The Federal Housing Finance Agency, (FHFA), is concerned that that if all questionable foreclosures are halted, the economy will once again be in serious trouble because of irresponsible practices by the nation's banks.The fragile real estate market could collapse as could many lending institutions.
The Foreclosure Mess Could Lead to Financial Chaos
According to Washington Post articles, written on October 14, J.P. Morgan Chase Bank stated that it will expand its scrutiny of foreclosure documents to 41 states. Attorneys general in all 50 states, stated they will in turn scrutinize mortgage loan servers.
The complex financial trail of mortgage documents, faulty or otherwise, is a major reason to be concerned about the dire impact on not only the U.S. economy, but also on the global economy. According to the Post, it is standard practice for lenders to sell mortgages to investment firms.
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