“BANKS RUSH TO IMPROVE FORECLOSURE PRACTICES.” A Wall Street Journal article by Ruth Simon (April 29, 2011) had the headline “BANKS RUSH TO IMPROVE FORECLOSURE PRACTICES.” Since I think that a lot of the actions that are described come over two years too late, I looked for irony in the article, but there is none. United States regulators have given 14 financial institutions until mid-June to make plans to clean up their mortgage-servicing operations and until mid-August to implement the plans. J.P. Morgan has said it will add as many as 3000 new home-lending jobs, and Bank of America has hired some 3000 people in the first quarter “to work on troubled mortgages.” If it had been recognized earlier that the clean up would have to be done “one mortgage at a time”, hiring and training new employees would have been done earlier. As for my surmise a couple years ago that a lot of the paperwork had not been done properly in the first place, another article by Ruth Simon on April 29 points out that the New York State Chief Judge issued an order in October requiring lawyers to sign an affidavit that foreclosing paperwork was properly reviewed and that since that time foreclosure filings have declined sharply.

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