Roundtable says the foreclosure issue needs a quick, internal fix

10/17/2010 | TheStreet.com

Scott Talbott, senior vice president for government affairs at The Financial Services Roundtable, said that the foreclosure issue is not a matter for lawmakers. "Legislation is the wrong approach, since this is an internal matter," Mr. Talbott said. Also, "legislation will take too long; this needs to be done quickly." He said that lenders likely will start hiring more people to read foreclosure documents. "Since the essential problem was that employees were overburdened by the volume of the foreclosures and didn't take the time to read the file before signing the affidavit, the fastest, most efficient, most accurate solution is to hire more employees to read the files."

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