Foreclosure Crisis Provides Opportunity for Bankruptcy Ref
juliaredstone | November 2, 2010 at 06:02 amby
62 views | 0 Recommendations | 0 comments
Interesting text to warn laymen on the subject. Here also calls attention to the reason for any crisis of foreclosures, lenders did not follow the rules they had established in a calmer era..
Because of the foreclosure issue, the housing market is in a state of chaos. The influx of toxic mortgages with almost impossible terms created the initial problem. Now attorneys general (and soon courts) across the nation have called "foul," and our largest lenders have suspended tens of thousands of foreclosures. The problem is the process: lenders did not follow the rules they had established in a calmer, less electronic age, before mortgages were sold, bundled, and resold, often without the necessary paperwork.