Shahien Nasiripour: Foreclosure Review Finds Potentially Widespread Errors


Shahien Nasiripour: Foreclosure Review Finds Potentially Widespread Errors

Shahien Nasiripour: Foreclosure Review Finds Potentially Widespread Errors


Nearly a third of all foreclosed borrowers who faced proceedings brought by the biggest U.S. mortgage companies during the height of the housing crisis came to the brink of losing their homes due to potential bank errors or under now-banned practices, regulators have revealed.

Close to 1.2 million borrowers, or about 30 percent of the more than 3.9 million households whose properties were foreclosed on by 11 leading financial institutions in 2009 and 2010, had to battle potentially wrongful efforts to seize their homes despite not having defaulted on their loans, being protected under a host of federal laws, or having been in good standing under bank-approved plans to either restructure their mortgages or temporarily delay required payments.

More than 244,000 of those borrowers eventually lost their homes, government data show.

The estimates, disclosed Tuesday, far exceed projections made over the past few years after document abuses known as robosigning gained widespread attention in late 2010.


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2 Responses to “Shahien Nasiripour: Foreclosure Review Finds Potentially Widespread Errors”

  1. Sarah says:

    Thanks Shahien. All the rest of the “borrowers” deserved to lose their homes? Media can’t, won’t, will never, look at origination fraud. Like war crimes, getting someone to sign for their own debt prison has been sanctified coast to coast. It’s all about the indiscretions in seizing the homes you see. Don’t want to upset the ruling class.
    Say it Shahien: ‘The review was a fraud, the review was a fraud’

  2. Yes when did Flat out abuse and fraud become defined as errors? The suicides alone will never be compensated for and their families. The living zombies left due to the abuse need to protest and sue the independent consulting abuse.


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