Saturday, October 9, 2010

Foreclosure problems go deeper than paperwork snafus

Washington Post: Millions of U.S. mortgages have been shuttled around the global financial system - sold and resold by firms - without the documents that traditionally prove who legally owns the loans.

Now, as many of these loans have fallen into default and banks have sought to seize homes, judges around the country have increasingly ruled that lenders had no right to foreclose, because they lacked clear title. ... Read full article here.

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