mae and maps are presuming the sale of foreclosed homes they joined a number of big lending like bankamerica that are lifting their foreclosure moratoriums. those moratorium's but in place because of the road cosigning scandal. marin kelly examines how the new development could affect the local real-estate market. >> >> i went ahead and hold your credit reports. richmond trinity housing development corp said the lifting of the foreclosure moratorium could have a devastating impact on areas already hit hard by the market meltdown. it is lenders to all the properties they been holding all at once. because it will increase the number of vacant homes like this when you see here cause prices to fall even further and get tougher homeowners and trouble to sell. they say because the lenders haven't stopped foreclosing on homes, they've also been holding back selling homes they've already foreclosed on because of potential losses stemming from the rubble citing scandal. the plant would agency says he doesn't expect to see a lot of foreclosures hitting the market all at once because thanks to what a s

how many putbacks will vested be able to force on bankamerica? it is not clear -- will investors be able to force on bank of america? it is not clear. just taking that one block of bonds, which the bondholders view as not remarkable, it does not take many multiples to get to a very big capital problem. bank of america has $2 trillion in originated and serviced loans. that is why there is an issue of systemic risk. how big is the issue? what is the person is that these could produce a systemic crisis across the system -- the percentage that these could produce a system in crisis? we were unable to assign a percentage likelihood. we have hundreds of pages explaining this. we concluded that the risk is there. i have two more things to say, two thoughts. the first thought is, it has been troubling to me and to our panel that it is difficult for the bodies assigned to manage and prevent a global systemic risk, particularly the bodies created by the dog-franc -- dodd-frank act, to speak candidly about this. we have built a structure to try to prevent s

they joined big-name lenders like bankamerica and j.p. morgan chase that lifting the moratorium those were put in place after the global signing scandal. kron 4 talk to house single counts are what this could mean for people already hit hard by the march meltdown. >> that means wok or vacant properties, more properties on the market for sale which is quite to drive the prices down. we don't have that many buyers faraday's second qualified to buy properties all, the more properties we have on the market's the less likelihood that the market can stabilize and prices can start increasing. >> when real estate agent said banks will not want to flood the market was foreclosures because of the negative impact that would have on a rise in prices. here's a look at how san francisco home prices have fluctuated last few years. and to that's a 60 average price 7071000 at a job to 814,000 in 2007 since then prices have been on the decline. the september real- estate tracking past to make the average severed his cold it costs 695,000. cyber monday sale

arizonas filing a civil lawsuit against bankamerica aw, it claims the company violated a consumer fraudmisleading people for trying to get loan modification. arizonas attorney general said the bank also violated the terms of a 2009 consent agreement. that required banks cut mortgage subsidiaries to use a modification program. nevada is expected to file a similar lawsuit. >> dozens of people facing foreclosure tried to move into a lot of this downtown l.a. chase bank branch. the group included a community advocates and labor leaders. many say the big banks are not helping them to modify their loads of they can hang on to them, instead is in the banks are taking their homes with no explanation. 22 people are arrested. >> of look at your extended forecast lots of red expected to the weekend it's not all going to be like. heavy rain expected to us gusty winds. if the top of that coming up in just a few minutes. on this rainy blustery evening and jacqueline bennett has just a tomb for a lot more it sitting pretty soon jacqueline right? >> already the raid were saying is causing havoc on the

the 4:00 hour for san francisco int >> (no audio) in case you missed that this just coming in, bankamericaions. the attorney general said this morning that the bank also violated the terms of a 2009 consent agreement that they side requiring that the banks countrywide mortgage program. taking a look at the stock it's not affecting it to much only by a fraction. the markets at large with the dow down by 4.6 and the s&p and nasdaq is trading positive. we have investors waiting for the conference board to release it they're index of economic indicators. it is 44 tellable will come three months down the road. i massive tax that is calling to present a massive tax hike for the new year is on its way to present problems desk, it will affect families at every economic level. it will be a one-year cut in social security taxes which will actually benefit the workers are earning a wage, it passed this morning. the founder of the key leaks says there will be more documents posted on his trips at a faster pace now that he is out of jail. he has told reporters that his organization is resilience and de