June 10, 2011 (Press-News.org) During the financial turmoil of the past several years, no issue has troubled American families more than the possibility of losing their homes. Many have turned to debt relief attorneys for advice about how to stop foreclosure by pursuing a loan modification, short sale or other strategy.
One important related issue -- wrongful foreclosures -- received little attention until late last year. Suddenly, cases from around the country began to reveal that employees of lenders and loan servicers were signing legal documents that attested to personal knowledge of a mortgage file despite the fact that they had never reviewed the details of the paperwork. In addition to this so-called "robo-signing," some servicers who had initiated foreclosure proceedings on mortgages purchased from the original lender were unable to provide documents that even proved a borrower's responsibility for the debt.
In April, federal regulators from the Federal Reserve, Office of the Comptroller of the Currency, and Office of Thrift Supervision ordered banks and mortgage servicers to identify borrowers who lost their homes in a wrongful foreclosure and provide appropriate compensation. The action is part of an agreement between the federal government and major banks such as Bank of America, Citibank, HSBC, JPMorgan Chase, U.S. Bank, Wells Fargo, SunTrust Bank, US Bancorp and Ally Financial, as well as many large loan service providers.
Some commentators lament the lack of any mention of penalties for financial firms that proceeded with such a drastic remedy despite the lack of proper documentation. One foreclosure attorney characterized the measure as declaring banks to be "too big to punish." However, mortgage industry observers are closely watching a separate inquiry into mortgage servicing abuses involving the attorneys general of all 50 states, as well as the U.S. Justice Department, the Federal Trade Commission, the Department of Housing and Urban Development, and U.S. Treasury officials.
An Arizona Debt Relief Attorney Can Help Clients Defend Their Legal Rights
The unethical and potentially illegal actions of banks and mortgage servicers that pursue wrongful foreclosures underscore the importance of working with a debt relief attorney as soon as financial troubles emerge. A lawyer who also handles consumer bankruptcy cases can help you understand your full range of options, including lien stripping via Chapter 13 bankruptcy, the automatic stay under Chapter 7 bankruptcy and other strategies to avoid losing your home.
Article provided by Clark Law Offices
Visit us at www.clarklawaz.com
Feds Crack Down on Wrongful Foreclosures by Banks and Mortgage Firms
Federal regulators recently ordered banks and mortgage servicers to identify borrowers who lost their homes in a wrongful foreclosure and provide appropriate compensation.
2011-06-10
ELSE PRESS RELEASES FROM THIS DATE:
Integrating agriculture and forestry in the landscape is key to REDD
2011-06-10
Bonn 8 June Evidence from benchmark sites across the tropics is proving that an integrated, multifunctional approach that allows for land-use sharing in agriculture, forests and other functions can achieve good results in reducing greenhouse gas emissions and raising food production levels. It provides more realistic solutions than the popular view on sparing land for forests through agricultural intensification.
Agricultural intensification, also known as the Borlaug hypothesis, means increasing yields per unit area of land regardless of the emissions caused, expecting ...
Simple test could hold key to early diagnosis of cancers
2011-06-10
Cancers of the gut, stomach and pancreas could be detected much sooner with a simple urine test, research suggests.
Researchers at the University of Edinburgh have identified key proteins in the urine of patients with advanced cancers.
The findings could help the detection of these cancers in people who have not yet started to show symptoms of the disease.
This would enable patients to be diagnosed much earlier, leading to improved survival rates.
Only around 10 per cent of patients with these cancers – known as cancers of the upper gastrointestinal tract – are ...
New parallelization technique boosts our ability to model biological systems
2011-06-10
Researchers at North Carolina State University have developed a new technique for using multi-core chips more efficiently, significantly enhancing a computer's ability to build computer models of biological systems. The technique improved the efficiency of algorithms used to build models of biological systems more than seven-fold, creating more realistic models that can account for uncertainty and biological variation. This could impact research areas ranging from drug development to the engineering of biofuels.
Computer models of biological systems have many uses, from ...
Brain imaging study of preschoolers with ADHD detects brain differences linked to symptoms
2011-06-10
(Baltimore, MD) – In a study published today in the Clinical Neuropsychologist (e-publication ahead of print), researchers from the Kennedy Krieger Institute found differences in the brain development of preschool children with symptoms of Attention-deficit/Hyperactivity Disorder (ADHD). Results showed the region of the brain important for cognitive and motor control was smaller in these children than in typically developing children. Novel for its use of neuroimaging in very young, preschool age children with early symptoms of ADHD, this study's examination of brain differences ...
Federal Tax Evasion Investigation Targets Kabbalah Centre in Los Angeles
2011-06-10
The Kabbalah Centre, a Los-Angeles based, not-for-profit spiritual organization that studies Jewish mysticism, is under investigation for federal tax evasion by the Criminal Investigation Division (CID) of the Internal Revenue Service. The IRS' investigation comes on the heels of a couple lawsuits accusing the Kabbalah Centre of committing financial fraud.
The Kabbalah Centre, well-known for its A-list celebrity adherents and supporters, including Madonna, has been led by the Berg family for the past 40 years. A story in the Los Angeles Times noted that, while applying ...
Is Professionalism Lacking In Professional Sports?
2011-06-10
Whether it is a deterioration of civility in the culture of sports, or even a reflection of society at large, in recent years there have been a number of high-profile confrontations between players and fans, and fights between fans. These clashes have resulted in a rash of sports fan injuries.
In 2004, Frank Francisco, then a member of the Texas Rangers baseball team, reacted to a disturbance in the Rangers bullpen between a player and a fan by throwing a folding chair into the stands. The chair struck the wife of the Oakland A's fan, breaking her nose. An investigation ...
B vitamins in mother's diet reduce colorectal cancer risk in offspring
2011-06-10
BOSTON (June 9, 2011) − Mice born to mothers who are fed a diet supplemented with B vitamins are less likely to develop intestinal tumors, report scientists at the Jean Mayer USDA Human Nutrition Research Center on Aging (USDA HNRCA) at Tufts University.
Previous research in humans and mice suggests that B vitamins, particularly folate, play a role in the prevention of colorectal cancer. Using a mouse model of naturally occurring colorectal cancer, the USDA HNRCA scientists examined whether a mothers' B vitamin intake impacts her offspring's cancer risk. Mothers ...
Controlling starch in sugar factories
2011-06-10
This release is available in Spanish.
Factory trials conducted by U.S. Department of Agriculture (USDA) scientists have led to recommendations for controlling or preventing starch buildup in processed raw sugars and products made with those sugars. The study was led by chemist Gillian Eggleston with the Agricultural Research Service (ARS) Commodity Utilization Research Unit in New Orleans, La. ARS is USDA's chief intramural scientific research agency.
Eggleston has been studying sugarcane that comes into factories containing too much field leafy residue called trash. ...
Molton Brown Launches Re-Charge Black Pepper Antiperspirant Stick
2011-06-10
Molton Brown has announced the launch of the new re-charge black pepper antiperspirant stick, a welcome addition to the brand's most popular men's collection.
Madagascan black pepper mixed with the fusion of essential oils - ranging from Egyptian Basil and Haitian Vetiver to Russian Coriander, Italian Bergamot and Lemon - creates the distinctive warm and richly spiced aroma.
Specially designed to guarantee long-lasting protection, eliminating both odours and moisture, the men's deodorant ensures all day freshness. The added andriboa oil extract, a rare ingredient ...
Expert: Ruling in private pension case could have implications for retirees
2011-06-10
CHAMPAIGN, Ill. – A recent U.S. Supreme Court decision could have a great deal of significance for employees and retirees with a private pension plan, a University of Illinois elder law expert says.
According to law professor Richard L. Kaplan, an expert on taxation and retirement issues, the high court's ruling in Cigna Corp. v. Amara paves the way for monetary damages when companies misrepresent changes they make to employee pension plans.
"The ruling says that when an employer changes its retirement plan, an employee who has been harmed can ask a court to enforce ...
LAST 30 PRESS RELEASES:
Intelligent fight: AI enhances cervical cancer detection
Breakthrough study reveals the secrets behind cordierite’s anomalous thermal expansion
Patient-reported influence of sociopolitical issues on post-Dobbs vasectomy decisions
Radon exposure and gestational diabetes
EMBARGOED UNTIL 1600 GMT, FRIDAY 10 JANUARY 2025: Northumbria space physicist honoured by Royal Astronomical Society
Medicare rules may reduce prescription steering
Red light linked to lowered risk of blood clots
Menarini Group and Insilico Medicine enter a second exclusive global license agreement for an AI discovered preclinical asset targeting high unmet needs in oncology
Climate fee on food could effectively cut greenhouse gas emissions in agriculture while ensuring a social balance
Harnessing microwave flow reaction to convert biomass into useful sugars
Unveiling the secrets of bone strength: the role of biglycan and decorin
Revealing the “true colors” of a single-atom layer of metal alloys
New data on atmosphere from Earth to the edge of space
Self-destructing vaccine offers enhanced protection against tuberculosis in monkeys
Feeding your good gut bacteria through fiber in diet may boost body against infections
Sustainable building components create a good indoor climate
High levels of disordered eating among young people linked to brain differences
Hydrogen peroxide and the mystery of fruit ripening: ‘Signal messengers’ in plants
T cells’ capability to fully prevent acute viral infections opens new avenues for vaccine development
Study suggests that magma composition drives volcanic tremor
Sea surface temperatures and deeper water temperatures reached a new record high in 2024
Connecting through culture: Understanding its relevance in intercultural lingua franca communication
Men more than three times as likely to die from a brain injury, new US study shows
Tongue cancer organoids reveal secrets of chemotherapy resistance
Applications, limitations, and prospects of different muscle atrophy models in sarcopenia and cachexia research
FIFAWC: A dataset with detailed annotation and rich semantics for group activity recognition
Transfer learning-enhanced physics-informed neural network (TLE-PINN): A breakthrough in melt pool prediction for laser melting
Holistic integrative medicine declaration
Hidden transport pathways in graphene confirmed, paving the way for next-generation device innovation
New Neurology® Open Access journal announced
[Press-News.org] Feds Crack Down on Wrongful Foreclosures by Banks and Mortgage FirmsFederal regulators recently ordered banks and mortgage servicers to identify borrowers who lost their homes in a wrongful foreclosure and provide appropriate compensation.