Shoddy mortgage lending has led bankers into a two-front war, pitting them against U.S. homeowners challenging the right to foreclose and mortgage-bond investors demanding refunds that could approach $200 billion.
The foreclosure problems that have unfolded in recent weeks present a test of whether financial regulators can respond more cohesively and aggressively to an emerging problem than they did to the subprime crisis three years ago.
Cook County Sheriff Tom Dart lashed out at three of the nation's leading lenders, saying he halted evictions after they acknowledged some employees signed off on foreclosure documents without even reading them.
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2010/10/22
