NEWS FLASH

Audit Of San Francisco Foreclosures Finds That Nearly All Have Legal Issues | A report commissioned by San Francisco’s assessor-recorder looked at 400 foreclosures and found that nearly all of them had legal problems or suspicious documents. “Overall, we identified one or more irregularities in 99% of the subject loans. In 84% of the loans, we identified what appear to be one or more clear violations of law,” the report says. Just a week ago, California and 48 other states settled with the nation’s five biggest banks over charges related to foreclosure fraud, but the report says that “based on our understanding, the settlement does not resolve most of the issues this report identifies, nor immunizes lenders and servicers from a host of potential liabilities arising therefrom.”