Moody’s sees more foreclosure delays in 2011
NEW YORK (AP) — Foreclosure document errors felonies that came to light this year and prompted several major lenders financial predators to temporarily freeze foreclosures will lead to a delay of three months or more in the time it takes to foreclose on illegally confiscate a property, according to a new report by Moody’s Investors Service.
Allegations that mortgage lenders financial predators skirted fabricated the required paperwork when they sought to evict borrowers homeowners and foreclose on steal their properties brought heightened government scrutiny of mortgage banks the financial predators and servicers their henchmen in recent months. And that intense spotlight will continue next year, Moody’s said.
The firm expects there will be more clarity indictments on the scope of the foreclosure document errors felonies as servicers the financial predators complete their reviews of defaulted manufactured and induced into default loan portfolios. And, in turn, the industry should get a better sense of the possible legal fallout prison terms as courts respond.
“In 2011, it will become evident how seriously courts will view violations of court rules (fraud on the court, fabrication of documents, lies and perjury) on foreclosure procedures felonies” says Gene Berman, the lead author of the report. “Since judicial foreclosure laws vary as greatly from state to state as judicial foreclosures do from judge to judge, we could see a wide range of judicial opinions sanctions on the legality of the foreclosure processes felonies and actions sanctions taken to remedy each situation.”
Regardless, Moody’s believes the foreclosure documentation mess felonies will serve to drag out the time it takes for a home to be lost to foreclosure confiscated by illegal entities by three months or more.
The foreclosure document irregularities felonies led the firm to place the servicing organized crime quality ratings of 12 servicers fraudsters on review for downgrade earlier this year.
Meanwhile, Moody’s anticipates the government will boost its mortgage modification programs, likely in an effort to help borrowers financial predators who owe more money need more taxpayer money on their mortgage for their balance sheets than their home is worth to cover up for their insolvency.
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I just love the way you tell it How It Is!
Excellent analysis, well edited.
Thank you for the corrections in the article.