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Tuesday, October 19, 2010

Banks unlikely to quell foreclosure-document mess

-- Attorneys general in all 50 states are jointly investigating whether lenders violated state laws.-- Lawyers for evicted homeowners are preparing lawsuits against major lenders
.-- State judges have signaled they will review the banks' foreclosure documents with skepticism.
-- Lawmakers on Capitol Hill plan to hold hearings.
The document crisis, in other words, appears far from over.
This is some of the latest news
Meanwhile, a federal law enforcement official says the FBI is in the initial stages of trying to determine whether the financial industry may have broken criminal laws in the mortgage foreclosure crisis.
The law enforcement official says the question is whether some in the industry were acting with criminal intent or were simply overwhelmed by events in the wake of the housing market's collapse. The official spoke on condition of anonymity because the investigation is just getting under way.
Hundreds of judges around the country have the authority to penalize bank officials who violate their procedural rules. They could also force thousands of foreclosure cases to go to full trials rather than issue a quick ruling.
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