San Francisco Audit Reveals Pervasive Faulty Foreclosures

No shock here but try explaining these defects to an Arizona judge.  Apparently none of this pervasive fraud leading to the 40-state AG’s investigation, the OCC (worst regulator of all time) Consent Orders, numerous Congressional reports, Ben Bernanke’s Treasury Investigation and White Paper issued this year, happened in Arizona.  Even when you show it to them, they just can’t see it.  Aren’t we lucky?

Gretchen Morgenson writes about it in the NY Times today:

An audit by San Francisco county officials of about 400 recentforeclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.

Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.

The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.

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One thought on “San Francisco Audit Reveals Pervasive Faulty Foreclosures

  1. None of these banks that have been foreclosing on upwards of a million homes actually own the promissory notes they are attempting to foreclose. The notes were long ago sold to investment groups, but the notes were never transfered to them. The banks kept the notes in trusts. Since, the investors had no idea what they purchased, it was the banks that recieved the bailout funds from Uncle Sam. And now the banks are attempting to foreclose on the promissory note that they already sold, and our government is allowing this too happen. Crooks the bunch of them.

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