Mortgage companies like Fannie became foreclosure factories
(NEWSER) - The Washington Post fleshes out a fuller, and more outrageous, picture of how the foreclosure mess came to be. Big mortgage companies—including government-owned Fannie Mae—had so many cases to clear off the books, they gave law firms and other processors bonuses for speed and penalties for delays. Guess which one they pulled out all the stops to get? This fueled a system of incompetence in which people with no knowledge of foreclosures couldn't be hired fast enough to keep the paperwork moving. In short, quick evictions meant profits for everyone involved in the chain—except homeowners. More»
