The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.
Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.
- California Audit Finds Broad Irregularities in Foreclosures (nytimes.com)
- Errors found in 84% of SF mortgages in foreclosure (sfgate.com)
- Push to Avert Foreclosures Hits Court Logjam – NYTimes.com(policyabcs.wordpress.com)