Bank Foreclosure Fiasco: What It Means To The Housing Market

In the last two weeks the housing market has been shaken by the fiasco that has managed to infect the entire nation. Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Ally Financial have all imposed moratoriums on their foreclosures in at least 23 states, and BOA has issued an edict to stop the foreclosure processes in all 50 states. This has collected the attention of congressional leaders, and the President. Leaders have requested investigations, asked loan servicing companies to stop filings, and the President even vetoed a bill easing the process in courts, a bill of his conception.

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