Ohio Secretary of State Jennifer Brunner on the Foreclosure Crisis Ally Financial Lawsuit
Democracy Now! Friday, October 8, 2010 Calls are growing for a nationwide moratorium on home foreclosures following the recent revelations that major lenders may have committed fraud while forcing thousands of people out of their homes. On Thursday the White House announced President Obama will not sign a bill approved by Congress that could have made it easier for banks to foreclose. We discuss the latest in the foreclosure crisis with Ohio Secretary of State Jennifer Brunner. This week, Ohio filed a lawsuit accusing the lender Ally Financial and its GMAC Mortgage division of fraud in approving scores of foreclosures.
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Tagged with: Ally • Brunner • Crisis • Financial • Foreclosure • home • homes • Jennifer • lawsuit • Ohio • Secretary • state
Filed under: home buying
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The Federal Reserve owns $1.25 trillion of mortgage? backed securities.
newyorkfed org/newsevents/speeches/2009/sac091202 html
The implications for this are enormous. The holders of the MBS backed by these mortgages (which cannot be forclosed on AND can no longer generate revenue) are going to get screwed. I don’t think the banks are as upset over this as people may think. If they don’t? foreclose, then they don’t have to take the write-down.
Our “representatives” in DC? must all be removed. Vote every g** d*** last one of them OUT.