The banks finally are getting serious about foreclosing on the delinquent mortgage squatters living in shadow inventory. Even though delinquencies are declining, they are still elevated well above historic norms, and they have been so high for so long that the banks have a huge backlog they must work through.
The Mortgage Bankers Assn. says it could take three or four years to return to a normal pattern of delinquencies and foreclosures.November 18, 2011 -- By E. Scott Reckard, Los Angeles Times
Fewer home loans are in trouble these days, but despite some improvements, the nation is not even halfway through cleaning up the foreclosure mess, industry experts said. It could take three or four years to return to a typical pattern of delinquencies and foreclosures, the Mortgage Bankers Assn. said in releasing its quarterly[READ MORE]