Robosiging - time to get out the erasers?

There are 7million mortgages in the United States that are 30 or more days delinquent or in the process of foreclosure. Of the more than 7 million home loans in the country currently going unpaid, 2,055,000 have already commenced foreclosure proceedings 4,963,000 are in the pre-foreclosure default stages, with nearly half of these falling into the 90-plus-days delinquent bucket.

A  measurement of the current U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) rose to 9.27 percent as of the end of September. That’s a 0.6 percent increase over the previous month, but down 7.8 percent compared to last September. The nation’s pre-sale foreclosure inventory rate stands at 3.84
percent, states with the highest percentage of non-current loans (defined as the total number of foreclosures and delinquencies as a percent of all active loans in that state) include: Florida, Nevada, Mississippi, Georgia, and Louisiana.  The lowest percentage of non-current loans can be found in: Montana, Wyoming, Arkansas, South Dakota, and North Dakota.

Robosigning on foreclosures....the scandal with respect to borrowers' rights and the possibility that foreclosure documents were signed improperly is a big issue for the banks to overcome.

A bigger issue emerging is what those robosigners, perhaps unbeknown to them, were covering up—big flaws in mortgage securitization that could open the floodgates to investor lawsuits against trusts.

The trouble is a lot of the paperwork was not properly transferred, and if not, 'the 'true sale' of mortgages would be in question.

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