California audit finds broad irregularities in foreclosures
Source: Associated Press
An audit by San Francisco officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.
Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.
... Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.
Kathleen Engel, a professor at Suffolk University Law School in Boston, said: "If there were any lingering doubts about whether the problems with loan documents in foreclosures were isolated, this study puts the question to rest."
Read more: http://www.mercurynews.com/breaking-news/ci_19974381
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