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House Speaker Pelosi calls for federal foreclosure investigation; AFL-CIO seeks national moratorium

House Speaker Nancy Pelosi, Rep. Zoe Lofgren and other California Democrats are calling for a federal investigation into irregularities in processing foreclosures of thousands of homes at some of the nation's largest mortgage lenders.

In a letter to U.S. Attorney General Eric Holder, Federal Reserve Board Chairman Ben Bernanke and U.S. Comptroller John Dugan, the lawmakers said recent reports that Bank of America, J.P. Morgan Chase and Ally Financial may have improperly approved thousands of foreclosures "amplify our concerns that systemic problems exist."

Banks "have repeatedly misled and obstructed homeowners from receiving the help Congress and the Administration have sought to provide. The excuses we have heard from financial institutions are simply not credible three years into the crisis," they wrote.

Sen. Robert Menendez (D-N.J.) this week called for the Government Accountability Office to investigate "the role of all government entities, including federal regulators, involved in overseeing mortgage servicing companies and affiliated banks, and identify any regulatory problems that may have permitted this misconduct to occur without detection until now."

By Ariana Eunjung Cha  | October 5, 2010; 3:43 PM ET
Categories:  Housing  
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Here we go again! It is painfully obvious, that the banks are committing fraud again and trying to unload and cash-out on the mortgage securities, before Congress, HUD, SEC and the President gets to the bottom of their treachery. Why wait to after the fact and let them get away with this criminal activity. The President, HUD and the SEC (who knows that this is massive securities fraud) should call for a National Foreclosure Moratorium, effective today. The banks know that they are about to be exposed and are trying to suck as much money out (the same way that Madoff did) before they have to confess; and some of them (a few fall guys) will have to go to jail. Why do we even have a Congress or a President, if they don't put a stop to this today? God, I pray that America finds leaders one day, that will actually be for the people (voters).

Posted by: awesomelm | October 7, 2010 2:14 PM | Report abuse

That is not what is going on. The homeowner took a loan from the bank to buy the house. They defaulted on their loan payments which gives the bank authority to forclose on the property. Do you think the homeowner should get the house for free? If you do your a moron.

Posted by: Anonymous | October 14, 2010 9:40 PM | Report abuse

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