Foreclosures Audit In San Francisco: 99% Have Flaws

Only in one in 100 foreclosures in San Francisco was properly conducted, according to an audit done there. In the vast majority of the cases, people or banks lacked the authority to foreclose on properties, clearly broke laws, or submitted fraduluent documents. Some of the corruption included making up documents with the wrong dates or people misrepresenting other companies. In the recent national foreclosure settlement, the State of California will get $18 billion to help homebuyers with mortgages above the values of their homes. In many cases, homeowners have trouble finding who owns their mortgage. This due to the fact that banks sliced up these mortgages and packaged them into securities and then sold them as credit default swaps or other dubious investments. Each of these individual mortgages probably have multiple bankster owners who fraudelenty profited off them and paid their executive management teams outrageously high salaries they did not earn. http://www.baycitizen.org/housing/story/sf-audit-finds-irregularities-99-percent/