Foreclosures to Climb in U.S. Before Bank Deal Helps Housing Market Heal

The $25 billion settlement with banks over foreclosure abuses may result in a wave of home seizur...  More »

The $25 billion settlement with banks over foreclosure abuses may result in a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers. On the upside, this makes a long-term housing recovery more likely. Lenders slowed the pace of foreclosures as they negotiated with attorney generals in all 50 states for more than a year over allegations of faulty and fraudulent paperwork used to repossess homes. With yesterday’s agreement, banks are likely to resume property seizures.  « Less