Banks delayed foreclosures to influence discussion of Dodd-Frank, paper finds

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Banks delayed foreclosures to influence discussion of Dodd-Frank, paper finds

Banks delayed foreclosures to influence discussion of Dodd-Frank, paper finds

Market Watch-

In 2009-2010, the housing crisis was at its worst: an average of nearly 300,000 new foreclosures were started every month during those two years.

But those numbers should have been higher, according to a paper released in October.

Banks that serviced delinquent mortgages held off on starting foreclosure proceedings on loans located in the electoral districts of members of the House Financial Services Committee in order to influence Congressional action on the Dodd-Frank financial reform bill, researchers found.

[MARKETWATCH]

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