'Put-Backs,' 'Robo-Signers' Put New Pressure on US Housing Market
30 июля 2013

'Put-Backs,' 'Robo-Signers' Put New Pressure on US Housing Market

'Put-Backs,' 'Robo-Signers' Put New Pressure on US Housing Market
I'm Alex Villarreal with the VOA Special English Economics Report, from voaspecialenglish.com | facebook.com/voalearningenglish Since January, lenders have seized or begun the process to seize about two million American homes. In September alone, banks and other financial companies reclaimed over one hundred thousand properties because of unpaid loans. That was the most yet since the housing collapse that led to the recent recession. Now, efforts to speed a housing recovery have hit new problems. These include questions about whether banks have acted unlawfully in reclaiming some homes. Reports of abuses have grown with talk lately of "robo-signers." These are employees who sign foreclosure forms without taking the required legal steps or even reading the paperwork. They simply act like robots. In some cases, documents may have been falsified. In October, the top law enforcement officials in all fifty states announced an investigation of big servicers of home loans. Servicers receive the payments from borrowers and might also hold the loans. Among the targets of the attorney-general investigations are Bank of America, J.P. Morgan Chase and Ally Financial. An Ally employee admitted robo-signing thousands of foreclosures each month.The Obama administration has launched its own investigation. But the administration has not supported the idea of a temporary suspension of all foreclosures. Officials say this could endanger the slow economic recovery. Twenty-three states require a court to approve a foreclosure. Several banks have suspended foreclosures in those states temporarily to review their operations. Bank of America, the nation's largest bank, now believes it can restart home repossessions in those states.Robo-signers are not the only concern right now. "Put-backs" have joined the list of bank worries. In a "put-back," investors try to force a bank to take back a bad loan. In October, Bank of America said it received a letter from investors holding almost fifty billion dollars in mortgage-backed securities. These are bonds based on large numbers of individual loans. The investors want the bank to buy back any improperly processed loans included in those securities. Demands on banks for put-backs could grow. And there are even questions about who really owns those bad loans. For VOA Special English, I'm Alex Villarreal. (Adapted from a radio program broadcast 22Oct2010)
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#1 написал: Emanuel McCray (1 августа 2013 13:12)
In addition to what Alex is saying, banks included all homeowners in? the strategy---using those who pay their mortgages on time to subsidize its mortgage fraud Ponzi scheme. Stated differently, all homeowners are affected and have suffered injuries and damages from this public nuisance. Hard to believe, but it is TRUE.
#2 написал: Bayronhdezz (1 августа 2013 13:12)
what does? mean put back?
#3 написал: Muzzy337 (1 августа 2013 13:12)
I can't believe this story isn't all over the media. THE BANKS ARE STEALING HOMES and nobody is stopping it. After the US taxpayers bailed the banks out, THIS is how they? repay that gesture? Where is the gratitude? The banks are nothing but greed pits run by criminal scum that don't deseve the time of day. Where is the outrage? Americans are sheep being led to slaughter.
#4 написал: manaen100 (1 августа 2013 13:12)
Nice? girl
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