Thursday, October 21, 2010

PBS NewsHour On Flawed Paperwork Used In Foreclosure Process

PBS NewsHour with Jim Lehrer recently ran a story on the flawed paperwork being used to challenge foreclosures in court. The story addresses both:

  • The screw-ups taking place on the back end of the securitization process - lenders' attempts to enforce the notes through foreclosure and the use of robo-signers, and

  • The screw-ups that took place several years back on the front end of the securitization process - the failure to properly transfer the promissory notes (a chain of transfer that begins with the loan originators) into the mortgage backed trusts that are supposed to be holding these notes.

Among those interviewed for the story are Brooklyn, New York trial judge Arthur Schack, and consumer lawyers Max Gardner and April Charney.

To watch the story, or read the accompanying transcript, see Faulty Paperwork Prompts Deepening Foreclosure Problems.

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