Up to 40 states plan inquiry into foreclosure data

[cal04]

Source: Associated Press

The attorneys general of up to 40 states plan to announce soon a joint investigation into banks' use of flawed foreclosure paperwork.

A person briefed on the investigation said Saturday night that an announcement could come as early as Tuesday. The person spoke on condition of anonymity because the investigation was not yet public.

Iowa Attorney General Tom Miller will lead the investigation. Miller already has been leading multistate reviews of questionable foreclosure documents.

A joint investigation by 40 states would further escalate pressure on banks to widen their suspensions of foreclosures. On Friday, Bank of America became the first bank to halt foreclosures in all 50 states.

Read more: http://news.yahoo.com/s/ap/20101010/ap_on_bi_ge/us_foreclosure_mess

[sabrina 1]

1. Excellent, it's about time. Too late for a lot of people

who already lost their homes, but better late than never. I really hope this too doesn't get covered up. The corruption and greed was out of control and so far not a single one of them has been held accountable.

[zenprole]

2. yes Yes YES!

If Obama doesn't succeed in burying this effort with some BS plea for "unity" or "clarity" or "fairness," or whatever Orwellian gem he and his Goldman Sachs advisers can think up, this lawsuit could help a lot of people. And put a major hurtin' on the banks - dish them some free market discipline for a change.

Yeah.

[johnnyplankton]

3. Thanks for f-ing with good news.

Have you told your kids there's no Santa yet?

[zenprole]

4. Guilty like Hank Paulson

I did, but they replied in unison "The Democratic Party's legacy of aid to the downtrodden has been hollowed out by spineless elected officials and their legion of deluded followers." Kids are smart, you know.

[aquart]

5. Uh huh. And then what?

What if one bank has the paper and the other foreclosed, tossed you out, and sold your house cheap. Now the bank with the paper wants its money from you. WHAT ARE THEY PLANNING TO DO?

[sabrina 1]

6. This was all predicted at least two years ago. They should have

stopped the foreclosures then, demanded that banks get their documentation in order, before they involved other people, such as buyers, into the whole corrupt scheme. This is why they would not negotiate modifications. They move fast to take over properties, millions of them. I read that they are bringing in busloads of wealthy people from China and elsewhere to buy these 'bargain homes' that Americans have been tossed out of btw.

It was known that there was a third party, the investors, involved in these foreclosures. But the media never covered this story until now. Now, it's very likely that investors are going to want part of any profits made by the sale of these homes.

It was also predicted as this corruption was revealed, it could trigger another collapse. Something should have been done long ago, but I guess once they got their bailouts, the Banks felt invulnerable and viewed the people as too stupid to figure out what they had done, or whether they had standing to foreclose on many of these homes. One thing is for sure, this was not the fault of the homeowners. So any politician who attempts to place the burden on them is no friend of the people.