New York

Robo-signer technicalities only a portion of mortgage industry’s problems 

The press has had a field day with foreclosure difficulties and robosigners in the last couple of weeks. In reality, such problems pale in comparison with the difficulties already existing in the industry. For the past year or more, mortgage servicers have struggled with selling properties taken back in foreclosures. Such disposition delays have cost the industry dearly, and will continue to do so. In response, some in the industry delayed foreclosures. Some banks allowed greater time for borrowers to affect short sales. Others took more time to modify loans, hoping to avoid foreclosure.