The mortgage industry has created a system meant to simplify the handling of loan documents. Instead, it’s legally shaky, makes tracking mortgage-note ownership extremely hard and may wind up throwing into doubt who actually co…
This week, the Congressional Oversight Panel recommended that the nation’s big banks be stress tested again, because if problems with mortgage-backed securities are widespread, the consequences could be dire. Now, the Fed has a…
Depositions by three employees of Nationwide Title Clearing describe a factory-like process that’s awful to look at. But Nationwide defends the system as being benign as sausage-making — and that it’s standard industry practic…
Even as the impact of the ongoing debacle slowly unfolds, it’s not too early to tote up a list of 10 far-reaching developments that have already happened. None bodes well for the U.S. housing market, banks or economy.
…
The “robo-signers” at banks who signed thousands of foreclosure-related documents were essentially lying under oath. But perhaps even worse were the lawyers involved: They’re the ones who should have known better and put an en…