Attorneys General from up to 40 states (I bet all 50 join the effort before too long) have announced that they will seek a joint investigation into banks which may be using “flawed” paperwork during the foreclosure process.
As one of those people who lost his home because of one of those “flaws” I welcome the investigation. Of course, our house was sold at auction on the courthouse steps almost one week ago, so it’s too late for us, but maybe something can be done before too many other people lose their homes the same way.
A furor has been growing as evidence has surfaced that mortgage lenders have been using flawed court papers to evict homeowners. That’s led state and federal officials to ramp up pressure on the mortgage industry.
The White House doubts all foreclosures need to be halted, and it seems some people just don’t have a clue about the situation.
The No. 2 House Republican, Rep. Eric Cantor of Virginia, said a national moratorium would remove the protections that lenders need.
“You’re going to shut down the housing industry” with a national stoppage, Cantor said. “People have to take responsibility for themselves.”
While I usually don’t agree with Democrats on many issues, this is one of the main reasons I am not a registered Republican either.
People have to take responsibility for themselves? Really? What about those people who took responsibility for themselves? What about those people who made their house payments, one time, every time, and still lost their homes because of “flawed” paperwork? What about the mortgage companies? Shouldn’t they need to take responsibility for the cases that apparently fell through the cracks?
I welcome the joint investigation, whether or not it ties up the entire housing market for the next year. Someone, other than the homeowner who actually made their payments, needs to take responsibility and be held accountable for their “flawed” actions.