
Foreclosures Slow as Document Flaws Emerge
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Foreclosures Slow as Document Flaws Emerge
By David Streitfeld
The foreclosure machinery that has forced millions of Americans out of their homes is beginning to seize up as some lenders and their lawyers are accused of cutting corners in their pursuit of rapid home repossessions.
Evictions are expected to slow sharply, housing analysts said, as state and national law enforcement officials shine a light on questionable foreclosure methods revealed by two of the country’s biggest home lenders in the last two weeks.
Even lenders with no known problems are expected to approach defaulting homeowners more cautiously and look more aggressively for resolutions short of outright eviction.
Despite the turmoil, some economists said the breakdown could ultimately lay the groundwork for a real estate recovery.
Continue reading the article . . .
Related reading:
Senator Demands Lenders Reveal Foreclosure Rrrors
Yahoo Finance (5 Oct 10)
AG Attempts to Stop Foreclosures
Chron.com (4 Oct 10)
Foreclosure Paperwork Scandal ‘Same Process’ That Fed The Housing Bubble
The Huffington Post (4 Oct 10)
Catherine Austin Fitts’ Blog Commentaries
JPMorganChase Suspends Foreclosures
(3 Oct 10)
Title Companies Stop Insuring Foreclosed Properties
(2 Oct 10)
Obama’s Next Focus of Reform: Housing Finance
(21 July 10)
Home Ownership And The Banks
(6 July 10)
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