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U.S. bank industry regulators are reportedly keen on imposingcriminal fines and penalties as early as January 2011 in relation toalleged anomalies in lenders processing of foreclosure homes.According to reports, the results of regulators investigations mayserve as basis for any prosecution that will be pursued and for changesin mortgage servicing standards. According to regulators of the bank industry, there have beeninconsistencies and breakdowns discovered in lenders methods ofdocumentation, and these will be considered in making the decision onwhether to prosecute or not. Legislators have earlier criticizedbanking industry regulators for allegedly failing to properly monitorthe mortgage industry.The issue escalated into an almost countrywide moratorium on foreclosure salesafter news emerged that lenders and mortgage servicers are rushingforeclosure cases through the courts by using robo-signers or employeeswho sign off on documents without knowledge of their pertinent facts.Regulators have stated that they received no warning about the problemand only heard about it later from the press.The questionable documentation practices of lenders made the housingmarket problem worse, according to analysts. The huge supplies offoreclosure homes have already depressed the market, and thecontroversy made it even worse, especially for housing markets hithardest by the foreclosure crisis, analysts have added. They alsomentioned the failure of federal government-supported programs toalleviate the housing crisis as a further aggravation.During congressional hearings held to address housing marketproblems, lawyers have argued that the errors committed by lenders andbanks have harmed U.S. homeowners. They also blamed the complex processof mortgage securitization, citing cases when multiple foreclosurelawsuits have been filed against a homeowner by several firms claimingownership of the mortgage.Meanwhile, industry observers have stated that lack of propermonitoring is the primary reason behind the process breakdown.According to them, the huge number of cases being pushed through thecourts should have warned regulators about that amount of cases, whichcannot be processed that fast if attention to detail is beingexercised. Others have also mentioned the role of judges presiding overforeclosure homes cases, arguing that they should not have acceptedevery submission without question as most of them allegedly did.
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