
Breaking News - The national foreclosure crisis may leave the banking industry exposed to federal law enforcement officials who are investigating possible criminal violations according to a news report by the Washington Post.
In a news alert from today's Post, the feds are examining whether financial firms may have broken the law when they filed improper foreclosure documents with courts.
Following the recent discovery of document irregularities at J.P. Morgan Chase, Bank of America, Ally Financial/GMAC and Wells Fargo, many politicians and lawmakers have been calling for a national halt to foreclosures until banking industry compliance can be confirmed.
Meanwhile, up to 40 state attorneys general announced last week a broad probe into mortgage servicing practices hoping to pressure the industry into rewriting large numbers of troubled loans and to bring their conduct into compliance with state laws.
The latest news that federal officials may be launching a criminal investigation will, most likely, put even more pressure on the banking industry which is being rocked by this "robo-signing" foreclosure crisis.
In other related news, Bank of America today announced that it would be resuming foreclosures in some states. This announcement comes only about 10 days after it announced a national moratorium on foreclosure actions in all 50 states.
With the increased numbers of foreclosures taking place nationally, Phillips & Garcia is a leading firm in the fight against wrongful foreclosure lockouts and trash outs. If you've been the victim of a home lockout or trash out before a foreclosure sale, you may have important legal rights. Order our FREE book today.
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