foreclosures for not wanting to reveal the fact that those loans themself were either illegally sold to fannie and freddie and rated aaa and sold to pension funds when they were you the letterly toxic what is the motivation from the banking sector to want to bypass the natural court proceedings that would force a mortgage holder to prove they owned the property in order to foreclose on it? i don t want to jump the gun on who has done what. that is the purpose of an investigation but it does seem that several institutions have acknowledged, gmac, bank of america, jpmorgan chase, that they did, in fact, file fraudulent affidavits in many cases. they almost certainly did it to cut their costs and to make it cheaper, but the bottom line we have processes in the country when you can go to court and take someone s property away and these financial institutions have to play by the same rules and everyone else and have to be held to account in the same way. if they haven t take than seriousl
are, in fact, hoping that mortgage servicing industry will be pressured into rewriting large numbers of troubled loans. bank of america, the nation s largest bank, is the first big name to shut down foreclosures in all 50 states but they re one of five that takes such action. gmac, j.p. morgan chase, litten loan servicing have stopped some of their foreclosures across nearly half the country. it doesn t mean these homes shouldn t have faced foreclosure but the paperwork might not have been done in order. these companies are accused of using what s called robo signers, bank employees who sign paperwork that said yes, i ve reviewed what s in here and it s true but they ve never even opened the file. so some employees allegedly were signing thousands of documents a month without seeing those files. democrat leaders are trying to impose a freeze on foreclosures, something that would have a huge impact on tens of thousands of homeowners and on the already fragile housing market and
and, go to celebrex.com to learn more about how you can move toward relief. celebrex. for a body in motion. breaking news on fox from gmac the financing arm of general motors, but everything is now broken up there, they offer mortgages and the announcement came that they plan to review officials in all 50 states across the nation. this from the reporting moments ago of the wall street journal. that is owned by the parent company of this network. last week, bank of america suspended foreclosures in all 50 states in response to mounting pressure over the accuracy of the disclosure documents. they found some were autosigned or thousands signed by the same person. and in addition, there were questions of the way the mortgages were filled out. gmac will review all foreclosures in all 50 states.
housing market has not hit bottom, homeowners are facing another serious blow. just moments ago, the white house said it will report efforts to get to the bottom of a new foreclosure crisis. 40 states could announce a major investigation into the way big banks handle foreclosures. nbc peter alexander explains. reporter: in neighborhood after neighborhood the numbers are staggering. nearly one in seven borrowers nationwide is behind on their mortgage or in foreclosure. but now investigators are questioning the paperwork by big banks behind many of those foreclosures. already both jpmorgan chase and gmac has suspension of foreclosure evictions. bank of america halted foreclosures in all 50 states. for the moment, the move may give struggling homeowners like single mom, judy smith, in florida, a break. i have two daughters who are also in limbo.
crept up and we haven t heard much from him since he left office. he has a new book comie ining o a month or so. democrats have made such a big issue about trying to make the midterms about the past bush administration, try to envoek bush s name as much possible. we ve heard president obama talk about how he was trying to fix it. given these number, maybe using bush isn t such a good idea. thank you very much. we re going to see you tonight at 10:00 p.m. eastern. we booked you for the whole evening. coming up, bank of america now halting foreclosures on homes across the country. earlier, jpmorgan chase and gmac froze foreclosures in several states. so, what do you think of a national moritorium? we ll tell you what the white house has to say.