California Audit Finds Broad Irregularities in Foreclosures

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MASSIVE: California Audit Finds Broad Irregularities in Foreclosures

MASSIVE: California Audit Finds Broad Irregularities in Foreclosures

“Almost all involved either legal violations or suspicious documentation”

Gretchen Morgenson-

An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.

Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.

The report comes just days after the $26 billion settlement over foreclosure improprieties between five major banks and 49 state attorneys general, including California’s. Among other things, that settlement requires participating banks to reduce mortgage amounts outstanding on a wide array of loans and provide $1.5 billion in reparations for borrowers who were improperly removed from their homes.

[NEW YORK TIMES]

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One Response to “MASSIVE: California Audit Finds Broad Irregularities in Foreclosures”

  1. Abby in CA says:

    Well–so what else is new? One person has discovered that one of the most notorious subprime lenders in the world, New Century Mortgage and it’s subsidiary had its own set of notary-employees and they were all instructed by their superiors to NOT follow California notary laws when they notarized assignments. These invalid and illegal assignments are recorded in county recorder offices across the nation.

    Sign this petition please:
    http://www.change.org/petitions/tell-ag-kamala-harris-to-investigate-get-an-injunction

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