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Monday, October 18, 2010

Why Are Many Banks Haulting Foreclosures?

I read on the internet that A Lawyer had discovered GMAC using "robo-signers" in essense someone was signing the approval of thousands of foreclosures. The "robo-signer's" signature is stating he/she validates the documents as reviewed to be correct and in order. But this has not been the case the "robo-signer" has signed thousands of foreclosure documents without even knowing the individual cases. This is appalling. Families are displaced, uprooted and broken up with absolutely no consideration from the banking institutions. Thankfully one Lawyer was able to take note and stand up. A little too late for thousands of homeowners but not too late for thousands more.
I continue to be amazed at how those with the money are so careless when it comes to families. Really? For convenience and savings thousands of families have lost their homes and no one is going to fix that for them? This is un acceptable, what can be done to help those families now? Thousands of families are now paying rent to investors and making the rich richer. This is not boosting our economy, to the contrary. It is creating a nation of distrust in our government who is not moving fast enough to save the people it works for. Our government who continues to give our money away to these corporate giant without setting clear defined guidelines to assure the public is the priority and not cost cutting to get these giants on top. Does the public really need the giant banking institutions? I have always preferred the smaller local community banks and credit unions. Sure they were a bit tighter on rules. But the power was pretty well equally matched. These smaller institutions understood they need the consumers as much as the consumers need them.
And as usual I am still waiting for a response from Bank Of America. I call Andre my HUD Counselor at least once a week or I email him for an update. Since Andre requested that I call him as opposed to the Bank directly. I am happy to oblige and let Andre do the representation he is trained to do and I am so appreciative for.

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