October 1, 2010
Sloppy Mortgages = Sloppy Foreclosures
The New York Times reports that problems with the housing market will continue, this time as major questions emerge about the process used to forclose on thousands of homes. According to the Times,
In depositions taken by lawyers for homeowners, executives at GMAC and Chase said they or their teams signed 10,000 or more affidavits and related documents a month. That did not give them time to review the cases.
I'd like to think that in the wake of the initial housing crisis, lenders would be taking a more serious look at all their procedures and trying to get them right. Unfortunately, it appears they are still using many of the same sloppy tactics that helped get us into this mess in the first place.