Banks Face Foreclosure Regulation by States

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Banks Face Foreclosure Regulation by States

Banks Face Foreclosure Regulation by States

WSJ-

States across the country are proposing a range of new rules that would make it more difficult for banks to foreclose on troubled homeowners.

The moves have been prompted by concerns that lenders have been inefficient in restructuring mortgages, which results in unnecessary foreclosures, while using shoddy paperwork to repossess homes.

Lenders are strongly resisting the measures, arguing that they will introduce new bottlenecks in the foreclosure process that could obstruct the incipient housing recovery.

“Should all 50 states decide to go down their own path, lenders are going to have multiple processes, each with their own little nuances, and every single penny of that cost will be borne by tomorrow’s borrowers,” said David Stevens, chief executive of the Mortgage Bankers Association.

Such legislation is precisely what the nation’s largest banks hoped to head off in February when they agreed to pay $25 billion in fines and borrower aid to settle allegations of foreclosure abuse with federal agencies and 49 state attorneys general. That settlement laid out standards for how banks must treat borrowers.

[WALL STREET JOURNAL]

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3 Responses to “Banks Face Foreclosure Regulation by States”

  1. Guy_Fawkes says:

    Hey, David Stephens, you and I had a discussion about this whole thing when you were still at HUD. I told you that the malfeasance that the industry has created will be borne by the Mortgage Bankers. And I see you are still steeped in lies. Guess what, David? All 50 states ALREADY have their own laws surrounding mortgages and Deeds of Trust….so, you just go ahead and threaten away. We don’t give a rats ass. We are shutting down your illegal casino whereby you can grab the winnings with Vegas-style bullshit. No more.

  2. dani says:

    NJ WAKE UP ITS TIME TO PROTECT HOMEOWNERS AGAINST BANK FRAUD. GOVRENER CRISTE
    DO YOU HEAR US?.WE DEMAND LAWS LIKE IN NY STATE AND NEVADA THAT FORCE BANKSTERS TO PROVE THEY OWN THE NOT AND THE MTG AT TIME OG FORECLOSURE

  3. Paula says:

    My state Attorney General has essentially sided with big financial institutions since the area is well connected to Fannie Mae, Treasury , HUD and the DC area financial nexus. Incidentally, they care much more about foreign affairs and the gossip on local celebrities than they do as little about families being thrown into their streets. My AG is doing the usual campaign cheer-leading by “getting tough” on low level criminals. Meanwhile, Banks enjoy free reign across his state, in the courtroom and in the press, with an occasional scolding for their anti-social behavior. All in all though, it is encouraging to hear the State’s say “We’re going to make the illegality more illegal this time!”

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