Principal Reduction St Louis: Foreclosures Taken Seriously

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St Louis Loan Audit News: Bernanke Says He Is Now Taking Foreclosure Problems More Seriously
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Mortgage

I imagine that the country in general is happy to hear this especially those who are actively seeking a principal loan reduction through a FREE loan audit in order to keep their homes according to St Louis mortgage brokers.

Federal Reserve Chairman Ben Bernanke said recently that a federal agency review of foreclosure procedures at the nation's largest mortgage servicers should be

completed next month.

"We take violations of proper procedures seriously," Bernanke said in remarks prepared for delivery at a joint conference in Arlington, Va., with the Federal Deposit Insurance Corporation on Wall Street's foreclosure procedures.

"I would like to note that we have been concerned about reported irregularities in foreclosure practices at a number of large financial institutions," Bernanke said.

He continues: "The federal banking agencies are working together to complete an in-depth review of practices at the largest mortgaging servicing operations."

"We are looking intensively at the firms' policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures," he went on to say.

"Now, more than 20 percent of borrowers owe more than their home is worth and an additional 33 percent have equity cushions of 10 percent or less, putting them at risk should house prices decline much further."

In conclusion Bernanke said: "With housing markets still weak, high levels of mortgage distress may well persist for some time to come."

Bernanke said the conference will also focus on results from the ongoing program by the Federal Reserve Bank called the Mortgage Outreach and Research Effort, or MORE.

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Articles and News Sponsored by Liberty Lending Consultants

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