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Article: Foreclosure gridlock: lawyers defending mortgage servicers have their hands full today. The courts are jammed with motions to delay foreclosure actions, and frivolous litigation is going is going viral.(Cover Report: Legislative/Regulatory)
- Article from:
- Mortgage Banking
- Article date:
- September 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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If you want to change the foreclosure process these days, you may have to take a number and get in line. Across the nation, state lawmakers, attorneys general, municipal officeholders, local attorneys and even borrowers are attempting to rewrite the rules governing what happens when a mortgage borrower fails to make his or her payments. * The result of all this has been a quagmire of competing legislation, increased compliance and holding costs for lenders, and a caseload that's clogging court systems across the country. All of that, and yet there's been no significant reduction in foreclosures. * While responsible lenders understand that some borrowers have unfair loans, ...
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