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Monday, October 4, 2010

Latest crisis weirdness - Flawed Foreclosures. More banks to fail as a result?

Flawed Paperwork Aggravates a Foreclosure Crisis
Published: October 3, 2010

As some of the nation’s largest lenders have conceded that their foreclosure procedures might have been improperly handled, lawsuits have revealed myriad missteps in crucial documents. The flawed practices that GMACMortgage, JPMorgan Chase and Bank of America have recently begun investigating are so prevalent, lawyers and legal experts say, that additional lenders and loan servicers are likely to halt foreclosure proceedings and may have to reconsider past evictions.... more (subscription required?)

Update: Also see this article.

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