Audit finds legal problems with 84% of foreclosures


An audit of foreclosure cases ordered by San Francisco’s assessor found “clear violations of the law” in 84% of the cases studied.

The violations ranged from failing to notify homeowners that they were in default to problems with the transfers of loans from one entity to another. It also found problems with the accuracy of data in the Mortgage Electronic Registry System, which has been the subject of numerous legal challenges.

“If there were any lingering doubts about whether the problems with loan documents in foreclosures were isolated, this study puts the question to rest,” Kathleen Engel, a professor at Suffolk University Law School in Boston, said to The New York Times.

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Monthly Sale Special FEB 2010  


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