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Judicial Foreclosure States Slow to Join Housing Recovery

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Mortgage Professional America | 11 Mar 2013, 09:25 AM Agree 0
Regional housing markets in Maryland, Massachusetts, New Jersey, and New York are having a harder time rejoicing in the recovery streak that other states have been experiencing since last year. The glut of pending foreclosures and its effect on the housing market is throwing a wrench in the engine of national recovery, and it is coming down to a battle between title and lien theory states.
  • William Matz | | 11 Mar 2013, 05:12 PM Agree 0
    Lenders have no one but themselves to blame. They threw out underwriting rules because they could sell mortgages without recourse. Then they failed to make legal transfers into the REMICs. When foreclosures began to grow, they resorted to forging,fabricating, or falsely signing millions of documents. Now, even after the AG settlement, we hear that one of the Big 5 has a foreclosure doc mill still churning out fake documents to allow foreclosures to go forward. Using those fake documents in a judicial foreclosure in California would be a felony. So how many banksters have gone to jail?
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