Mortgage banks may not have the legal authority to foreclose homes. This is a surprising revelation brought up last week by several parties who testified in a Senate Banking Committee hearing.
Chairman Sheila Bair, the frontrunner of FDIC’s proposal for a mortgage-restructuring program to stop foreclosures is targeted out of office by administration people.
Fed Governor Dan Tarullo believes that there is a need for US Congress to enact a new legislation that would set national standards for foreclosures. He said there is a need to make sure the same problems would not be encountered again in the future.
Outgoing President George Bush may request Congress to release the second half of the $700 billion TARP fund which was approved in October 2008 to help solve the foreclosure crisis.
Print This Article
Add To Favorites