Sure They're Technical Errors | Mortgage servicer industry error rate might be 10 times higher says U.S. Trustee

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Sure They’re Technical Errors | Mortgage servicer industry error rate might be 10 times higher says U.S. Trustee

Sure They’re Technical Errors | Mortgage servicer industry error rate might be 10 times higher says U.S. Trustee

NYTimes’s Gretchen Morgenson

Mistakes happen, of course. And loan servicers like to contend that if errors occur, they are rare and honestly made. But after sifting through the data produced by this investigation, Mr. White disagreed that problems are rare. “In Senate testimony, an executive from Countrywide said its error rate was 1 percent,” Mr. White recalled. “The mortgage servicer industry error rate might be 10 times higher, based on the number of cases we are looking at.”

“There are continued flaws in the process, and they are not merely technical,” Mr. White continued. “Those flaws undermine the integrity of the bankruptcy system. Many homeowners have been harmed, including where the lender has come in and said ‘we want to lift the stay and go back into foreclosure proceedings,’ even though they lacked a sufficient basis to do it.”


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2 Responses to “Sure They’re Technical Errors | Mortgage servicer industry error rate might be 10 times higher says U.S. Trustee”

  1. Nye Lavalle says:

    LOL, 1% or 10% may be the accuracy rate!!!!!!

  2. John Anderson says:

    She is mystified that the AGs want to ignore the fraud and criminal acts of the banks and wall street?
    They just so happen to OWN our state and federal legislative bodies and most of the courts and judges! And they are hard at work, trying to make what is clearly unlawful, legal! And giving crooks, small fines,no jail time for anyone! Our legislators have and are, and will receiving large campaign contrabutions from these felons at large.
    They are stalling for time in order for investors/pension funds, to run out of time to sue.

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