Bank Of America Joins JPMorgan And Ally In Admitting It Never Validated Foreclosures Docs

http://www.zerohedge.com/article/bank-america-joins-jpmorgan-and-ally-admitting-it-never-validated-foreclosures-docs

Wells Fargo is not easing up on the foreclosure, it's actually speeding up.
Warren Buffet's way.

Which means Bank of America is about to halt its foreclosure process. Which leaves us with the last big mortgage lender: Wells Fargo, which is quietly doing the opposite. As American Banker reports, Wells is actually curtailing extensions on residential short sales, in a last ditch attempt to accelerate the foreclosure process before it also falls under the spotlight of fraudulent foreclosure disclosure. And Wells has more than everyone else combined, courtesy of its core market on the West Coast which, as it will soon be uncovered, has more mortgage fraud than any place in the known and unknown universe. As one reader wonders: "You think Wells is trying to hide more losses or are the banks switching to 100% bulk sale liquidations?" If indeed this is nothing than a last ditch attempt to dump as much as possible before the REO spigot is shut off, then shit is really about to hit the fan.

WSJ: Bank of America Suspends Foreclosures

http://online.wsj.com/article/SB10001424052748703859204575526491393115712.html?mod=WSJ_hpp_LEFTWhatsNewsCollection

Nancy Jean Connolly hit the nail right on the head when she described in layman's terms the con that the mortgage banks have been pulling right before our very eyes.
The Grand Illusion, so to speak
Making money hand over fist,3 separate ways and once again laughing all the way to the bank, while they do it.
Well You know what they say
He who laughs last, laughs best.
It's your turn to laugh
Make sure you take it.

2 hours ago..nancy jean connolly wrote:
.

the housing market will benefit from stopping the theft of house by unchecked banks. Chase has been buying homes from itself in unadvertised sales for $100 and flipping them for immediate six-figure profits, plus they used mtg insurance for the "loss" on the house from the family they tossed out. and then they sue for the 'deficiency' of fees, penalties and interest. they get the house to resell, the mortgage amount from the insurer and then they...sue.
A three-fer. Homeowners are fleeced three ways.
Delighted to see the states face down the scam. Shame on the impotent Geithner/Phyllis Caldwell team at Treasury who blandly praise their own efforts. The states see things clearly and once corrected, any defaults will be resolved.
The vultures paying half price for houses may be less smug when the prop tax bills do not support the schools, fore, police etc. they expect. Good luck with that.

APNewsBreak: BofA delays foreclosures in 23 states

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.