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Biggest US Pension Funds Get Into Fraudclosure Fray, Demand Banks "Immediately Examine Foreclosure Practices"

By Implode-Explode Heavy Industries

``After on Friday two of the biggest mortgage lenders in the world were hit with bad news out of the Massachusetts supreme court, today it is seven of the nation's major pension funds, between them representing nearly half a trillion in capital, which are demanding that "the boards of directors of Bank of America, Citigroup, JP Morgan Chase, and Wells Fargo immediately undertake independent examinations of the banks? mortgage and foreclosure practices." The coalition of pension funds called for the banks? Audit Committees to launch independent examinations of their loan modification, foreclosure, and securitization policies and procedures''

Full post as published by Mortgage Lender Implode-o-Meter on January 10, 2011 (boomark / email).