Archive for the ‘Blogs’ Category

The Foreclosure Crisis — A Year In Review

Tuesday, December 27th, 2011

ProPublica has published a well-written piece that summarizes the foreclosure crisis and where it stands at the end of 2011.

It is so well done and succinct that to paraphrase it here does it no justice. You can read it .

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Useful Information Related To The Foreclosure Reviews

Friday, November 4th, 2011

Although yesterday’s post indicated that I’m not too hopeful about the quality of the OCC-mandated foreclosure reviews, I did find at ProPublica very useful. Most helpful was the list of specific areas that regulators will be checking.

In addition to potential robosigning, it appears that regulators will be paying attention to issues with the loan modification process including specific kinds of dual-tracking and failure to honor a permanent modification. Dual-tracking is when a servicer or lender considers a loan modification or issues a trial modification yet still pushes forward on the foreclosure side of the process. If you were being considered for a modification and the lender moved on to foreclosure before you received an answer on the mod, you may be entitled to . . . something.

Sadly, nobody knows what, if anything, will be done when an issue is discovered. Since the order focuses on financial harm to borrowers, it may be difficult to put a number value on some of the specific servicer shenanigans that auditors are supposed to be finding. At the end of the day, this program may result in absolutely bupkis.

However, ProPublica is a great resource, and I fully expect to see their FAQ updated as readers report in with information related to the review process. Maybe time will prove me wrong. Given that ProPublica with yesterday’s post indicates that time probably won’t.

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