Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Regulator balks at California foreclosure fixes
Source: Reuters
Regulator balks at California foreclosure fixes
WASHINGTON | Tue May 15, 2012 4:52pm EDT
(Reuters) - The housing regulator for mortgage-giants Fannie Mae and Freddie Mac on Tuesday said laws under consideration in California to halt illegal foreclosures could restrict mortgage credit and hamper necessary home seizures.
In a letter to California legislators, the Federal Housing Finance Agency disclosed concerns with a measure to increase civil penalties for so-called "robosigning" of mortgage documents and a proposal that attempts to protect delinquent borrowers from losing their homes.
The term robosigning describes the practice of bank workers signing off on foreclosure documents en masse without verifying information in the paperwork.
The regulator said the proposed legislation in California would loosely define robosigning in a way that may include any incomplete mortgage document.
[font size=1]-snip-[/font]
WASHINGTON | Tue May 15, 2012 4:52pm EDT
(Reuters) - The housing regulator for mortgage-giants Fannie Mae and Freddie Mac on Tuesday said laws under consideration in California to halt illegal foreclosures could restrict mortgage credit and hamper necessary home seizures.
In a letter to California legislators, the Federal Housing Finance Agency disclosed concerns with a measure to increase civil penalties for so-called "robosigning" of mortgage documents and a proposal that attempts to protect delinquent borrowers from losing their homes.
The term robosigning describes the practice of bank workers signing off on foreclosure documents en masse without verifying information in the paperwork.
The regulator said the proposed legislation in California would loosely define robosigning in a way that may include any incomplete mortgage document.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2012/05/15/us-usa-housing-idUSBRE84E1DX20120515
2 replies
= new reply since forum marked as read
= new reply since forum marked as read
The focus should be on criminal activity. 
Last time I checked, committing perjury was a fast track to taking the perp walk.
