Many of those who have crafted plans for the conversion of foreclosures of Fannie Mae and Freddie Mac were previously closely connected with bringing about the sub-prime crisis. Some are facing lawsuits regarding the role they played during the booming years. Now they are holding important posts in other firms.

Reuters had done some digging to find in the bankruptcy court of New York many discrepancies in the documents submitted by banks in foreclosure matters. Office of U.S. Attorney has a routine follows up criminal charges against small fry. Why is Wall Street fraudsters, despite evidence, conspicuously absent from their list?

Bankruptcy helps people to stay in their homes and is especially helpful to those ignored by lenders trying to modify their loans. A new programme is scheduled to kick off in Berks County from 1st January that would compel the lenders’ representatives to meet directly the borrowers, if the latter so desire it.

Romney wants unhindered passage to foreclosures. He has forgotten that the drunken behaviour of banks and equally heady bailouts caused the entire economy to go down on its knees. Millions are suffering. They need help in the form of forbearance, modification and or refinancing.

The Occupy protestors have taken to direct action across the country in a big way. The homeless are being settled in vacant houses, former house owners are returning to their homes with their belongings while some are promising not to leave until force is used. All are complaining that the banks ignored their repeated pleas for loan modification.

The attorney general of Indianapolis, Greg Zoeller announced that more than 70 victims of foreclosure fraud will receive compensation of $60,000 from the newly created Consumer Protection Assistance Fund. During foreclosure crisis, many homeowners became victims of frauds. Pundits think that without improvement in the economy fraud will continue.

With foreclosure numbers increasing and unemployment escalating a new kind of scammers have entered the stage. They are posing as landlords of houses sometimes they have never been seen and renting these out to unsuspecting people desperate to find a place to stay. The money is wired to an overseas account, keys are handed over and then the scammers vanish.

Some neighbourhoods in East New York have the highest rate of vacant foreclosed houses. These blight the locality as they slowly crumble due to neglect. Since the banks will not do anything the Occupy Wall Street activists have now started to target these houses. They are matching families without homes with homes without families.