I’ve been trying to learn all I can about the recent foreclosure fraud scandal that has come to light. Basically, several large banks are alleged to have engaged in fraudulent behavior in order to expedite the foreclosure process as quickly and cost-effectively as possible.
I believe there is significant merit to these allegations and the effects and implications of these banks’ actions could be very costly to the banks themselves and perhaps also to the economy in general. I also cannot understand how the banking/mortgage industry could act in such a way, especially given how they are already under extraordinary scrutiny for the sins and mistakes they committed throughout the past 5-6 years that contributed to the near financial meltdown of 2008 and 2009.
Here is a short list of what I have been reading and watching in regards to this matter:
- JPMorgan Finds 56,000 Foreclosures Its Employees Didn’t Read And Is Forced To Freeze Them All, Business Insider, Sept 30, 2010
- Foreclosures? Not So Fast, WSJ, Oct 4, 2010
- Rule of Law Versus Bank Profits: Mortgage Fraud Edition, Naked Capitalism, Oct 6, 2010
- JPMorgan, Bank of America Face ‘Hydra’of Foreclosure Probes, Bloomberg, Oct 6, 2010
- Updating the US foreclosure scandal, FT Alphaville, Oct 7, 2010
- Where is the foreclosure mess leading?, Felix Salmon, Oct 7, 2010
- In foreclosure controversy, problems run deeper than flawed paperwork, Washington Post, Oct 7, 2010
- Chris Whalen describes why 2011 could make 2008 look like a cakewalk, Pragmatic Capitalist, Oct 7, 2010
- Flawed Foreclosure Documents Thwart Home Sales, NY Times, Oct 7, 2010
- MERS, an acronym of mass foreclosure destruction, FT Alphaville, Oct 8, 2010
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