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Update on Foreclosure Investigations

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Foreclosure Investigations
The purpose of this post is to summarize a recent Wall Street Journal article that focused on the state of the ongoing US foreclosure investigations.  This is an important topic for home owners as well as rental property investors.  The link to the full article can be found at the bottom of this post.

Following up on an investigation of reckless and cavalier handling of foreclosure procedures by several lenders, federal and state officials are negotiating a settlement package with five major banks. The deal is estimated to be to the tune of $25 million and is expected to provide some much needed relief to homeowners of distressed properties.

The Government has been in talks with big name lenders Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. for almost a year now. Some smaller banks have also been approached to participate in the settlement. The deal is not yet cemented but officials are hopeful of announcing a final figure by February 2012.

The settlement is expected to provide some reprieve to homeowners hard hit by the struggling real estate market and the downswing in the economy. However, critics are watchful of the exact terms of the deal. There are some concerns that no actual criminal action has been taken yet and the settlement may be viewed as a full pardon for all the negligence exhibited by the liable parties.

For a full report on this matter, click here.

2 Responses to Update on Foreclosure Investigations

  1. Saul says:

    I do not even know how I ended up here, but this post was great. Cheers!

  2. Teri says:

    Greetings from Los angeles! I’m bored to death at work so I decided to check out your blog on my iphone during lunch break. I really like the information you present here and can’t wait to take a look when I get home. I’m surprised at how quick your blog loaded on my cell phone .. I’m not even using WIFI, just 3G .. Anyhow, very good blog!

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