Mortgage Default Information

Government report paints grim picture of foreclosure crisis

Consumer Reports |

In Brief...

The Congressional Oversight Panel (COP) released a report today on the foreclosure crisis titled " " The panel's warnings of possibly rampant problems from "robo-signed" paperwork and other mortgage irregularities have been voiced before by consumer advocates, including Consumers Union, publisher of Consumer Reports. In a worst-case scenario, it says the foreclosure crisis could result in banks being unable to prove that they own mortgage loans they say they own. Norma Garcia, senior attorney for Consumers Union, the non-profit publisher of Consumer Reports, doesn't believe you need to walk away from any real estate transactions. Consumers Union has called for a temporary moratorium on foreclosures as a way to give lenders and servicers more time to straighten out their mess before foreclosing on homeowners whose rights might be violated..

Read the entire article at Consumer Reports...

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