation on Capitol Hill. Alluding to the size, scope and potential large-scale consequences of this scandal, the report said: “If documentation problems prove to be pervasive and, more importantly, throw into doubt the ownership of not only foreclosed properties but also pooled mortgages, the consequences could be severe.”
CNNMoney.com reported the overall concern is that the “banks will be forced to buy back mortgages that had been bundled and sold in the $7.6 trillion market for Residential Mortgage Backed Securities, or RMBS. That could result in severe losses for the banks and destabilize the still-fragile financial system.”
Today’s appearances will include Bank of America and JPMorgan Chase, and sessions will continue on Thursday." (excerpt from CDPE blog, Alex Charfen)
If Congress determines damages are due by lenders and servicers purported to be Robosigners, the remedy will likely be monetary damages, not restitution of the property. More to come, check back frequently.
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Help for Homeowners In the Phoenix East Valley
AUDRY WOLFF - Certified Distressed Property Expert
Phone/Text 480-244-8398 eMail: AudryW@Gmail.com