Fannie and Freddie's Foreclosure Barons

This is an article by Mother Jones - it's a little long, but I feel like it's worth it. The major point it makes is to show just how many foreclosures are being pushed through the woodwork, so many that neither judges nor banks can review them all. In fact, most of the foreclosures are made by foreclosure mills that get paid a straight fee for every foreclosure they push through - not surprisingly, this makes for a perverse profit motive where homeowners, even ones that have never missed a payment, are being given the runaround, having their homes put on auction without even being notified, having paperwork "accidentally" lost over and over again, and being given the runaround until their homes are confiscated.

Of course, this isn't the whole story: some people bought homes they couldn't afford, while others bought homes they could afford, but then lost their jobs in the recession and couldn't make payments - and now that the inundation of foreclosures has started, banks have had to hand the work to the mills, where there's just not much profit in dealing with customers in a decent (or even legal) way.

LINK: EXCLUSIVE: Fannie and Freddie's Foreclosure Barons