Can Obama administration sue these mortgage banks?Is there nothing being done? Aren't these banks taking advantage of the situation? Or shouldn't the cities and county take up these homes and put them up for low housing eligible individuals, or simply tear them down and re-build multiple units (up to 6 units would probably not be an... | |
There have been several things the Obama Administration has tried to help curb this crisis. Most centering around those who have been illegally foreclosed on. One problem with going after banks is trying to cut through legal red tape. Many of these institutions were ethically out of bounds but didn't actually break any laws. This is a huge problem when trying to prosecute.
Most banks are not going to foreclose until they have no choice. In some cases they use computer programs to do most of the process and in some cases the computers start the process on a house that it shouldn't In that case the bank should pay for any damage that has occurred
Sue the mortgage companies for what, trying to foreclose on loans that people stopped repaying? Yes the companies may have been taking shortcuts and should be made to stop it a maybe pay a fine but remember, a bank can't foreclose if the people make their payments as agreed.
