"Examining the extent of mishandled foreclosures at the largest mortgage
servicers and fixing a broken system will take more than a year, according to
Acting Comptroller of the Currency John Walsh.
Last fall, servicers were found to be signing foreclosure affidavits en masse and without a legal review of the loan files in a scandal that became known as robo-signing. Federal regulators and state attorneys general found oversight and procedural problems across the entire industry and forced 14 of the largest banks — firms that serviced 68% of the mortgages in the U.S. — to sign consent orders. The actions also included two firms that handled documents in foreclosure cases: Lender Processing Services (LPS: 14.18 +2.31%) and Mortgage Electronic Registration Systems..."
at http://www.housingwire.com/2011/09/23/fixing-the-foreclosure-process-more-than-a-year-out?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
Last fall, servicers were found to be signing foreclosure affidavits en masse and without a legal review of the loan files in a scandal that became known as robo-signing. Federal regulators and state attorneys general found oversight and procedural problems across the entire industry and forced 14 of the largest banks — firms that serviced 68% of the mortgages in the U.S. — to sign consent orders. The actions also included two firms that handled documents in foreclosure cases: Lender Processing Services (LPS: 14.18 +2.31%) and Mortgage Electronic Registration Systems..."
at http://www.housingwire.com/2011/09/23/fixing-the-foreclosure-process-more-than-a-year-out?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
