Bank of America and Ally Financial Restarting Foreclosures after Obama Official Shaun Donovan Gives Okay
On Wednesday the Obama administration’s top housing official, U.S. Housing Housing and Urban Development Secretary Shaun Donovan, said that lenders may resume foreclosures this month.
Although there have been allegations that their bank employees didn’t read the foreclosure documents that were signing and that errors were been made, Bank of America Corp. and Ally Financial Inc. – two of the country’s biggest lenders – will restart foreclosures. The companies had previously put a temporary hold on their foreclosure cases.
Donovan said that his department and the FTC will hold mortgage companies accountable if they violated the law. He also said that although some banks might not have followed the proper procedures that the government didn’t find any evidence that the process used in handling foreclosures is flawed.
On Tuesday the FBI told the AP that it is attempting to find out if the industry acted with criminal intent or if they were just overwhelmed when the housing market collapsed.
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