3-16-11: Foreclosure Mills
The number of Maryland homeowners past due on their loans and facing foreclosure has been inching down. The Mortgage Bankers Association reported that about 9,300 Maryland homeowners went into foreclosure during the last three months of 2010 – the Baltimore Sun called that the lowest level in a year and a half.
But that doesn’t mean the crisis is over. In fact, in the Free State it may be growing more complicated. Recently uncovered “foreclosure mills” operating in Maryland have turned out thousands of legally invalid documents.
Abigail Field is a lawyer and a journalist. She writes about foreclosures on DailyFinance, AOL’s financial news website, and she’s been watching robo-signing in Maryland and around the country. Sheilah talks with her about the problem and possible solutions.