St Louis Finance: FBI Investigation Heats Up
This mortgage crisis has been a complete financial nightmare for banks and consumers. The problem is that this monetary snafu will not be going away any time soon.
Attorney generals in all 50 states are jointly investigating whether lenders violated state laws according to St Louis principal reduction experts.
These financial institutions are now facing litigation by lawyers representing these wrongfully evicted homeowners.
Lawmakers on Capitol Hill have been holding hearings on this situation while judges reviewing foreclosure documents are doing so with heavy skepticism aimed at the banks.
But this financial chaos may get even worse. Unnamed sources have told CNBC that the Federal Bureau of Investigation are in the early stages of determining whether these banks have committed criminal acts.
The overall question is did these banks who were lending and then foreclosing on these homeowners knowingly committing fraud or were they simply inept when this mortgage fiasco burst upon the scene. Many St Louis lending experts definitely have opinions of their own.
Hundreds of judges around the country have the authority to penalize bank officials who violated their procedural rules.
They could also force thousands of foreclosure cases to go to full trials rather than issue a quick ruling which will probably cost tax payers even more.
Many legal experts are already saying that most judges will not like the fact that banks filed erroneous foreclosure documents whether they were deliberate or by accident.
The consequences for these irresponsible banks may be quite serious.
Whatever the case, these lawsuits are predicted to go on for several years.
Attorneys are already jumping on the bandwagon as they see the huge windfall for monetary fees against these banks.
Most principal reduction program experts are now recommending that their lending clients who are facing foreclosure or have "underwater" house values take advantage of a FREE loan audit. This may help put a foreclosure stop in place and reduce the principal amount owed for your home or business.
Attorney generals in all 50 states are jointly investigating whether lenders violated state laws according to St Louis principal reduction experts.
These financial institutions are now facing litigation by lawyers representing these wrongfully evicted homeowners.
Lawmakers on Capitol Hill have been holding hearings on this situation while judges reviewing foreclosure documents are doing so with heavy skepticism aimed at the banks.
But this financial chaos may get even worse. Unnamed sources have told CNBC that the Federal Bureau of Investigation are in the early stages of determining whether these banks have committed criminal acts.
The overall question is did these banks who were lending and then foreclosing on these homeowners knowingly committing fraud or were they simply inept when this mortgage fiasco burst upon the scene. Many St Louis lending experts definitely have opinions of their own.
Hundreds of judges around the country have the authority to penalize bank officials who violated their procedural rules.
They could also force thousands of foreclosure cases to go to full trials rather than issue a quick ruling which will probably cost tax payers even more.
Many legal experts are already saying that most judges will not like the fact that banks filed erroneous foreclosure documents whether they were deliberate or by accident.
The consequences for these irresponsible banks may be quite serious.
Whatever the case, these lawsuits are predicted to go on for several years.
Attorneys are already jumping on the bandwagon as they see the huge windfall for monetary fees against these banks.
Most principal reduction program experts are now recommending that their lending clients who are facing foreclosure or have "underwater" house values take advantage of a FREE loan audit. This may help put a foreclosure stop in place and reduce the principal amount owed for your home or business.
