Winners and losers from a foreclosure holiday

The foreclosure machine - which turned out to be more automated than most would have guessed, with some processors admitting to signing off on key documents without giving them a glance - threatens to grind to a halt as some of the nation's biggest banks are forced to reexamine their document-handling processes. Despite calls from activists and some members of Congress for a nationwide moratorium, foreclosures are still proceeding. But Bank of America and Ally Financial (formerly GMAC) called a moratorium on their foreclosures as they review past transactions. J.P. Morgan Chase is reviewing loans in 41 states.

To proceed with foreclosures, banks must be able to document that they really do hold titles to the homes in question, and that they have followed the proper legal procedures in seizing the properties.

Read Full Article from Washington Post

- Posted: 2010-10-15 23:01:13

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