Probing of foreclosures by Barbora Misakova

In the times like these, is losing the house, except losing the job, the biggest misfortune. Economic situation is so unstable and economy itself so fragile. Any kind of turbulence is making it even worse. When people are insecure, the country they live in is insecure as well. Series of allegations that claim mortgage companies used flawed documents to foreclose thousands of homeowners are shaking harshly with America. But banks are not the one who should be monitored. Lenders should accept the need of independent monitor as well, even though it will take months till settlement will be reached. As some employees acknowledged in depositions, there were thousands of foreclosu! re documents that were signed without being read as required. Tom Miller, Iowa Attorney General said, it was not about some glitch in paperwork, but about violation of the law. There are also information that the documents were not only signed by mortgage company employees who didn’t verify the information in them, but also many documents were signed without a notary public witnessing that signature. As he added at a news conference, the states might be open to alternatives to financial penalties for the banks for example in a form of helping people with reduction of their loan payments. According to RealtyTrac Inc., a foreclosure listing service, lenders seized more U.S. homes this summer than in any three-month stretch since 2006, but many of these foreclosures will probably go to court. The thorniest question is whether state investigators can persuade bank employees to divulge some of the industry’s secrets.

related story (sgx18397): ! http://news.yahoo.com/s/ap/us_foreclosures_states;_ylt=Aq5yr...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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Bying a house in U.S is like winning a lottery by Zivka Deleva

Americans are confronted with more and more complicated real-estate policy as day goes by. Buying a new house in the United States of America seems like winning the national lottery. The fact is that the credits that were so easy to be approved by banks before the terrible year of 2008, today are history. Well, I would even understand that, because on the other hand, that was one of the reasons for the big defeat of the pink US dream. At that time, bankers were so cool that they didn’t even look for some prove that you as a borrower would be able to pay of the credit. I believe that when you have lived in years in such a system, today’s politics of not trusting anyone can seem to you very distant and difficult. Now, due to protect themselves from more embarrassing situations, banks today have improved the underwriting requirements and paperwork for approving someone a loan. After being criticized from the lawmakers, Bank of America representatives said that it wi! ll have to decrease the foreclosures in all the federal states. It is evident that even people that have close relations to the real-estate business as well can’t find easier way to provide themselves a home. When one finishes with the bankers, then comes the tough documentation that would change your mind and you will lose the will to buy yourself a home. A lot of people tired of the procedures explain how they almost lost their wish to live in their new houses. The conclusion is obvious, if this policy continues like this, that would mean death for the real-estate business.

by Zivka Deleva for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control! , view, upload and share digital content through proprietary i! nterface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.