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  • The Reformed Pastor – Richard Baxter

    “We must carry on our work with patience. We must bear with many abuses and injuries from those to whom we seek to do good. When we have studied for them, and prayed for them, and exhorted them, and beseeched them with all earnestness and condescension, and given them what we are able, and tended them as if they had been our children, we must look that many of them will requite us with scorn and hatred and contempt, and account us their enemies, because we ‘tell them the truth.’ Now, we must endure all this patiently, and we must unweariedly hold on in doing good, ‘in meekness instructing those that oppose themselves, if God, peradventure, will give them repentance to the acknowledging of the truth.’ We have to deal with distracted men who will fly in the face of their physician, but we must not, therefore, neglect their cure. He is unworthy to be a physician, who will be driven away from a frenetic patient by foul words. Yet, alas, when sinners reproach and slander us for our love, and are more ready to spit in our faces, than to thank us for our advice, what heart-risings will there be, and how will the remnants of old Adam (pride and passion) struggle against the meekness and patience of the new man! And how sadly do many ministers come off under such trials!”
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Bank of America Halts Foreclosures in All 50 States

Bank of America on Friday halted foreclosures on homes across the country so it could review paperwork in tens of thousands of cases for flaws, expanding a crisis at a perilous time for the housing market. The move came as PNC Financial Services became the fourth major bank to announce that it would stop foreclosures in at least some states. It added to growing concerns that mortgage lenders have been evicting homeowners despite flawed court papers. Bank of America, the largest U.S. bank, had said a week earlier it would stop foreclosures in the 23 states where the process must be approved by a judge.

Ally Financial’s GMAC Mortgage unit and JPMorgan Chase had announced similar plans. Bank of America’s nationwide halt will apply to homes that the bank is taking back itself and those for which it has transferred the papers to mortgage buyers Fannie Mae and Freddie Mac. The bank said it had not found any widespread problems in the foreclosure process, but “We’ll go back and check our work one more time,” CEO Brian Moynihan told the National Press Club in Washington.

A Bank of America spokesman acknowledged that the bank acted in response to pressure from state attorneys general and other public officials inquiring about the accuracy of foreclosure documents. “We feel the need to address that and demonstrate that our process is accurate,” said the spokesman, Dan Frahm. A document obtained last week by The Associated Press showed a Bank of America official acknowledging in a legal proceeding that she signed thousands of foreclosure documents a month and typically did not read them. The official, Renee Hertzler, said in a February deposition that she signed up to 8,000 such documents a month. The bank said it would take a few weeks to tackle the problem. It did not say how many foreclosure cases would be affected but estimated the figure would be in the tens of thousands.

Senate Majority Leader Harry Reid, whose state of Nevada has been among the hardest hit by foreclosures since the recession began, and who is in a difficult fight for re-election, applauded the bank “for doing the right thing by suspending actions on foreclosures while this investigation runs its course.” Sen. Christopher Dodd, D-Conn, the chairman of the Senate Banking Committee, said he would hold a hearing on the issue next month. The decision should help Bank of America manage its image during a dicey time for the industry, said Michael Robinson, a crisis communications expert with Levick Strategic Communications. Banks have been the target of widespread public anger since the financial meltdown.

“All the other banks are going to end up there anyway, either because they’re going to be forced, or by political pressure,” he said. “Americans, otherwise known as customers and voters, aren’t over the economic crisis. You don’t want to become a political pinata.” Banking and housing analysts fear the foreclosure document problems could prolong the already slow recovery in the housing market. Even if foreclosure is inevitable for tens of thousands of homes, the process could now drag out for years.

Click here to read the rest of the article on Yahoo Finance.

(AP Photo/Richard Vogel) Alan Zibel, AP Real Estate Writer, On Friday October 8, 2010, 11:39 pm EDT WASHINGTON (AP)

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