Sunday, October 24, 2010
Foreclosures - A Paperwork Fiasco
After months and months of foreclosures, and the housing bubble burst, we thought the economy would finally get a break, but instead the nation is in the middle of another foreclosure crisis. The nation's largest banks have seemed to make mistakes on crucial documents because of their rush to reclaim thousands of houses. There are huge investigations going into these foreclosure practices. Also, some of the biggest banks are halting foreclosures until they can fix things. However, now some of the banks are returning to the foreclosure business. The secretary of housing and development said that none of the problems threaten the health of the financial system.
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This article does a good job addressing all aspects of this conflict between banks and foreclosures. I think that the banks were inevitably going to fall into some slip up along the way of the foreclosure crisis. Millions of homeowners fell behind on their payments and it became very tough for the banks to deal with all of the paper work. I think the biggest problem in this mess is the lawyers of homeowners that are getting involved to try and figure out whether the paperwork can have a legal claim on the property, and if that paperwork has even been kept track of.
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