U.S. Secretary of Housing and Urban Development Shaun Donovan said Wednesday that the onus is on banks to fix whatever foreclosure-related problems are found. Donovan, who made the statement during a White House briefing about the matter, said problems found thus far haven't appeared to be very serious, but the full investigation won't be finished until the end of the year. If more serious problems are found, possible penalties could include fines and a ban against writing mortgages for more serious violations, he added Bank of America and GMAC Mortgage have ended their foreclosure freeze because they didn't find significant problems. Donovan said the government wasn't involved in those decisions. Source: Dow Jones Business News, Jared A. Favole (10/20/2010)
About Me
-
Gerard Scheffler- Default and Distressed Property Sales Expert (773) 909-3346
www.chicagolandhomegallery.com - Park Ridge, Illinois, United States
- Gerard Scheffler has been very actively involved in the real estate profession for over seven years. In 2005, immediately after receiving his Broker’s License, he established his first Chicago based brokerage company. The company turned out to be very successful with hundreds of satisfied customers and millions of dollars in closed real estate transactions. Over the years, Gerard has developed a network of returning customers who always refer his services to their family and friends. He is presently a managing broker at Home Gallery Realty brokerage firm specializing in default and distressed property sales. Regardless of his professional development and success, Gerard is constantly looking for ways to improve his skills as well as build his company image and reputation. He is very hardworking and aggressive when it comes to representing his customers ‘ real estate needs and doing his job right. He will work with you to ensure that your property is sold for the highest price possible in the shortest amount of time with the least amount of inconvenience to you. Area of service includes Cook, DuPage, Kane, Lake and Mchenry County in the State of Illinois.
