Big Banks’ Second Mortgage Foreclosure Game

Big Banks' Second Mortgage Foreclosure Game

“In January, federal regulators announced an .5 billion agreement with 10 mortgage servicers to settle claims of foreclosure abuses, including bungled loan modifications and the wrongful evictions of borrowers who were either current on their payments or making reduced monthly payments.”*

Can big banks oversee themselves? Well, if the second-mortgage foreclosure shell game they’re playing with homebuyers is any indication…no. How does this shell game work, and why do big banks keep winning? Cenk Uygur breaks it down.

*Read more from Elizabeth M. Lynch/ New York Times:

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