Mortgage lenders now face no fewer than five federal investigations into the way they have handled, or mishandled, foreclosures. Two major lenders that had suspended foreclosures have announced they planned to resume taking back homes as soon as possible.
Representatives from the Treasury and Justice departments, as well as at least eight other agencies, have gathered to talk strategy. Housing and Urban Development Secretary Shaun Donovan told reporters the government will hold banks accountable for the mistakes they have made.
Still, a look at the foreclosure process in three different spots around the country — Cook County, Ill.; Collier County, Fla.; and Phoenix — shows that delays have not eliminated the threat of foreclosure for homeowners.
October 20, 2010
