Q&A: Did the govrn. do anything to prevent homes from being foreclosed?

Question by Angel: Did the govrn. do anything to prevent homes from being foreclosed?
From what I know nearly millions of homes were forced to foreclose by banks because of adjustable interest rate on mortgage. Has the government passed any laws that would make this illegal or any placed any regulation on banks that would prevent this? Also any info on this whole subject would be very appreciated.

Best answer:

Answer by Mr. Magoo
Yes and no. Both the HAMP and HARP programs were designed to prevent foreclosures, but not necessarily make foreclosures illegal. In addition, several banks were fined hundreds of millions for improperly foreclosing without proper documentation. All of this can be found on the internet with minimal effort.

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2 Comments/Reviews

  • Squid says:

    It wasn’t APR’s, it was balloon payments that did it. And it was mostly caused by Clinton policies to encourage fair housing which forced the banks to come up with crazy terms to let people buy houses.

    Do some research, there are lots of articles about it.

  • Jack says:

    No.

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