Report: Foreclosure mess could threaten banks

[The Straight Story]

Report: Foreclosure mess could threaten banks


WASHINGTON (AP) -- A new report from a congressional watchdog said the disarray stemming from flawed foreclosure documents could threaten major banks with billions of dollars in losses, deepen the disruption in the housing market and hurt the government's effort to keep people in their homes.

Revelations that several big mortgage companies sped through thousands of home foreclosures without properly checking paperwork lready has raised alarm in Washington.

If the irregularities turn out to be more widespread, the consequences could be severe, the Congressional Oversight Panel aid in a report issued Tuesday. The full impact is still unclear, the report cautions.

Firms that service a total $6.4 trillion in mortgages are involved, according to the new report.

http://www.news10.net/news/national/story.aspx?storyid=106337&catid=5

Bank Bailout part deux coming soon to a congress near you...

[sarcasmo]

1. Raise Social Security to 80 and give the banks more money, USA, USA.

Don't worry no one will protest, Idol has new judges.

[Bonhomme Richard]

2. Here we go again with the "to big to fail" meme.

Start planting the propaganda that we are all going to be hurt if the government doesn't forgive these guys. This is the beginning of their justification to allow all the bad paperwork to be swept under the rug. Screw the law and screw contractual obligations if the thieves on wall street might lose a little money.

[hobbit709]

3. I want the banks to feel the same pain that they put people through.

Until then.:nopity: :nopity: :nopity: :nopity:

[Vincardog]

4. GAWD forbid that the banksters should feel any of the pain and MISERY they have inflicted on US

Where are all those 'PERSONAL RESPONSIBILITY' advocates NOW?