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Foreclosures slow down as systematic document flaws exposed

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The foreclosure machinery that has forced millions of Americans out of their homes is beginning to seize up as some lenders and their lawyers are accused of cutting corners in their pursuit of rapid home repossessions.

Evictions are expected to slow sharply, housing analysts said, as state and national law enforcement officials shine a light on questionable foreclosure methods revealed by two of the country’s biggest home lenders in the last two weeks.

Even lenders with no known problems are expected to approach defaulting homeowners more cautiously and look more aggressively for resolutions short of outright eviction…

GMAC has acknowledged legal missteps in processing mortgages, and JPMorgan Chase has acknowledged the possibility of missteps, and both have suspended all foreclosures in the 23 states where they need a court’s approval. That’s 56,000 in the case of Chase alone; GMAC declined to provide a number…

The federal government has been the majority owner of GMAC since supplying $17 billion to prevent the lender’s failure during the financial crisis…

Taxpayers provided the capital; but, no one kicked a sufficient number of Bush-era pickpockets out of management.

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Written by Ed Campbell

October 2, 2010 at 3:00 pm

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