Recent Foreclosure Settlements Let Banks Off the Hook, Warns WT Lee & Associates

PHILADELPHIA, PA, June 05, 2013 (Press-News.org) Ever since the housing crisis began in 2007, homeowners and regulators alike have expressed their desire to see big lenders brought to justice, made accountable for their foreclosure abuses--but according to the legal team of WT Lee & Associates, justice is yet to be served. A recent ThinkProgress report affirms that, earlier this year, a settlement between federal regulators and big banking enterprises was reached. In a new statement to the press, however, WT Lee & Associates warns that the settlement is far from sufficient.

According to ThinkProgress, the recent settlement effectively short-circuits an earlier foreclosure review process, and offers homeowners a total of $9.3 billion in settlement. This money is meant to provide aid to homeowners who are on the brink of losing their homes, or who have already been forced into foreclosure--but ThinkProgress points to a recent New York Times piece, which notes that the actual amount homeowners will receive is far less than the proposed $9.3 billion amount.

ThinkProgress also makes note of the efforts of Representative Maxine Waters (D-CA), who has launched a new investigation to uncover why regulators opted for this new settlement instead of following through on their initial investigation into foreclosure abuses.

WT Lee & Associates, meanwhile, is a law firm that works with homeowners to avert foreclosure; in its new press statement, the firm also notes its support of Rep. Waters. "It seems the more things change, the more they stay the same," says the firm's press statement. "Our office is working with the Congresswoman by providing copies of Independent Foreclosure Review (IFR) applications we filed on behalf of our clients, some with over 100 pages of documentation detailing the process clients who attempted or continue to attempt to navigate what is advertised as a simple modification application. process. As of today, there are over 50 pages of documents that need to be provided, and over 200 pages of program guidelines homeowners need to know in order to attempt a modification on their own. Despite consent agreements that proclaim the banks have engaged in 'wrongful foreclosure practices,' homeowners continue to face significant problems as they seek to avoid financial disaster and to stay in their homes."

WT Lee & Associates is a firm zealous for helping homeowners avert financial disaster while remaining in their homes; the legal team offers services in foreclosure litigation as well as in loan modification, bankruptcy representation, and more.

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WT Lee & Associates is a law firm that strives to help homeowners remain in their homes, even during periods of financial crisis. The firm offers a number of foreclosure prevention services, including guidance through the loan modification process. Additionally, WT Lee & Associates provides services in real estate litigation, in bankruptcy law, and in upholding the rights extended through the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. Ultimately, the firm's passion is for working to help homeowners and their families find the best way forward out of economic uncertainty, and toward reaching all of their financial dreams.