Definition of Wrongful Foreclosure
“Repossessions of borrowers’ homes who were not significantly behind on their payments.”
Based on that definition — the homeowners were already in default — the Fed found the foreclosures to be justified, members said.
OF COURSE THEY ARE IN DEFAULT. THE QUESTION THAT NEEDS TO BE ADDRESSED IS WHY!
Forced Placed Insurance
Loan Mod Lies
Told to Stop Paying
I can go on and on. These are well documented issues.
And do you know how many loan files the fed examined for this report?
WASHINGTON, D.C. — A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed’s Consumer Advisory Council said Thursday.
During a public meeting attended by Fed chairman Ben Bernanke and other regulators, consumer advocates on the panel criticized federal bank regulators for narrowly defining what constitutes a “wrongful foreclosure.” At least one member of the panel voiced concerns that the public would not take the Fed’s findings of improper practices seriously, since the wide-ranging review did not find a single homeowner who was wrongfully foreclosed upon.
The Fed’s findings seem to support claims from the banking industry, which has admitted to sloppy practices but has maintained that the homeowners whose homes have been repossessed were substantially behind on their payments. The Fed’s report has not been released to the public.
If you have the stomach for it, you can check out the rest here…
If I can get my hands on the report I will put it up…
How can the fed produce a report like this when JP Morgan just admitted they were wrongfully foreclosing on Military Families? They even had CONgressional hearings on the WRONGFUL FORECLOSURES? And yes, these “DEADBEAT” Military families were “significantly behind on their payments.”
From the WSJ
NEW YORK—J.P. Morgan Chase & Co. admitted that it wrongly foreclosed on 14 active-service military families and overcharged thousands more on their mortgages, a continuing internal bank review has found.
So, if the banks didn’t give a s*** about military members with multiple protections from foreclosures, let alone “wrongful foreclosures” how do you think they fair against the “civilian population.”
This is just completely OUTRAGEOUS!
They are just trying to convince the public that everyone facing foreclosure is DEADBEAT.
So just remember, all you peasants out there, there are no rules for the elite and there is nothing you can do about it.