More Mortgage Madness . . .

March 5, 2011 8:53am by Barry Ritholtz

I have a ton of errands to get to this weekend (including some WaPo stuff) but before I run out the door, I simply MUST direct your attention to the latest debacle du jour:

• Mortgage Practices Overhaul Proposed (WSJ)
If no WSJ sub, then go here

• Mortgage Modification Overhaul Sought by States (NYT)

• Foreclosure Settlement Terms Sent to Banks by U.S., States (Bloomberg)

I believe the State Attorneys General do not realize they hold the upper hand, and are getting fast talked by Federal input as well as the bankers’ legal counsel. Start bringing criminal actions for perjury for the robo-signing of docs submitted to courts, and see how the balance of power shifts

On a related note, have a gander at these three articles:

• Behind the foreclosure crisis, big banks’ reign of error (Washington Post)

• Without Loan Giants, 30-Year Mortgage May Fade Away (NYT)

• What Do HSBC’s Foreclosure Moratorium and Robo-Signing Claims Really Mean? (DailyFinance)

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