From East and West, Foreclosure Horror Stories - Gretchen Morgenson

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From East and West, Foreclosure Horror Stories – Gretchen Morgenson

From East and West, Foreclosure Horror Stories – Gretchen Morgenson

We question…just how are these organizations still operating even when there is mountains of evidence of massive fraud?

New York Times-

THE authorities have fallen silent lately about a possible settlement over foreclosure abuses at big mortgage servicing companies.

The talks began in earnest last March, and people keep whispering that a deal is nigh. But last week, a spokesman for Shaun Donovan, the secretary of Housing and Urban Development and a lead negotiator, said that there was nothing new to report.

That’s probably not a terrible thing. After all, no deal is better than a bad deal. State and federal authorities jumped into these talks without conducting serious investigations into foreclosure shenanigans. Why strike a deal — one that would, say, shield banks from new litigation over toxic loans, flawed securitizations and the mess at MERS, the registry that has made such a jumble of land records — without knowing what happened?

[NEW YORK TIMES]

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