Overburdened foreclosure system is vulnerable to fraud

09/23/2010 | Washington Post, The · Bloomberg

As millions of Americans are being forced out of their homes due to foreclosure, the overburdened foreclosure process is swamped with paperwork, opening the door to fraud. The system is filled with fake documents, forged signatures and lenders taking shortcuts when processing the files of borrowers. The problems are so widespread some judges just ignore them, and Ally Financial, the nation's fourth-largest mortgage lender, has stopped evictions in 23 states.

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Washington Post, The · Bloomberg

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