Wells Fargo to Modify 55,000 Foreclosure Documents

The banking giant Wells Fargo has announced plans to modify some 55,000 documents that were improperly filed to carry out foreclosures. The move follows weeks of assurances from Wells Fargo that its procedures are accurate as it rejected calls to halt foreclosures.

New York Court Orders New Foreclosure Vetting, are you fucking serious.

On Wednesday, New York’s top judge said banks will now be required to affirm that documents filed in support of foreclosures are accurate. Judge Jonathan Lippman of New York State Court of Appeals said the requirement is the first of its kind nationwide.

What the fuck.Is it really only now that it has dawned on us to require banks  to "affirm" that documents filled in support of foreclosures are "accurate"? Excuse me. Its is only now that a judge has made this brilliant decision, what the hell was it before? I think this an illuminating reflection of our times, when the decision to check for accuracy in foreclosure is news, not outrage and embarrassment.  I guess, previously banks did not have to have accurate documents, and this wasn't news worthy; before banks and the state took homes from families and individuals with any old document (we all know people aren't punished unless they are doing something wrong). But now, now we have evolved, thank god, for enlightened ideals....the United States is always on the cutting edge of progress. Ya fucking right, more like the bleeding edge--thank you tea party and Dixiecrat. Now, on October 22 20(fucking)10 have decided accuracy is a worthwhile requirement for house stealing. mmm i love progress.

this is why

Wells Fargo: Foreclosure Practices "Sound and Accurate"

In related news, the banking giant Wells Fargo has again dismissed calls to review its foreclosure practices. On Wednesday, Wells Fargo issued a statement calling its procedures "sound and accurate." Wells Fargo has faced scrutiny after a company vice president said she had signed as many as 500 foreclosure documents in a two-hour span without reviewing them nor even understanding what she was signing. Wells Fargo issued the statement as it reported a third-quarter profit of $3.3 billion, the best quarter in its history.

Dozens Injured in Massive Turnout for Subsidized Housing in Georgia

And in Georgia, a chaotic mob scene unfolded Wednesday at an East Point shopping mall where some 30,000 people turned out to be placed on a wait list for government-subsidized housing. Witnesses say the overwhelming numbers, lack of coordination and the scorching summer heat led to fights amongst line-goers and standoffs with police. A number of people were treated for dehydration, and some sixty-two people were injured. It was the first time the East Point Housing Authority had offered the housing applications since 2002.

The Forgotten Fore Closure Crisis

The economic meltdown of 2008 grew out of a foreclosure crisis, as Wall Street banks drove lenders to make loans that were then securitized and sold around the world, in an unregulated slew of credit products. This inflated a housing bubble that, when it burst, severely damaged an already weak economy, sent millions of homeowners into foreclosure, and put millions more out of work, leading to even more foreclosures as unemployed workers began to miss mortgage payments. Many homeowners who were able to stay in their homesnow find themselves underwater -- owing more on their mortgage than their home is currently worth. But so far, the foreclosure prevention efforts undertaken by Congress and the Obama administration, while well-intentioned, have failed to produce widespread results. This not only hurts homeowners but undermines economic recovery. Proposals for a variety of more aggressive, and potentially more effective, measures have so far not been taken up, as the programs unveiled have often lagged behind the heart of the problem. According to analysts at Morgan Stanley, "Without more intervention, the housing market will continue its 'slow motion' adjustment that will continue to inhibit economic growth and drag down consumer spending." "It's certainly a weight on the economy," said Mark Zandi, chief economist at Moody's Economy.com. "Nothing works all that well in the economy when house prices are falling."