BREAKING NEWS – Bank of America, the largest lender in the United States, has just announced that it is halting all foreclosure sales in all 50 states. It’s currently investigating flaws in its foreclosure process.
BOA announced foreclosure suspension in 23 states last week, as did JP Morgan. Today’s announcement extends that suspension to the entire United States.
This portends additional nation-wide suspensions from other lenders.
More information as it becomes available…
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Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
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Kansas Supreme court has ruled that after a bankruptcy has discharged the obligation of the note, and since a trust deed trustee has no investment in the note or deed, and since most mortgages are not recorded locally showing the holder of the mtg, only the electronis recordig firm, then nobody has standing to foreclose. I wonder why local courts are still allowing foreclosures that appear to be illegal.
Bank of America halted all foreclosures nationwide due to fraudulent filing of documents in past foreclosure documents. Potential liability to lenders, title companies, foreclosure attorneys, etc.. is huge! Several lenders have already stated they had clerks robo signing
foreclosure docs. stating they had reviewed files when in reality they had not reviewed anything. They were signing off on 10000 + files per month. Average of 30 seconds or less to review each file, some had forged notarization. Sounds like a large class action lawsuit against many lenders by all property owners involved in forclosures over the past few years.
Sounds like business as usual, doesn’t it?