Foreclosures Suspended in 23 States

It is worth noting that the three largest home mortgage companies in America, Bank of America, J.P. Morgan Chase, and GMAC have each suspended home foreclosures in 23 states. They had expedited the foreclosures so much that their paperwork was not being prepared accurately or honestly.

The reason they are only suspending foreclosures in 23 states, rather than nationwide, is because in those 23 states there are good state laws and regulations intended to protect the consumer from fraud.

And if you live in one of the other states? Tough luck Mr. Consumer. Big business wins, you lose.

The point to be made is that it is important for states to have strong laws in place trying to protect the consumer from fraud. Because you can be sure there are always plenty of really smart people doing their best to defraud people.

Deregulation is just theft from the poor to give to the rich.

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