I have been getting reports from across the country that the Banks are lobbying for legislation, written by the Banks, to prevent states from bringing civil or criminal actions against banks and servicers bringing wrongful foreclosures. In short, they want to reverse the consent orders and settlements in which they promised to “review” and make sure that the right party was initiating foreclosure and was alleging true facts. All that might be undone if the Banks succeed in this new legislative push.
As pointed out by the article in the above link, the Nevada legislation is disguised as a carrot for homeowners allowing banks to give approval for new loans and refinancing. THAT part of it is obviously subject to whatever underwriting policies are used by the banks — so it is an empty promise.
Check the legislative agenda in your state and see what the banks are doing…
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