The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale.
"Robosigning" allegations are mounting and Sen. Chris Dodd said he will hold a hearing on foreclosure practices November 16. State attorney generals are also investigating and initiating or contemplating fraud suits. Here's more on the prevalence of robo-signing.
Bloomberg has an interesting column describing how even a man who had no mortgage had his home foreclosed on due to the robo-signing.
"We started instructing people to pull their documents from the clerk of the court," says Anne Batte, who runs a foreclosure-assistance group in Georgia called Operation Restoration. "And the more we instructed, the more we saw. Nearly every document I have seen has been improperly signed."
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The Sheriff of Cook County (Chicago) today announced his office will no longer evict people from homes under foreclosure.
many people his office has helped throw out on the street are renters who did nothing wrong.
“We will no longer be a party to something that's so unjust,” a visibly angry Cook County Sheriff Tom Dart said at a news conference.
“We have to be sure that when we are doing this – and we are destroying some people's lives – we better be darned sure we're talking about the right people,” Dart said.
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