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April 26, 2011
ForeclosureGate is the latest term being used to describe the mortgage fiasco. In recent weeks, numerous reports have surfaced claiming banks are responsible for the chaos and that things will only get worse for American homeowners.
ForeclosureGate seems an appropriate term considering the level of cover-up, lies and deceit which are being brought to light. An investigation into the mortgage debacle began in October 2010 after Attorney Generals from all 50 states demanded answers.
Last week, the Office of the Comptroller of the Currency, along with the Federal Reserve completed their investigation. The report claims over $535 billion in real estate mortgages may require foreclosure review due to fraudulent loan documents.
April 21, 2011
Recently deemed, ForeclosureGate, the mortgage crisis is reportedly much worse than anyone suspected. Mortgage lenders are being scrutinized by the Federal Reserve after a committee review that began last October revealed disturbing accounting and recordkeeping discrepancies.
The term "ForeclosureGate" seems appropriate for the biggest scandal Americans have ever witnessed. If reports are true, the banking industry could be shaken to the core and further devastate the financial sector.
The lies, deceit, and cover-ups are so widespread that a coalition of homeowners created ForeclosureGate.org to help Americans stay abreast of current events. This group offers a mega-store of articles, resources, reform campaigns, and activist group meetings.