In the absence of state and federal research about how the nation's largest mortgage companies are forging mortgage documents and wrongfully foreclosing on borrowers, local officials are stepping up. Earlier this week, San Francisco assessor-recorder Phil Ting released a report concluding that 85 percent of nearly 400 audited foreclosures had serious problems or were outright illegal, providing a rare glimpse into the specifics of foreclosure fraud in America.
"We really wanted to take a look at what the documents would tell us and whether or not it was something systemic," Ting said. "We had a lot of anecdotal information but never knew if the problems represented 5 percent or 20 percent or 80 percent of the cases. What we have for the first time is hard data about the level of systematic problems going on in the mortgage industry."
Read it at The Huffington Post
Mortgage Fraud: Local Officials Step Up To Uncover Document Fraud
by Loren Berlin
Confirms what Bill Black has been saying for a long time.
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