The Wall Street Journal today reports that although lenders are pushing through quickly to mop up “foreclosure-gate,” judges are getting persnickity about the fine print. It’s not surprising then, that “robo-signer” practices go out the window and more attention is paid to the volumes of paperwork in loan and foreclosure docs. Here’s the key graph on what this may mean for borrowers:
Over the long run, borrowers are likely to pay hundreds of dollars in additional fees or slightly higher interest rates, as toughened quality control ripples through the market for new and refinanced mortgages, many experts predict.
