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MarketWatch: Waters: Loan paperwork mess is 'systemic' issue

November 18, 2010
In The News

By Ronald D. Orol

The head of a congressional housing committee on Thursday said the foreclosure paperwork mess has produced systemic and damaging consequences. "There is significant evidence to suggest that the speed-driven, corner cutting operations endemic in the mortgage servicing industry have produced systemic and damaging consequences for the nation's homeowners and for our housing and financial markets," said Rep. Maxine Waters, chairwoman of the subcommittee on Housing and Community Opportunity. The California Democrat said the newly formed Financial Stability Oversight Council, which comprises banking and securities regulators, needs to address the issue.