Mortgage Default Information

Foreclosure Renewal: A New Housing Mess?

SeekingAlpha |

In Brief...

Are the major banks looking at housing troubles and billions of dollars of losses yet again? That is what a new report from the Congressional Oversight Panel seems to warn.. Rampant paperwork lapses in evaluating the authenticity of information provided in the mortgage documents have embroiled major lenders including Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and PNC Financial Services Group Inc. (PNC) in a number of lawsuits by homeowners in the second half of September. The Congressional Oversight Panel is also pushing for loan modifications as any further paperwork error could damage Home Affordable Modification Program (HAMP), the main foreclosure prevention effort of the Treasury.. Also, lenders could be unable to prove their ownership on mortgage loans due to wrong documentation.

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