http://finance.yahoo.com/news/APNewsBreak-BofA-delays-apf-3343207402.html?x=0&sec=topStories&pos=main&asset=&ccode=
And so, now Bank of America stops their foreclosure is 23 states.
And it's commonly know that MER was standard practice.
So all those millions of foreclosures are now null and void.
Whether your in foreclosure or not if you have bought a house or refinanced your house your Title to, is now involved, unless it's mortgage free.
This has nothing to do with whether you can make the payments or not.
It has to do with the bank you pay your payments to, they don't own your title to the property. They sold it in a CDO and millions of pensions cet... around the world bought them. So the bank doesn't legally own it and what you don't own ,you can't take. It's against the law and punishable by imprisonment.
Freddie and Frannie are also part of this. The government has guaranteed their loans and now the banks are going to be forced to take them back.
The FED is filled to capacity with this very same problem.
A lawyer for the homeowner in the case, James O'Connor of Fitchburg, Mass., said such problems are rampant throughout the industry.
"We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose," O'Connor said.
The disclosure comes two days after JPMorgan said it would temporarily stop foreclosing on more than 50,000 homes so it could review documents that might contain errors. Last week, GMAC halted certain evictions and sales of foreclosed homes in 23 states to review those cases after finding procedural errors in some foreclosure affidavits.
Consumer advocates say the problems are widespread across the lending industry.
"The general level of sloppiness is pervasive around the industry," said Diane Thompson, counsel at the National Consumer Law Center.
