The foreclosure mess:
The out of control foreclosure assembly line has officially been brought into the shop for repairs in some states.
As documented in the Big Picture Blog:
The real estate financing industry appears to have brought the same technical expertise that allowed automated underwriting of mortgages to an automated foreclosure process: Structurally flawed, rife with errors, guaranteed to fail — and in need if an immediate overhaul.
It is Lucy on the chocolate factory line, only with homes being repossessed instead of bon bons slipping by unwrapped.
As we have seen, homeowners without mortgages have lost their home to foreclosure. That this legal impossibility actually occurred reveals the foreclosure process, especially in Florida (but other states as well)as little more than a legal conveyor belt, bereft of oversight, manned by parasitic law firms and overwhelmed bankers.
Read more on the foreclosure mess on the blog post below.