Why a Full Blown Foreclosure Moratorium Should Be In Order


Why a Full Blown Foreclosure Moratorium Should Be In Order

Why a Full Blown Foreclosure Moratorium Should Be In Order

The filings speak for their own…


While the two consent orders have not been finalized, PNC expects the orders to cover a range of matters. Among other things, we expect the orders to require PNC and/or PNC Bank to develop and implement written plans and programs and undertake other remedial actions with respect to various matters relating to loan servicing, loss mitigation and other foreclosure activities and operations, including, among other things, enterprise risk management, risk assessment and management, compliance, internal audit, outsourcing of foreclosure and related functions, management information systems, borrower communications, potential related financial injuries, and activities with respect to the Mortgage Electronic Registration System (a widely used electronic registry designed to track mortgage servicing rights and ownership of U.S. residential mortgage loans). We also expect that the orders will require PNC, PNC Bank and their boards to take appropriate steps to ensure compliance with the orders and with the plans and programs to be established under the orders.

U.S. Bank:

In January, 2011, U.S. federal banking regulators communicated to the Company the preliminary results of an interagency examination of the Company’s policies, procedures, and internal controls related to residential mortgage foreclosure practices. This examination was part of a review by the regulators of the foreclosure practices of 14 large mortgage servicers. As a result of the review, the Company expects the regulators will require the Company to address certain aspects of its foreclosure processes, including developing plans related to control procedures and monitoring of loss mitigation and foreclosure activities, and taking certain other remedial actions. Though the Company believes its policies, procedures and internal controls related to foreclosure practices materially follow established safeguards and legal requirements, the Company intends to comply with the expected requirements of the regulators in all respects. The Company does not believe those requirements will materially affect its financial position, results of operations, or ability to conduct normal business activities. In addition, the Company expects monetary penalties may be assessed but does not know the amount of any such penalties.

JPMorgan Chase:

The Firm expects to incur additional costs and expenses in connection with its efforts to correct and enhance its mortgage foreclosure procedures. Multiple state and federal officials have announced investigations into the procedures followed by mortgage servicing companies and banks, including JPMorgan Chase and its affiliates, relating to foreclosure and loss mitigation processes. The Firm is cooperating with these investigations, and these investigations could result in material fines, penalties, equitable remedies (including requiring default servicing or other process changes), or other enforcement actions, as well as significant legal costs in responding to governmental investigations and additional litigation. The Firm cannot predict the ultimate outcome of these matters or the impact that they could have on the Firm’s financial results.

HSBC Holdings: Did the right thing & Halted Foreclosures 3/1/2011

State and federal officials are investigating the procedures followed by mortgage servicing companies and banks, including HSBC Finance Corporation and certain of our affiliates, relating to foreclosures. We and our affiliates have responded to all related inquiries and cooperated with all applicable investigations, including a joint examination by staffs of the Federal Reserve Board (the “Federal Reserve”) and the Office of the Comptroller of the Currency (the “OCC”) as part of their broad horizontal review of industry foreclosure practices. Following the examination, the Federal Reserve issued a supervisory letter to HSBC Finance Corporation and HSBC North America noting certain deficiencies in the processing, preparation and signing of affidavits and other documents supporting foreclosures and in governance of and resources devoted to our foreclosure processes, including the evaluation and monitoring of third party law firms retained to effect our foreclosures. Certain other processes were deemed adequate. The OCC issued a similar supervisory letter to HSBC Bank USA. We have suspended foreclosures until such time as we have substantially addressed the noted deficiencies in our processes. We are also reviewing foreclosures where judgment has not yet been entered and will correct deficient documentation and re-file affidavits where necessary. See “Executive Overview” in MD&A for further discussion.

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3 Responses to “Why a Full Blown Foreclosure Moratorium Should Be In Order”

  1. Eugene Villarreal says:

    The Banks are playing Chicken Little. The Sky is falling ! The Sky is Falling !
    Re-filing affivadits that were fraudulent ?
    Foreclosures that were illegal.
    Monetary penalties that need to be increased by tenfold($200 Billion) each bank.
    Criminial Charges for Bank CEOs, their attorneys, the judges, and government (State & Federal)officials for starters.
    Compensate homeowners that were fraudulently foreclosed on.
    The banks brought it upon themselves and the judges obliged them. Now is time to replace all the judges that allowed all this to happen. Period

  2. gregory says:

    I think a 1 year moratorium is in order to let these banks get all of their false paperwork together and in that year every judge should have to take a course to actually learn what the banks are and have done Ilegaly to foreclose on people. Then only the truth might be exposed!!!!!!!!!!!!!!

  3. mike says:

    Lo and Behold
    Search your news today. After Arizona passed SB1259
    Bank of America is now modifying loans in Arizona!
    Because Arizona passed SB 1259 requiring the banks produce all necessary paperwork and note and assignments before the bank can take back the home.
    Its impossible for the banks to produce these documents that is why they are using these fake robo signed documents.
    Time for everyone to contact your congressperson and introduce legislation into every state to force these banks to produce all necessary paperwork to take homes.
    California congressman Filner is the person to introduce this bill he is upset with the bank and says Chase bank has the blood of soldiers on its hands
    Soldiers committing SUICIDE because these bank Servicers are stealiing their homes

    Contact this congressperson and tell him to introduce legislation like Arizona and Oregon
    SB 484 Oregon
    SB 1259 Arizona
    I contacted his office today
    760 355 8800
    619 422 5963

    Everyone else contact your congressperson. Let them know Bank servicers are stealing homes legislation like that in Arizona and Oregon needs to be passed in every state


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