Monday, July 2, 2012

Of course they are resisting

States across the country are proposing a range of new rules that would make it more difficult for banks to foreclose on troubled homeowners.

The moves have been prompted by concerns that lenders have been inefficient in restructuring mortgages, which results in unnecessary foreclosures, while using shoddy paperwork to repossess homes.

Lenders are strongly resisting the measures, arguing that they will introduce new bottlenecks in the foreclosure process that could obstruct the incipient housing recovery.

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