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The Masked Tulip

Foreclosure Mess: How Much Worse Can It Get?

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http://abcnews.go.com/Business/Savings/foreclosure-mess-worse/story?id=11796836

Discovery of a sea of corrupt paperwork threatens to make the U.S. foreclosure epidemic--already bad--significantly worse, delaying resolution by months or years.

It's not as if foreclosures weren't a big enough mess already: In August, according to real estate data firm RealtyTrac, lenders foreclosed on 95,364 U.S. properties--the highest monthly total since May 2005, when the company first began its tracking. In 19 states the number of homes seized by lenders at least doubled: in seven states it more than tripled. The number of loans 60 days or more past due now stands at 5.2 million.

"I don't see how we come out of this," says Professor Christopher Mayer, vice dean of the Columbia Business School. Working through the problem could take two years or longer.

Enter the corrupt document scandal.

In recent days major lenders--including JPMorgan Chase, Ally Financial's GMAC Mortgage unit and Bank of America--have conceded that paperwork supporting an unknown number of foreclosures contain errors ranging from wrong dates to forged or inconsistent signatures. In many cases mortgage company employees signed foreclosure documents without first verifying the information in them.

Thank goodness there was no such corruptness here in the UK :rolleyes:

Edited by The Masked Tulip

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  • 138 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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