New York Attorney General Kicked Off Government Group Leading Foreclosure Probe

Homeowners are more than 30 days past due on their mortgage payments on 4.38 million properties in the U.S., and 2.16 million more properties are in foreclosur­e, representi­ng a combined $1.27 trillion of unpaid principal, estimates Jacksonvil­le, Florida-ba­sed Lender Processing Services Inc.

“Why in hell does the Federal Reserve seem to be able to find the way to help these entities that are gigantic?” U.S. Representa­tive Walter B. Jones, a Republican from North Carolina, said at a June 1 congressio­nal hearing in Washington on Fed lending disclosure­. “They get help when the average businesspe­rson down in eastern North Carolina, and probably across America, they can’t even go to a bank they’ve been banking with for 15 or 20 years and get a loan.


-- Bloomberg

Read the Article at HuffingtonPost