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Competition Realty Virginia Real Estate Broker ~Virginia Beach Norfolk Chesapeake ~ Competition Realty - Fraud in Foreclosures ??
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Welcome to Competition Realty Virginia Real Estate Broker ~Virginia Beach Norfolk Chesapeake ~ Competition Realty!


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 Fraud in Foreclosures ??

Buyer Beware

Foreclosures Stop ~ For Now

At approximately 11:10 AM, EDT, today Fox new reconfirmed its prior news release of Friday last past that some major banks including JP Morgan Chase, BOA, Ally (the former residential finance arm of GMAC) and Wells Fargo have suspended all existing foreclose actions in 23 states because of irregular and possible improper and illegal paperwork mistakes in prior foreclosures already concluded. The DOJ is conducting a probe in regards of these actions to determine if those and other banks may have committed fraud. Alleged improper robo-signing is only one of the allegations made to date. More of these concerns and allegations may be found at

 For the New York Times Article

and an announcement made by Reuters in WASHINGTON | Wed Oct 6, 2010 7:15pm EDT. Some of you may recall we first called this to your attention via email dated last Friday, October 1, 2010. We have made every attempt to verify what we then suggested. Obviously these concerns may further deepen the real estate crisis and have adverse affects on related industries, including the title industry. One of those concerns would be what affect would such a turn of events have upon the current title insurance industry claims situation, particularly in the event that some appellate courts were to determine that a previously insured title is faulty as a result of the recent disclosure and practices and, previously insured titles coming through the foreclosure process were thereafter unwound?

For the Full Article




 
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     Article's Poll
Do You Think Congress Should Revise Foreclosure Laws to Permit Citi's Abuse

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[ Results | Polls ]

Votes 2


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