Auditor Finds Widespread Failures in Bank Foreclosure Practices

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Auditor Finds Widespread Failures in Bank Foreclosure Practices

Auditor Finds Widespread Failures in Bank Foreclosure Practices

Does anyone know the judge that is going to look over this case? If so, please forward their name or post in the comment section.

Business Week-

An audit of foreclosure practices at the Federal Housing Administration’s five largest mortgage servicers uncovered widespread failures to ensure the banks had proper legal documents.

According to reports released today by the inspector general of the Department of Housing and Urban Development, banks including Bank of America Corp. and Wells Fargo & Co. (WFC) violated the federal False Claims Act when they improperly foreclosed on homes insured by the FHA.

The audits, spurred by revelations in 2010 that mortgage servicers were seizing homes using improper paperwork, were forwarded to the Department of Justice last year. They formed part of the basis for a $25 billion settlement with five banks filed in U.S. court in Washington yesterday.

“I believe the reports we just released will leave the reader asking one question: How could so many people have participated in this conduct?” the inspector general, David Montoya, said in a statement accompanying the reports. “The answer: simple greed.’”

[BUSINESS WEEK]

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One Response to “Auditor Finds Widespread Failures in Bank Foreclosure Practices”

  1. Elaine Williams says:

    There are two underlying theams here – blatant lying and totally clueless.

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