October 14, 2010
US banks still suck. September 2010 was a record for the US, and not a record you hang on your fridge. For the first time ever, 100,000 properties were repossessed by banks in one month. That represented a 3% increase from August.
These numbers spurred an inquiry. And it’s a big one. According to the New York Times:
As the nation’s attorneys general announced a joint investigation into flawed paperwork filed to support home foreclosures, federal housing regulators urged lenders Wednesday to vet their foreclosure procedures and fix them.
Some home lenders are halting all their foreclosures to review the paperwork. But it’s not a massive surprise or anything. Apparently people on the inside knew all along that something was up with the foreclosure process– they just didn’t do anything about it.
Some of the stories in the video are pretty crazy. A man foreclosed on who didn’t have a mortgage and bought his house for cash? What gives?