Officials call for voluntary halt to Md. foreclosures
Amid the brouhaha over "robo-signing" mortgage firms comes a call for a temporary halt to foreclosures in Maryland.
Congressman Elijah E. Cummings, Attorney General Douglas F. Gansler and Gov. Martin O'Malley sent a joint letter Monday to seven of Maryland's largest mortgage servicers to conduct a review of their legal process and to stop foreclosing in the meantime. The trio want the firms to ensure that they're following state law, particularly that staffers signing affidavits for foreclosure cases actually reviewed the information they're attesting is correct.
Several servicers have suspended foreclosure proceedings in 23 states -- the ones where foreclosure is treated as a full-blown court case -- as a result of reports about executives who individually signed thousands of documents a month.
Here's the full story, with comments from servicers -- who say the information in question is accurate -- and an attorney who says he's had clients foreclosed on in error.
Here's the letter that the Maryland officials sent to servicers.
And here's Cummings' weekend letter to O'Malley and Gansler, asking for a 60-day foreclosure moratorium. An O'Malley spokesman said Monday that the governor was investigating the possibility of such a ban.
Categories: The foreclosure mess
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Comments
Oh politicians.... you exist only to serve yourself.
Maybe they would shine my shoes for my vote?
Posted by: ironhide196 | October 5, 2010 10:44 AM
More idiocy. I can't wait till the elections toss these guys on their rears. Let’s stop all foreclosures for the 1-2 cases per 10,000 where the borrower was actually current on their mortgage. The vast majority of foreclosures are uncontested. Instead set up an office whereby those that are legit victims can bring their cancelled checks and the state can halt proceedings. Assign a nominal $1500 fee for hassling the homeowner unnecessarily.
This headline driven garbage is going to backfire on the reditribution of wealth folks. Some 93% of homeowners are current or dont owe anything against their home. They have no interest in helping anyone live at their expense and will show these politicians in November.
Posted by: elweedz | October 5, 2010 11:24 AM
Just another chapter in the tragic comedy known as the U.S. Housing Market, starring the protaganist housing consumer, evil-villian antagonist elected officials, and comic relief realtor
Posted by: Darwin Rules | October 5, 2010 11:48 AM