One year after the mortgage mess morphed from crisis to nightmare, like a car far past its prime, the foreclosure system still sputters and fires, but rarely on all cylinders. Bankers have hit the brakes on filings, as the legal jam rendered the process essentially a freeway without an exit ramp.
October 03, 2011 at 12:00 AM
1 minute read
One year ago this week, the mortgage mess morphed from crisis to nightmare.
On Oct. 1, 2010, the Office of the Comptroller of the Currency announced it had moved examiners into seven leading mortgage servicers — giant institutions like JP Morgan Chase, Wells Fargo and Citibank — to determine whether their foreclosure paperwork passed legal muster.
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