The Foreclosure Fraud Crisis Mike Konczal, Roosevelt Institute December 21st, 2010 The views...

The Foreclosure Fraud Crisis

Mike Konczal, Roosevelt InstituteDecember 21st, 2010

The views expressed here are mine only and should not be attributed to the Roosevelt Institute, its boards, or its officers.

Source: Adam Levitin, Tara Twomey, “Mortgage Servicing”.

Source: Diane E. Thompson, National Consumer Law Center,“Why Servicers Foreclose When They Should Modify and Other Puzzles of Servicer Behavior”

Source: Diane E. Thompson, National Consumer Law Center,“Why Servicers Foreclose When They Should Modify and Other Puzzles of Servicer Behavior”

Loan Servicers Percent of Market

Bank of America 19.9%

Wells Fargo 16.9%

JP Morgan Chase 12.6%

Citi 6.3%

GMAC 3.2%

US Bancorp 1.8%

Source: Karen Dynan, Brookings Institute, “Household Deleveraging and the Economic Recovery.”

Source: Karen Dynan, Brookings Institute, “Household Deleveraging and the Economic Recovery.”

New Incentives, Goals:

• Banks• Investors• Federal Regulators

Source: Karen Dynan, Brookings Institute, “Household Deleveraging and the Economic Recovery.”

New Incentives, Goals:

• Banks• Investors• Federal Regulators• Attorneys General