Obama will not ban home repossessions 'fraud'

[babsbunny]

Obama will not ban home repossessions 'fraud'

http://www.bbc.co.uk/news/business-11525545

The White House has ruled out a temporary ban on the repossession of homes, despite a growing row over alleged malpractice.

Some US banks have already imposed their own moratorium on foreclosures while they investigate possible legal flaws in the eviction process.

Amid claims that shoddy paperwork led to wrongful repossessions, calls have grown for a nationwide moratorium.

[stray cat]

1. People are now also homeless because they can't close on their home

[avaistheone1]

2. Shame, shame, shame!

[villager]

3. Well no -- his bosses won't let him.

n/t

[pnwmom]

4. That subject line's a complete misstatement of what's going on.

Home repossession fraud is already against the law. FRAUD is against the law. Obama doesn't need to "ban" fraud.

What Obama hasn't agreed to is a complete moratorium on ALL foreclosures, even for mortages that have nothing to do with MERS and banks that have had no evidence of fraudulent practices.

[tammywammy]

5. Thank you. +1 n/t

[dixiegrrrrl]

6. even for mortages that have nothing to do with MERS....

problem being is until each title is looked up, no one knows which homes are involved with MERS and fraudulent banks.
It IS reported that MERS managed to record over 60% of mortgages since 2003, and really kicked into gear since 2005.

[pnwmom]

7. The subject line is still untrue. Obama isn't refusing to ban mortage fraud.

He just doesn't see an immediate need to freeze ALL foreclosures.