Foreclosure Investigations Against Countrywide
It is not just a round of gossip but the truth that the largest mortgage house in US, Countrywide Financial Corporation is being questioned by the authorities for having been involved in securities fraud related to the foreclosure debacle sweeping the nation. The news has been reported by The Walls Street Journal. It is being probed whether the managers of the company were above aboard in their financial statements and quality of the loans. The spokesperson of Countrywide told New York Times that the company did not know anything about these investigations.
In Minnesota the region is dotted with foreclosures from Bronx to Boston and then on to St. Paul. Legislators are not willing to wait and have already introduced a bill that will require the lenders to postpone mortgages made on sub-prime loans for a year. Jeremy Kalin, speaking on behalf of the state said that the state cannot be mute spectators to the devastation of swelling numbers of families affected by foreclosures.
The delinquency rates of the nation of all mortgages have rocketed to about 6% (5.82% to be precise) – it being a record since 1985. When a loans falls behind a month in repayment it is said to have gone into delinquency. In sub-prime loans the delinquency rate is 20% - a shocking figure. Hand in hand with this the house prices are falling. About 9 million (8.8 million) house owners will not have any equity on their properties; in some case the loan amount is more than the value of the house. The gravity of the situation made fed chairman Ben Bernanke comment that ‘more can and should be done’. But it seems to be noise only – the Bush administration does not have any new plans. Rather the attitude is that the taxpayers should not bail out either lenders or borrowers. This has been clearly stated by Dan Perino, on behalf of the White House. Barney Frank, a Congressman heading Financial Services Committee was more forthright and said categorically that borrowers made bad decisions and why should this cause worry. But if nothing is done then not only them but the whole economy will suffer. He is initiating a legislation that will help those lenders who reduce the amount of loans that have gone delinquent. This will enable borrowers to become current. Critics are strident in commenting that action must be swift and quick to be effective.
Search House Foreclosures
- New York House Foreclosures
- Bronx County House Foreclosures
- Boston House Foreclosures
- Minnesota House Foreclosures
- Tendency to Walk Away from Underwater Mortgages Facing Foreclosure has Increased
- Life Goes Flowing On Even After Foreclosure
- There is a Huge Shortage of Lawyers Trained in Foreclosure Complexities
- The Foreclosure Crisis Means a Bonanza for Some Enterprising Entrepreneurs
- The Restoration of the Jacksonville is Aided by the Prices of the Foreclosure Listings
- Foreclosure Climate has Caused Sharp Rise in Homeless Persons
One Response
Dear Bloggers forward to Government and people around the world,
The below story will make news, At the present there are two Federal investigations getting under way. Senators are reacting behind closed doors and hearings will be held. If you want to keep them honest, get the early scoop and more information, Oh, and all current presidential runners have been contacted waiting to get their response and they will have to respond or look like liars. Bloggers if you want more information then contact me. However, this story will make news, worldwide crime is crime even by the super rich..
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Dear Senators, all; And the President of what we use to call the United States of America with a constition protecting” WE THE PEOPLE”
Congressional Oversight hearings Requested
Federal Criminal Complaint under the RECO Statue
Racketeering by Mr. Kenneth D. Lewis
In cognition with, Bank of America Corporation for issuing predatory lending to the disabled, elderly, and the poor. By Bank of America Corporation and their attorneys who find new loopholes on how to legally, steal homes with the help of the Bush Administration?
Together they commit racketeering under the Federal RECO statues Racketeering laws against the poor, elderly, disabled and stupid like me. In order, steal my home with over sight under federal law while they commit such crimes with Federal support while they do it. While the SEC sits back and does nothing, so is the SEC under Federal Law considered a co-conspirator in these Federal RECO statue crimes against WE THE PEOPLE?
Who will act, who will not, let America sees who cares.
In Jesus name, please do not let me lose my home to the
bank. I am a single father on disability trying to
keep our home. Will you President Bush the halves’ and
the have mores please have a heart and please help me
and my boys keep our home. Hear me President Bush in
Jesus name and turn not away from this email and my
plea. I know many cold people will keep this email
from you, I do pray your eyes and heart will read this
and you and the halves’ and have mores will help us.
What you all pay for one fund raising dinner can save
our home. May God Almighty Bless each and everyone who
reads, touches, or turns away from this email, in
Jesus Name. Bank of America in Orange, Virginia is my
bank that holds my loans. Is everyone a coward or will someone stand up for WE THE PEOPLE Bush sure as hell will not, he is in bed with the money people like Bank of America Corporation. God Help US all.
Mr. Ernie Paul Young
5573 Burr Hill Rd
Rhoadesville Virginia 22542
540-308-5894 (C)
540-854-9141 (H)