Foreclosure Crisis Solutions Addressed at the Senate's Banking Committee Hearing

At November 16, 2010 Senate's Banking Committee hearing lawmakers asked experts for foreclosure crisis solutions. There were three experts in the law which consisted of a state attorney general, a legal services attorney, and a law professor all agreed on this about the mortgage service industry: The problems aren't just technical, and they aren't just with robosigning.(http://banking.sentate.gov/public index.cfm?FuseAction)
Diane Thompson, a legal services attorney with the National Consumer Law Center, told the panel that errors in foreclosures are "a widespread problem throughout the country." She estimated that, in the cases she's seen, about half of the defaults were caused by fees that banks themselves stacked on struggling homeowners.  A small percentage, she estimated, were cases in which homeowners were not in default at all. We've tracked the problems with banks servicing of mortgage loans, both in the foreclosure process and in the loan-modification process. Banks-confronted with employee depositions that show proper processing procedures were not followed - have said that they believe no wrongful foreclosures have occurred because regardless of the procedural errors, the underlying facts in the documents were accurate.  Some have stated in calls with investors that they hope for a quick resolution to the controversy and are refiling the questionable documents. Read more on what the Senate Committee lawmakers asked the three experts about the best possible solutions to the problems as posted in http://www.propublica.org/blog/item/at-hearing

For a free loan modification consultation go to http://www.jdssaysyes.com/