Can someone please link me or explain what exactly is going on with the banks involved with this mortgage situation. I know Citi, BofA are heavily involved and it has something to do with regulators investigating their servicing practices.
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rumor has it certain branches got told from higher ups to for close on people who had legal right not to be foreclosed and your typical fuck up accounting standards
http://www.bloomberg.com/news/2010-10-15/stock-selloff-adds-to-mounting…
The scrutiny began last month when a memo showed Ally Financial Inc.’s GMAC Mortgage unit halted evictions in 23 states to review foreclosures. An employee said in sworn testimony that he and his team signed 10,000 affidavits and other documents each month without checking the accuracy of the files. Bank of America last week halted foreclosures in 50 states, and units of JPMorgan, Goldman Sachs Group Inc. and PNC Financial Services Group Inc. have said they’re reviewing some foreclosures.
lol reminds when analysts were pricing Lehman assets they just said random numbers bc it was all stacks of paper up to the ceiling XD
I'm on it, and I'm hoping to have a complete guide to Foreclosuregate in the next week. Keep an eye on JPM Chase and the "Burger King" crew. They're not getting a lot of press yet, but I expect that to blow up next.
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