Lenders and lawmakers discover thousands of mishandled mortgage documents
The government's Home Affordable Modification Program, or HAMP, is on pace to prevent 700,000 to 800,000 foreclosures - a significant figure, but far fewer than the 3 million to 4 million struggling homeowners Treasury officials originally hoped to help, according to the bipartisan Congressional Oversight Panel.
A Washington Post poll underscores the extent of economic anxiety.
A top banking regulator says government should have taken notice earlier.
Opinion | The mess is the fault of arrogant, greedy lenders who played fast and loose with the basic property rights of homeowners.
Readers weigh in
- Sen. Merkley's letter to Geithner asking for probe (Oct. 6)
- Pelosi's letter requesting federal probe (Oct. 5)
- Swagel testimony: The future of housing finance (Sept. 29)
- N.C. announces foreclosure moratorium (Oct. 6)
- Texas attorney general halts foreclosures (Oct. 4)
- N.C. AG's letter to Ally executives (Sept. 27)
- Conn. AG requests that Ally halt foreclosures (Sept. 27)
- Calif. AG demands that Ally halt foreclosures (Sept. 24)
- Letter from congressmen to Fannie Mae CEO (Sept. 24)
- NCLC comments on 'robo-signing' (Nov. 16)
During the housing boom, millions of homeowners got easy access to mortgages. Now, some lenders have discovered many mortgage documents were faked, forged or otherwise mishandled. Attorneys general in all 50 states have launched an investigation into the foreclosure system, and politicians in Washington are pushing for a federal investigation into the matter.