Oklahoma City, oK – Okla banking official criticizes foreclosure probe
OKLAHOMA CITY (AP) The chairman of the Oklahoma Bankers Association is criticizing a nationwide investigation into foreclosure practices and says a proposed moratorium on foreclosures could have a devastating effect on the economy.
Jan Miller told The Oklahoman the investigation by attorneys general nationwide including Oklahoma Attorney General Drew Edmondson is intended to put lenders in a bad light.
Chief economist Mark Zandi at Moody's Analytics has said a moratorium could hurt the economy by keeping downward pressure on home prices. Also, people trying to buy foreclosed houses could see the sales suddenly suspended.
Edmondson says the investigation is due to "a pattern of deceptive practices within the mortgage industry." He says it appears people unfamiliar with specific foreclosure cases are signing documents despite having no knowledge of the facts of the specific cases.
Information from: The Oklahoman, http://www.newsok.com