Six major lenders are disputing a New Jersey chief justice’s proposition that their foreclosures be suspended indefinitely in his state, saying that they have addressed “questionable legal practices” and arguing that such a freeze might even be unconstitutional under the New Jersey constitution[1]. The six lenders – Ally Financial, Bank of America, JP Morgan Chase, Wells Fargo, CitiGroup and One West Bank – were ordered by chief justice Stuart Rabner in mid-December to “show why foreclosure actions should not be frozen in the wake of reports last year of robo-signing.” At the same time, Rabner introduced the idea of appointing a “special master to oversee foreclosures.”
The lenders, who are due in court with their responses to the order on January 19, 2011, all say that they have already addressed the issues that concern Rabner and that their procedures are improved in wake of their own internal investigations, which included a review of past foreclosures and voluntary suspension, in many cases, of the foreclosure process while the lender reviewed potential “deficiencies” in documentation. Citibank tackled the issue head-on, stating that 210 of its 4,023 active foreclosures have problems with their documentation and pledging to correct the issue, while Wells Fargo, which has steadfastly maintained that its foreclosure processes are perfectly fine even as it has suffered a very public – and landmark – foreclosure reversal decision in past weeks, questioned the legality of a freeze under New Jersey law.
JP Morgan Chase and several other lenders insist that internal reviews of foreclosures found “no examples of homeowners improperly losing their homes,” and Citibank pointed out that “an indiscriminate suspension of foreclosures…would result in protracted uncertainty and costs for both borrowers and lenders.” However, most of the lenders have acknowledged that there are at least a few shortcomings in their documentation, though they do not believe that a statewide suspension of their foreclosure activities is warranted.
Do you think it is reasonable for the chief justice to target these six lenders? Should the foreclosure moratorium in New Jersey be enacted?
Thank you for reading! Your comments and questions are welcomed below.
[1] http://www.northjersey.com/news/business/113124199_Lenders_against_foreclosure_freeze.html
As a Realtor and speaking for many others in this business, My view is get em for murdering families by giving them false hope by saying one thing to home owners and doing another,with no intentions on helping in the first place, but to only deny them falsely in the end,and throw them out on the streets, making people feel worthless is the worst thing you can do, these lying no good sob”s need a good ass whoopin. These banks are theifs and don’t go according to the foreclosure process nor the regulations of process in doing what they say they are doing, and are able to fool those whom say they overlook their process isnt it funny how the law protects the banks and has turned a blind eye on the american people….. systematic bullshit.
Realtor/ Dare to care
Pin the blood suckers to the Wall. They made Billions of Dollars in making these loans to people they knew were not qualified or in a position to pay these loans back long term and the banks had to issues when they were making the money hand over fist. They knew the loan products they offered were risky, so now it is time to hold them accountable to maintain the same level of proof and documentation that we as normal citizens would require in a court of law.
Yes this may cost them, and may force them into their own personal business foreclosures of the banks, but touche to them. It’s time to hold them accountable and pay the piper for their bad decisions versus blaming all of it on the consumers.
Maybe this added pressure will force them to truly focus on working with their customers instead of foreclosing on them without proper proof of ownership.
It is going to get really interesting in the next few weeks.
“About 108 million American taxpayers are currently supporting some 38 million food stamp recipients, 43% of these recipients are Illegal Aliens. About 41% of all unemployment benefit checks go to Illegal Aliens. The “Temporary Assistance for needy Families” enables Illegal Aliens to use “Anchor Babies” to collect welfare for the entire family. This entitlement program was initiated by the U.S. Dept. of Health & Human Services. Hasn’t the United States become a strange country? If you enter other countries illegally you face harsh punishment and certain depor-tation. But if you enter the U.S. Illegally you receive a Drivers License, a chance to Vote, an SS Card, Food Stamps, Welfare, Free Education for children, free Health Care, Subsidized Housing, Anchor Babies, etc. All courtesy of the American Taxpayer. The irresponsible Illegal and Legal immigration policies both parties have pursued for decades are detrimental to the wallets of the AMERICAN MIDDLE CLASS!! If we spend more time taking care of our own taxpayers there would be fewer foreclosures. The United States really has become a strange country.” Nancy Peloisy said “To enforce immigration laws is unamerican” She also said we should have a V.A.T. Tax Value Added Tax, the VAT Tax will generate $7.7 Trillion Dollars in one decade, courtesy of the American Taxpayer. VOTE NO ON THE VAT TAX!!! Let’s charge one barrel of oil per month per Illegal, It’ll cost the American Taxpayer a lot less.
“POLITICS AND POLITICIANS”
“ A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and he carries his
banners openly. The traitor moves among those within the gates freely, his sly whispers rustling through the galleys, heard in the very hall of government itself. For the traitor appears not traitor – he speaks in the accent familiar to his victims, and he wears their face and their garments, and he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation – he works secretly and unknown in the night to undermine the pillars of a city – he infects the body politic so that it can no longer resist. A murderer is less to be feared.”
– “ CICERO, 42 B.C.” -
Quote from John F. Kennedy Jr. {Democratic era “1960”} “Do not ask what your country can do for you; ask what you can do for your country!”
Quote from Barrack Obama {Democratic era “2008”} “Do not ask what you can do for your country; ask what your country can do for you!”
Isn’t it interesting to notice how the “1960s” generation was mentally prepared to do something for their country, and the new millennium generation is being mentally prepared to let their country do something for them. This information is all found on-line. Happy House Hunting.
Chief Justice Stuart Rabner should target these six lenders. They need to be held accountable for their actions. I was a victim of mortgage fraud and both my son and I have been living out of trash bags and our cars since Chase took our home of 20 yrs. When the state contacted Chase on my behalf, Chase could not find the mortgage. I believe there is going to be close to another 250,000 thousand homeless people in New Jersey that is going to be added to the Homeless List. And the sad part is…no one cares and no one helps. I have learned how to survive and improvise by living out of the car. It’s much better after a snowstorm…cause you can pack food outside in the snow.