Further, after Bank of America, known as the least bad loans, 27, exposes local Wells Fargo has found 55,000 errors in the foreclosure documents exist, this is the first time acknowledged the recovery of real estate foreclosure problems that may exist.

The U.S. real estate foreclosure mess “worse.” Research institutions that end in a foreclosure crisis, U.S. housing prices will maintain the downward trend, fell by another 10% next year or, after a period of time and still does not appear too favorable turn.

Wells Fargo Bank found that in 23 states there is a foreclosure file errors, the last of these documents or certified internal review did not meet the standards required by the company. In November the bank plans to re-submit them by mid-foreclosure documents. Despite the discovery of these problems, the Bank does not intend to postpone the foreclosure process aspects of the business, because it believes the file does not cause errors in the lender being deprived of property wrongfully. 27, according to Wells Fargo Bank data released in foreclosure when the lender an average of 16 months in arrears loans.

The impact of foreclosure by the storm, over the past few months, the U.S. real estate industry has experienced the worst period of ten years. Very few home buyers, minority buyers in most people buy only be foreclosed or fire sale of housing. Recently released S & P / Case – Shiller home price index shows that August 20 U.S. cities, housing prices fell by an average of 0.2%, housing prices in 15 cities of which were declined.

Analysts believe that within the next few years, more houses will be foreclosed to the market, which depresses prices; and state governments for the Bank to investigate the housing foreclosure documents may further suppress prices. Investigation Agency LPSA ppliedA nalytics the data show that about 200 million U.S. homes entered the foreclosure process, another 2.4 million mortgages were past due for at least 90 days behind schedule repayment. Westwood Capital investment institutions are expected next year, U.S. home prices fell 10% Qiangzai, and then still will not be much opportunity.

Meanwhile, the U.S. Mortgage Bankers Association predicts that by 2010 will total U.S. home mortgages fell to 1 trillion less, will be from the lowest level since 1996. Mortgage Bankers Association’s chief economist said the decline in the secondary mortgage loan amount is led down the total size of the main reasons for the mortgage, even if the Fed to loose monetary policy, interest rates can not be reduced, This will lead to secondary mortgage loans in the second half disappeared. Back in 2003, due to substantial increase in the size of the secondary financing, mortgage loans had reached a record 3.8 trillion dollars.

With the foreclosure crisis continues to spread, the U.S. government’s attitude has also undergone a fundamental transformation. Earlier, Obama said there was no indication that “systemic” problem of home foreclosures threaten U.S. financial stability, or structural problems may hurt investment-related collateral. But the Fed Chairman Ben Bernanke is worried about 25, pointed out the potential risks of the U.S. real estate market, “the current loan to buy a house, there are more than 20% of the value of loans over the house, and 33% of people only prices net 10% of the buffer funds. if house prices fall, foreclosures on the big risk. ”

U.S. Senator Mark Warner, 27, asked the administration to establish a working group to address the current foreclosure crisis, provide policy advice, and called as early as mid-December to put into operation this working group. Warner said, “this independent working group should focus allows us to find a solution out of the current difficulties, to avoid the economic consequences more devastating impact.”

U.S. officials are concerned about “a more devastating effect on the economy” lies in two aspects. First, foreclosures will lead to repurchase mortgage bonds, investors may require the issuance of bonds for banks to buy back bonds, which expenditure may be as high as 200 billion U.S. dollars, which will soon affect the recovery of the U.S. financial industry. Second, the price will drop wealth of home buyers, this will not help increase consumer demand in the United States. The U.S. 2 / 3 of the households own their own property, the second quarter, U.S. household wealth has been reduced due to falling home prices more than a trillion dollars.

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