About Banks have been trying to get out from under problems caused by the robo-signers and fraudulent documents filed in foreclosure proceedings. It appears, however that they might have moved too slowly.
The race is on for the banks to keep the scandal from metastasizing. Crisis management specialists are working around the clock to help banking executives stem the financial and public relations disaster. Shares of Bank of America, the biggest U.S. lender, are already down 21 percent for the year, making it the biggest laggard in the 30 stocks that make up the Dow Jones industrial average.
Now they are facing a blizzard of lawsuits seeking damages for homeowners that believe they were foreclosed illegally.
The class actions, which could be expanded nationally, seek damages for homeowners whose properties were illegally foreclosed upon by banks using fraudulent documents. Suits have been filed in Maryland, New Jersey and Massachusetts that target Bank of America Corp., Wells Fargo & Co., HSBC PLC and JPMorgan Chase & Co. In Florida and Maine, Ally Financial, formerly known as GMAC Mortgage, is also being targeted.
Congress is also beginning to stick its nose into the situation thinking they may find some votes. The problem is due to get much worse.
Read more here: http://www.msnbc.msn.com/id/40241849/ns/business-us_business