Harlem NY and Foreclosures

The foreclosures are hitting , and Obama won't even let Cuomo defend us from this crap.
New York State AG Andrew Cuomo sent letters to the top four mortgage servers (Bank of America, JP Morgan Chase, Wells Fargo, and GMAC), seeking documents and information, and demanding they suspend all foreclosures until their practices adhere to state law. Florida AG Bill McCollum sent letters to Bank of America, J.P. Morgan, Goldman Sachs' Litton Loan Servicing unit, and two other mortgage services, demanding they meet with him as soon as possible.

By midday, every state in the union had signed onto the statement issued by the National Association of Attorneys General, announcing they would "attempt to speak with one voice" in addressing what the statement politely calls "procedural defects" in the affidavits issued by mortgage loan servicers. "The facts uncovered in our review will dictate the scope of our inquiry," they stated.

In a related development, JPMorgan Chase extended its own de facto foreclosure moratorium to 41 states.

  

The Harlem Real Estate Bubble is Fake

from crazy dog t-shirts

Yes, your bag is fake, lady, and so is the real estate bubble. It is impossible to "keep it up." For how long are people even going to pretend to be able to buy condos in Harlem for $1 million for a 2 or 3 bedroom. So what if you get to go on the subway, it still is the same funky neighborhood that it's always been. I hope Obama can get a grip on the home foreclosures that are going on now. People got hit with the bait-and-switch from fixed mortgages, to these horrible ARMs - Adjustable Rate Mortgages. Now we need a freezing of the foreclosures and the mortgages and rental payments till the bubble settles down, like the geezer said