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HUD: Banks Will Be Held Responsible
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HUD: Banks Will Be Held Responsible
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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HUD: Banks Will Be Held Responsible
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October 22 2010 (Jeff Alan)
HUD secretary donovan
Just as Bank of America and GMAC Mortgage were ending their foreclosure freezes, U. S. Secretary of Housing and Urban Development (HUD) Shaun Donovan said Wednesday that the onus is on banks to fix whatever foreclosure related problems are found.

Donovan, who made the statement during a White House briefing about the matter, said problems found thus far haven’t appeared to be very serious, but the full investigation won’t be finished until the end of the year. If more serious problems are found, possible penalties could include fines and a ban against writing mortgages for more serious violations, he added

Bank of America and GMAC Mortgage have ended their foreclosure freeze because they didn’t find significant problems. Donovan said the government wasn’t involved in those decisions.

Meanwhile on Wednesday, the New York State court system instituted a new rule regarding residential foreclosures in light of the ongoing robosigning accusations against lenders such as Bank of America and GMAC.

The issue focuses on the use of so-called “robosigners,” employees and agents who signed off on hundreds or thousands of foreclosure documents in a short amount of time on behalf of mortgage lenders nationwide, essentially proving they didn’t do their due diligence or follow protocol.

Going forward, plaintiffs will be required to file an affirmation form certifying that they have taken “reasonable steps – including inquiry to banks and lenders and careful review of the papers filed in the case – to verify the accuracy of documents filed in support of residential foreclosures.”

“We cannot allow the courts in New York State to stand by idly and be party to what we now know is a deeply flawed process, especially when that process involves basic human needs – such as a family home – during this period of economic crisis,” said Chief Judge Jonathon Lippman, in a statement.

“This new filing requirement will play a vital role in ensuring that the documents judges rely on will be thoroughly examined, accurate, and error-free before any judge is asked to take the drastic step of foreclosure.”

The affirmation form must be submitted for both new and pending cases, so it could lead to the overturning of foreclosure decisions or simply delay the inevitable for others.

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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

October 22 2010 (Jeff Alan)
HUD secretary donovan
Just as Bank of America and GMAC Mortgage were ending their foreclosure freezes, U. S. Secretary of Housing and Urban Development (HUD) Shaun Donovan said Wednesday that the onus is on banks to fix whatever foreclosure related problems are found.

Donovan, who made the statement during a White House briefing about the matter, said problems found thus far haven’t appeared to be very serious, but the full investigation won’t be finished until the end of the year. If more serious problems are found, possible penalties could include fines and a ban against writing mortgages for more serious violations, he added

Bank of America and GMAC Mortgage have ended their foreclosure freeze because they didn’t find significant problems. Donovan said the government wasn’t involved in those decisions.

Meanwhile on Wednesday, the New York State court system instituted a new rule regarding residential foreclosures in light of the ongoing robosigning accusations against lenders such as Bank of America and GMAC.

The issue focuses on the use of so-called “robosigners,” employees and agents who signed off on hundreds or thousands of foreclosure documents in a short amount of time on behalf of mortgage lenders nationwide, essentially proving they didn’t do their due diligence or follow protocol.

Going forward, plaintiffs will be required to file an affirmation form certifying that they have taken “reasonable steps – including inquiry to banks and lenders and careful review of the papers filed in the case – to verify the accuracy of documents filed in support of residential foreclosures.”

“We cannot allow the courts in New York State to stand by idly and be party to what we now know is a deeply flawed process, especially when that process involves basic human needs – such as a family home – during this period of economic crisis,” said Chief Judge Jonathon Lippman, in a statement.

“This new filing requirement will play a vital role in ensuring that the documents judges rely on will be thoroughly examined, accurate, and error-free before any judge is asked to take the drastic step of foreclosure.”

The affirmation form must be submitted for both new and pending cases, so it could lead to the overturning of foreclosure decisions or simply delay the inevitable for others.

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

October 22 2010 (Jeff Alan)
HUD secretary donovan
Just as Bank of America and GMAC Mortgage were ending their foreclosure freezes, U. S. Secretary of Housing and Urban Development (HUD) Shaun Donovan said Wednesday that the onus is on banks to fix whatever foreclosure related problems are found.

Donovan, who made the statement during a White House briefing about the matter, said problems found thus far haven’t appeared to be very serious, but the full investigation won’t be finished until the end of the year. If more serious problems are found, possible penalties could include fines and a ban against writing mortgages for more serious violations, he added

Bank of America and GMAC Mortgage have ended their foreclosure freeze because they didn’t find significant problems. Donovan said the government wasn’t involved in those decisions.

Meanwhile on Wednesday, the New York State court system instituted a new rule regarding residential foreclosures in light of the ongoing robosigning accusations against lenders such as Bank of America and GMAC.

The issue focuses on the use of so-called “robosigners,” employees and agents who signed off on hundreds or thousands of foreclosure documents in a short amount of time on behalf of mortgage lenders nationwide, essentially proving they didn’t do their due diligence or follow protocol.

Going forward, plaintiffs will be required to file an affirmation form certifying that they have taken “reasonable steps – including inquiry to banks and lenders and careful review of the papers filed in the case – to verify the accuracy of documents filed in support of residential foreclosures.”

“We cannot allow the courts in New York State to stand by idly and be party to what we now know is a deeply flawed process, especially when that process involves basic human needs – such as a family home – during this period of economic crisis,” said Chief Judge Jonathon Lippman, in a statement.

“This new filing requirement will play a vital role in ensuring that the documents judges rely on will be thoroughly examined, accurate, and error-free before any judge is asked to take the drastic step of foreclosure.”

The affirmation form must be submitted for both new and pending cases, so it could lead to the overturning of foreclosure decisions or simply delay the inevitable for others.

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.