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The Foreclosure Scandal Has Become Pandemic
As more mortgage companies “fess-up” regarding their apparent fraudulent processing of foreclosure documents, the foreclosure scandal has become pandemic.  And while the early response from many, including myself, was that this issue would soon be swept under the rug, with no benefit for struggling homeowners, and allowing banks to proceed with foreclosures, the problem has exploded in significance.
 
Attorneys and state courts around the country have begun to question the manner in which banks have processed thousands of foreclosures each month, and numerous errors have been discovered.  Court documents have revealed the casual manner in which foreclosures were often allowed to proceed even while homeowners were allegedly being considered for loan modification and in a few cases when the owner was not in default on their mortgage.  Ensuing investigations and testimony have revealed a foreclosure process that lacked proper verification and review by bank officials.  The issue is not about “flawed paperwork,” “oversights,” or “errors,” but whether the nation’s largest banks considered themselves above the law.
 
 
The foreclosure scandal raises several questions:
 
What caused this problem to surface?  Since most foreclosures aren’t contested, the lack of proper documentation has rarely been an issue.  Now, however, with banks ... more

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