Wednesday, October 20, 2010

Obama Team On Furor Over Foreclosures: 'Problem For The Banks and Servicers To Fix'

U.S. Housing and Urban Development Secretary Shaun Donovan said Wednesday that the Obama administration will attempt to protect homeowners and police the kind of paperwork fraud that led the nation's largest banks to temporarily halt foreclosures this month, but added that the administration had yet to find anything fundamentally flawed in how large banks securitized home loans or how they foreclosed on them.

"Where any homeowner has been defrauded or denied the basic protections or rights they have under law, we will take actions to make sure the banks make them whole, and their rights will be protected and defended," Donovan said at a Washington press briefing. "First and foremost, we are committed to accountability, so that everyone in the mortgage process -- banks, mortgage servicers and other institutions -- is following the law. If they have not followed the law, it's our responsibility to make sure they're held accountable."

http://www.huffingtonpost.com/2010/10/20/obama-foreclosures-donovan-whose-problem_n_770591.html

1 comment:

ElvisInTheMorning said...

There comes a time when someone needs to have some grapefruits in fixing this. Yah I know some people would not want government intervention but I am sure those people are not having the problem