Bernanke Working With U.S. Banking Regulators On Foreclosure Irregularities Report.

Oct. 26, 2010 - PRLog -- Triggered by allegations that lenders ignored standard legal procedures to accelerate foreclosures and illegally evict homeowners, the review involves all 50 state attorneys general and the Justice Department.

Seen as a source of additional pressure on banks, already scrambling to review and revamp internal foreclosure procedures, lenders are alleged to have failed to review foreclosure documents properly or to have submitted misleading statements regarding homes they foreclosed on.

As reported at: http://savemyhousenow.net/, Bernanke  opened a conference, sponsored by the Federal Deposit Insurance Corp. and the Fed, by saying, “We have been concerned about reported irregularities in foreclosure practices at a number of large financial institutions."

He elaborated by saying, "We anticipate preliminary results of the review next month. We take violations of proper procedures seriously."

Both Bank of America and GMAC Mortgage have suspended their self imposed, foreclosure moratoriums, claiming after extensive internal audits to have found no evidence of improperly implemented procedures.

Given the hue and cry from homeowners caught in the crisis, new fears are circulating regarding the impact of the investigations. Bank earnings are being called into question and the housing market’s recovery remains weak. Since January of 2007, over 3 million homes have been seized, with the number of foreclosures hitting an all time record high in September of this year.

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Save My House Now is a National Publication dedicated to helping homeowners do everything in their power to prevent their homes from being lost to foreclosure.