Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace

The GM strike could be almost over

Oct 17, 2019

Latest Episodes

Download
HTML Embed
HTML EMBED
Click to Copy
This Is Uncomfortable
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Maps: Housing

Gov’t probes foreclosure problems

Mitchell Hartman Oct 20, 2010
Share Now on:
HTML EMBED:
COPY

TEXT OF INTERVIEW

JEREMY HOBSON: We’ll go now to the housing market here in the U.S. There’s a report today of a government probe into problems with foreclosures across the banking system. Marketplace’s Mitchell Hartman is with us live with more on this story.

Good morning, Mitchell.

MITCHELL HARTMAN: Good morning, Jeremy.

HOBSON: So, where do we stand with foreclosuregate — the probes into mortgage servicers cutting corners to seize homes from defaulting homeowners?

HARTMAN: Well, a bunch of agencies are looking into so-called “robo-signers.” These are inexperienced bank employees who processed foreclosures allegedly without knowing what was in them. There are investigations by the SEC, the regulator for Fannie and Freddie, as well as HUD, that’s Housing and Urban Development.

HOBSON: And what are all those investigations finding, Mitchell?

HARTMAN: HUD Secretary Shaun Donovan told the Wall Street Journal there’s a spotty record among banks in terms of not just their foreclosure procedures, but also how they handle mortgage documents in general. Now, this is important because those mortgages were sliced and diced into mortgage-backed securities. So there’s some concern about a ripple effect if those mortgages aren’t where they should be-if the loan portfolios are a mess.

HOBSON: Alright. Marketplace’s Mitchell Hartman, thank you so much.

HARTMAN: You’re welcome.

If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air.  But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.

Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.

When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.

Check Your Balance ™️
Check Your Balance ™️
Personal finance from Marketplace. Where the economy, your personal life and money meet.

Thank you to all the donors who made our fall drive a success!

It’s Investors like you that keep Marketplace going strong!