Mortgage servicers -- entities that manage home mortgage loans -- halted foreclosures throughout the country in September 2010, finding that documents required to be provided to courts in some states may have been improperly signed or notarized. In addition, academics and court cases are raising questions over whether foreclosures are being brought properly because of concerns over how loans were transferred into mortgage-backed securities. This report examined: (1) the extent to which federal laws address mortgage servicers' foreclosure procedures and federal agencies' past oversight; (2) federal agencies' current oversight and future oversight plans; and (3) the potential impact of these issues on involved parties. Illus. A print on demand report.... for proceeding with foreclosure are largely contained in state laws, and some states require the party seeking foreclosure to prepare documents that are notarized or signed by someone with knowledge of the case and submit them to a court.
|Author||:||A. Nicole Clowers|
|Publisher||:||DIANE Publishing - 2011-08|