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No Evidence Of Wrongful Foreclosures

The investigation by The FED (or the real name is The Federal Reserve System, is the central banking system in U.S.) for wrong action seizure report was released yesterday. According to Ben Bernarke, the leaders institute, there is nothing wrong in the process of foreclosure. This is different to a statement from law enforcement agencies who say that many banks that have violated the foreclosure procedure.

Fed Report Finds No Wrongful Foreclosures By Banks Consumer Advocates Slam Methodology
The Fed reported its findings after studying the 500 loan files a month-long. Mary Tingerthal as the Fed Council’s vice chair appealed to people not only see the “headline” of results report. Because the most important is the result of investigation which states that banks are not violated procedure. In addition, the investigation is based on the discovery that none of the homeowners feel foreclosure is done wrong.

The Fed’s report on foreclosure procedures
According to The FED, the fault lies not in foreclosure procedures, but there is on the internal procedure. Moreover, The FED also found that there are still banks that use Microsoft DOS as an OS, yet it is already outdated. Therefore, the FED has submitted to the banks to fix the issue. About the number of foreclosures that occurred, The FED said if it turns out a lot of customers who borrow exceeds the value of the goods pledged.

It seems that this problem will still continue, this is due to customer advocates feel bad methodology undertaken by the banks. So the FED needs to do further investigation so that they can immediately fix the problems faced by both parties. It is clear there is no need for the aggrieved party.

Short URL: http://www.usnews9.com/?p=6246

Posted by on Mar 11 2011. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
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