Business/Economics, Idaho, U.S.

Idaho Investigating Foreclosure Fiasco

Officials from 50 states, including Idaho, along with the District of Columbia, announced they were launching investigations into possible foreclosure abuses.  Today, one of the biggest banks involved announced a $4.4 billion profit in the 3rd quarter.

There is growing evidence that bank employees falsified information on foreclosure paperwork.  RealityTrack says more than 2.7 million homes have been lost to foreclosure since 2007.

CHICAGO - JULY 15: A demonstrator protests outside the offices of JPMorgan Chase July 15, 2010 in Chicago, Illinois. He was demonstrating in support of families being evicted from an apartment building because the building has been deemed uninhabitable by the city. Residents claim the building was not maintained after the bank took over the building following a 2008 foreclosure. Residents are required to be out of the building by Saturday. (Photo by Scott Olson/Getty Images)

JP Morgan Chase, Bank of America and Ally Financial/GMAC  have admitted that their paperwork has errors.  Citigroup and Wells Fargo deny they have done anything wrong (www.detnews.com).

On Friday, Bank of America halted foreclosure processes in all 50 states.

Idaho Deputy Attorney General Brett DeLange stated on Tuesday that, “We currently know about this at the national level and we have received complaints, some recent, of specific defects under Idaho law.” (www.idahopress.com).

Written by: Hutchins AAron on October 13, 2010.