The Good News: Big Banks Told Not to ‘Fix’ a Fraud
One of Roy Oppenheim’s favorite articles this weekend is from the Wall Street Journal by Robbie Whelan; it’s about Ohio’s attorney general pressing banks to modify mortgage loans versus ‘fixing’ false and sloppy paperwork. Attorney General Richard Cordray could not have said it better:
“The banks are committing fraud on the court, essentially perjury, and then saying ‘Whoops! You caught me! Here’s some different evidence and use that instead,’ ” Mr. Cordray said in an interview Friday. “I know a lot of judges are not going to take kindly to that.”
The Interesting News: Bank of America Letter to NYT Editor
BofA steps up to the plate with the NYT, but what does this really mean?
We don’t claim perfection and will address mistakes quickly when they arise, but Bank of America is doing all we can to keep people in their homes, or ensure a fair, consistent process if that is not possible said Barbara J. Desoer President of Bank of America Loan in a Letter to the Editor in The New York Times.
Florida News: South Florida Foreclosure Rate One of Highest
In the third quarter of 2010, South Florida led the nation with the highest number of foreclosure filings among large metropolitan areas, with more than 59,064 homes in distress. That’s a 24 percent increase from the previous quarter, and a 9 percent jump from the same period in 2009. Led by a large increase in bank repossessions, the region’s foreclosure rate ranked 7th nationwide, with one out of every 41 homes in some stage of foreclosure.