Solving Foreclosures

A foreclosure task force, which includes eleven federal agencies, worked hand in hand and discovered damaging procedures in home foreclosures, as confirmed by Michael Barr, Assistant Treasury Secretary.  He further said that these agencies are working with state regulators with the investigation.  It is hoped that positive feedback and recommendation is given to the stability council by January.

It is the task force that will make sure that banks resolve these issues and assist each one who may have been affected by these problems.  Banks are held accountable to any damage that the problem may have caused.

In an investigation, it was found that the problem was pandemic and unjustifiable.  Barr further addressed that all issues must be fixed.

Barr had met with the Financial Stability Oversight Council.  Another meeting will be held and attended by the group of top federal officials, which includes Geithner and Ben Bernanke, the Federal Reserve Chairman.  The group had come together through Doss-Frank legislation passed by Congress.  It is their goal to put an end to the problem in the current government regulation.

 Issues on foreclosure procedures across the country are being analyzed.  Major financial institutions are under investigation.  Through this, the necessary modifications may then be implemented to protect homeowners.

After Barr had made his statement, the members of the stability council kept mum.  They made no statements in the meeting even though it was open to the public.

The foreclosure problem had risen after the housing boom.  During that time, borrowers had been very lenient and had given out loans at rates that consumers may not be able to pay off.

With issues and pressure rising, some major lenders have decided to cease foreclosures until numerous cases for mishandling had been investigated on. Attorney generals across the country had joined in the bandwagon to look into the possible causes of the foreclosure crisis. With all the groups joined together with one goal, nothing will be left unresolved.