Newport Beach, CA (PRWEB) February 21, 2012
The recent Federal Foreclosure settlement shows the nation’s main banks are admitting fault in the foreclosure crisis and does not waive the rights of property owners in dealing with the banks, according to Vito Torchia, Jr., managing lawyer of Brookstone Law, Pc.

The settlement numbers cant hide the fact that the issues of hundreds of thousands of property owners have not been addressed. This is an attempt by the Banks to escape judgment for the troubles they triggered whilst providing politicians an chance to act like they are helping home owners, stated Vito Torchia, Jr. We disagree that the outcome offers California a fair deal commensurate with the harm done here and will continue to aid person property owners facing wrongful foreclosures. Now that the banks have admitted their fault in court, there will be new possibilities for customers with professional legal aid to shield their rights.

According to media coverage, the nation’s three largest mortgage servicers Bank of America, JPMorgan Chase and Wells Fargo & Co. committed last week to subsidize a $ 12 billion fund to address principal write-downs, which includes via short sales, in California over the subsequent 3 years, the single largest such commitment to come out of the negotiations with state attorneys basic more than the role of these lenders in the foreclosure crisis.

“By signing on for political causes, the state of California acted against the interests of property owners by waiving many claims it could have brought against the banks on behalf of victimized home owners, such as widespread unfair or deceptive business practices and general customer protection statutes that applied to wrongdoing in the loan modification and foreclosure procedure, mentioned Vito Torchia, Jr. With professional legal counsel, these claims can nonetheless be pursued by individuals.

According to media reports, the settlement does not consist of about 60% of the state’s homeowners whose loans are owned by government-controlled mortgage giants Fannie Mae and Freddie Mac. California’s mortgage industry at present accounts for about 13% of total U.S. loans serviced and 20% of loans by dollar size. The settlement covers only homeowners whose mortgages are owned by the banks in the deal or are serviced by them on behalf of private investors so will effect only about 250,000 Californians. Iowa Atty. Gen. Tom Miller, who led negotiations for the state attorneys basic, noted that they have been amazed by how a lot of a problem there was in California.

California is by far the most important mortgage lending state in the nation, and so is the most crucial foreclosure state, so as we have predicted, the banks now get to go back to company of aggressively processing foreclosures, said Vito Torchia, Jr.

ABOUT BROOKSTONE LAW, Computer
Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Pc is a law firm comprised of attorneys with experience and achievement in organization, corporate and individual finance, employment, entertainment and media, art and museum, intellectual house and genuine estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs hugely educated specialists, paralegals, paraprofessionals and administrative staff dedicated to serving customers. For data, contact (800) 946-8655 or check out the Brookstone Law Computer internet site at (/http://www.brookstonelaw.com).

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