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:
Post-LLM era: New horizons for AI with knowledge, collaboration, and co-evolution
“Sloshing” from celestial collisions solves mystery of how galactic clusters stay hot
Children poisoned by the synthetic opioid, fentanyl, has risen in the U.S. – eight years of national data shows
USC researchers observe mice may have a form of first aid
VUMC to develop AI technology for therapeutic antibody discovery
Unlocking the hidden proteome: The role of coding circular RNA in cancer
Advancing lung cancer treatment: Understanding the differences between LUAD and LUSC
Study reveals widening heart disease disparities in the US
The role of ubiquitination in cancer stem cell regulation
New insights into LSD1: a key regulator in disease pathogenesis
Vanderbilt lung transplant establishes new record
Revolutionizing cancer treatment: targeting EZH2 for a new era of precision medicine
Metasurface technology offers a compact way to generate multiphoton entanglement
Effort seeks to increase cancer-gene testing in primary care
Acoustofluidics-based method facilitates intracellular nanoparticle delivery
Sulfur bacteria team up to break down organic substances in the seabed
Stretching spider silk makes it stronger
Earth's orbital rhythms link timing of giant eruptions and climate change
Ammonia build-up kills liver cells but can be prevented using existing drug
New technical guidelines pave the way for widespread adoption of methane-reducing feed additives in dairy and livestock
Eradivir announces Phase 2 human challenge study of EV25 in healthy adults infected with influenza
New study finds that tooth size in Otaria byronia reflects historical shifts in population abundance
nTIDE March 2025 Jobs Report: Employment rate for people with disabilities holds steady at new plateau, despite February dip
Breakthrough cardiac regeneration research offers hope for the treatment of ischemic heart failure
Fluoride in drinking water is associated with impaired childhood cognition
New composite structure boosts polypropylene’s low-temperature toughness
While most Americans strongly support civics education in schools, partisan divide on DEI policies and free speech on college campuses remains
Revolutionizing surface science: Visualization of local dielectric properties of surfaces
LearningEMS: A new framework for electric vehicle energy management
Nearly half of popular tropical plant group related to birds-of-paradise and bananas are threatened with extinction
[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.