The Gartner Institute provides that only 4Provided that the trade unions are not themselves overwhelmedLow mobility in France in the first placeThe Prime Minister managed to reconsolidate its majority behind him The paper YesA palpable change in Spain Italy and FranceWhat French agriculture provide good healthits confidential code to access the serviceThe goal electing the product of the year 2010The Indian market cinema is an efficient vectorOn the contrary it is a major innovationIt is a turning point in the scandal of foreclosures which could have an immediate impact in a market still depressed. Bank of America announced Friday that it extended its review of seizure procedures which it has committed to all of the 50 States and non-not only some 23 States which require that the operation be endorsed by a judge. For the duration of this moratorium, she decided to stop the sale of the homes that the seizure was made. It will continue to apply for the seizure of houses whose owners pay more credits.
Bank of America follows in the footsteps of Fannie Mae, the agency mortgage American who buys most of home loans to credit providers. At the request of the most important of them, reported the "New York Times", has decided to freeze sales of foreclosed homes for a period of 30 to 90 days. This leads to difficult consequences for new purchasers who may no longer know where to stay, or if the sale will be maintained. Or seizures represented 24 of home sales in the second quarter!
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The origin of the problem, the economic crisis and unemployment that maneuvered owners unable to pay their monthly payments. Before the influx of unpaid loans, banks wanted to clean up their balance sheets and seizures have multiplied to resell the houses. But it appears that they did so despite fairness, some employees - who were dubbed the robotssignataires - signing documents allowing the seizure without ever opening the files. The judges, the Attorneys General of States and elected officials to are moved in. Some require a widespread moratorium. The Minister of Justice will investigate, as regulators of banks. Since the mid-September and early October, GMAC Mortgage, subsidiary of Ally Financial, JPMorgan Chase, Bank of America and PNC Financial suspended seizures to review their records. Even the White House intervened. Barack Obama, Thursday, has vetoed first an enactment passed without debate in the Senate which made the challenge of seizures by the Bank more difficult. Procureux generals from 40 States could announce the opening of a joint investigation on procedures for foreclosures by banks as early as Tuesday.
The impacts of this case are multiple. For homeowners, this will delay the recovery of the real estate market and the adjustment of their homes. For those seeking to buy the market risk to freeze while it is already anemic. In August, sales of existing homes (excluding residential nine) have fallen to their more lower since 1999. Only those before the House can expect a review of their case and, perhaps, in some cases, a more favourable than the seizure conclusion. For banks, this will represent additional legal costs and risks of high fines. A part of the problem comes from securitisation to oversimplification of a mortgage which makes it sometimes difficult to find the origin of the credit issuer. According to the "wall street Journal", Bank of America, Wells Fargo, JP Morgan and Citigroup handle 4,700 billion real estate credits redeemed by investors, or 70 of this market. This new development may adversely affect their profitability.
