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Audit Uncovers Extensive Flaws in Foreclosures

February 16, 2012

By  of New York Times

An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.

Phil Ting, the San Francisco assessor-recorder, found widespread violations or irregularities in files of properties subject to foreclosure sales.

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.

(read more)

The article mentions that California is a non-judicial state, meaning that  foreclosures do not require the judicial oversight of a court proceeding. In light of these findings, perhaps it is time for the California State Legislature to change that.

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One Comment leave one →
  1. February 21, 2012 12:57 am

    In the following article, Ellen Brown suggest ways for counties and local governments to recoop some of transition funds they were cheated out of and help homeowners:

    Occupy the Neighborhood: How Counties Can Use Land Banks and Eminent Domain

    http://www.truth-out.org/occupy-neighborhood/1326472096#.T0GxOgr8aAg.facebook

    Like

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