Foreclosure bill will shake America! by Barbora Misakova

Well, well – this is not going to be funny anymore. Making decisions between falling economy and impoverished citizens is not enviable. The bill, which would have made it more difficult for homeowners to challenge foreclosures, has been sent back to the House of Representatives for further discussion. Obama would like to know, how it would affect the foreclosure crisis – one of the most visible signs of the deep economic problems. As the White House communications director, Dan Pfeiffer said: “We believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages! , before this bill can be finalized.” Nevada, where are the highest foreclosure rates in the nation, is asking for the largest mortgage servicers to suspend foreclosures. According to And Towns, a New York Democrat, there should be started investigation of allegations of fraud and other criminal activity. For him there are some borrowers who don’t deserve decent and fair treatment. Ally Financal Inc’s GMAC Mortgage, together with JPMorgan Chase & Co and Bank of America announced they are suspending some of their foreclosures for checking if they have been conducted properly. Wells Fargo and Citigroup are “confident” in their foreclosure paperwork and they do not plan to halt foreclosures so far. Debate over foreclosure procedures comes just weeks before the November congressional elections, and for uninvolved people it can be pretty messy to understand who is actually playing with these cards. Whether it has anything to do with us or not, the p! lan to take over 1.2 million homes this year would shake by an! yone!
related story (sgx18358): http://news.yahoo.com/s/nm/20101007/pl_nm/us_usa_housing_whi...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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