Bank of America questioned over mortgages by Zuzana Zelenakova

These days, mortgages in the US are one big mess. Both investors and White House mounts pressure over lenders and threatenes to hold them responsible for any illegally performed foreclosures. Recently, Bank of America halted all foreclosure activities in the States as hundreds of thousands borrowers are angered over questionable practices lenders used to claim people´s homes. Take for example 49-years-old Curtis Jones from Florida, seven years ago he took a mortgage with Countrywide Financial Group to buy his house. Now the company has initiated foreclosure process, however, according to the MERS (Mortgage Electronic Registration System) records his loan is currently ! owned by Fannie Mae. Thus Mr.Jones´s lawyers can argue the case is no longer valid. There are millions of people in the US who deal with the similar problem right now. Many hope that the mortgage chaos will shed more light on how banks treated homeowners since the recession and that their mortgages could be restructured in the process. According to the statement Bank of America issued foreclosures are to be halted until “our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.” President Obama´s spokesman Robert Gibbs stressed that bank face heavy fines and legal action if investigators confirm the suspicions. "As institutions are determining their next steps in addressing these issues, we remain committed to holding accountable an! y bank that has violated the law," he said. Meanwhile people r! emain wo rried they miht loose roofs above their heads any time. "You don't know where things are going to end up," said Walt McMurray from Loxahatchee, Florida. "I just keep worrying that someone will show up at the door to kick us out and change the locks."

related story (sgx18434): http://news.yahoo.com/s/nm/20101019/bs_nm/us_usa_foreclosure...

by Zuzana Zelenakova for Cantell TV (http://cantell.tv)

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