Consumer Law

Financial Incentives to Get People Out of Their Homes Quickly at Root of Flawed, Error-Ridden Foreclosure Process

By Brian Wolfman

That's the theme of this article in today's Washington Post. The story reports that participating lawyers were part of the problem:

Law firms competed with one another to file the largest number of foreclosures on behalf of lenders - and were rewarded for their work with bonuses. These and other companies that handled the preparation of documents were paid for volume, so they processed as many as they could en masse, leaving little time to read the paperwork and catch errors.

Full post as published by CL&P Blog on October 16, 2010 (boomark / email).