Wednesday, October 13, 2010

And New York State Orders Stops on Foreclosures ...

(the link from Karl Denninger's Market Ticker)

Mortgage Servicers Must Suspend Foreclosures In NY, State Says
(Steven Meyerowitz, 10/13/2010 Financial Fraud Law)

"The N.Y. State Banking Department has suspended home foreclosure actions by mortgage loan servicers, requiring that they conduct internal reviews of their foreclosure practices.

"The servicers were also asked to respond to the Banking Department on the following issues: the steps the servicer is taking or has taken to review the foreclosure process in New York; the results of the review, including a description of the process for verifying affidavits; the corrective action, if any, the servicer has taken or intends to take in response to the review; the measures taken to ensure that affidavits filed in New York foreclosure actions are executed in compliance with New York law; and the status of pending foreclosure actions in New York and measures taken to suspend such actions pending review.

"The N.Y. Banking Department joins 47 state attorneys general and 37 banking and mortgage regulators as part of a multi-state group that is investigating the foreclosure practices of mortgages servicers throughout the country."

Obama sending Axelrod on Sunday to discourage the foreclosure moratorium and downplay the so-called Foreclosuregate as merely a minor technical glitch that they hope will swiftly resolved was surely effective (in letting citizens know which side the White House is on, not that it was any surprise).


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