« Ind. Courts - "Job losses take toll on public defender funds" | Main | Courts - "The search is on for a candidate for one of the most scenic jobs in American law: magistrate judge for the United States District Court in Yosemite National Park" »
Tuesday, August 11, 2009
Courts - "Bankruptcy Judges, Justice Dept. Rip Mortgage Companies"
This comprehensive set of resources from ProPublica, along with the story by Karen Weise, provides much useful material re mortgage servicers. A quote:
As mortgage delinquencies rise, more and more homeowners are learning the central role that mortgage servicers play in their lives. The legal cases show that role can be distressing. Judges have found that major mortgages servicers regularly mess up basic accounting, improperly credit payments and charge unwarranted fees. They’ve “not done a very good job of keeping the records,” said Judge Samuel Bufford of California.Mortgage servicers — typically either bank subsidiaries or independent companies — handle the day-to-day work with homeowners, ranging from collecting monthly payments to determining when to modify or foreclose. Problems with servicing often, but not always, occur once homeowners start having trouble making payments.
Complaints to the government about mortgage servicers have soared in recent years. They’ve risen from 31 percent of the complaints that the Department of Housing and Urban Development received in 2006 to 78 percent in 2008, according to HUD spokesman Lemar Wooley.
Posted by Marcia Oddi on August 11, 2009 04:30 PM
Posted to Courts in general