Slowing the Runaway Foreclosure Train

From the Big Picture by Barry Ritholtz.

The out of control foreclosure machinery has officially been brought into the shop for repairs.

The real estate financing industry appears to have brought the same technical expertise that allowed automated underwriting of mortgages to an automated foreclosure process: Structurally flawed, rife with errors, guaranteed to fail — and in need if an immediate overhaul. …

It is Lucy on the chocolate factory line, only with Homes being repossessed instead of bon bons slipping by unwrapped.

Too bad they’re not just stuffing the documents flowing by into their clothes like Lucy and Ethel did.