US foreclosures crisis is result of 'overall operational failure'

Imprudencies of scale

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The spectre of the foreclosures crisis continues to haunt US financial institutions. Failings over a number of years have prevented firms from foreclosing on properties that homeowners are unable to meet mortgage payments on. A January Supreme Court ruling in Massachusetts stated that, even in cases where mortgages were not being paid, financial institutions are not able to foreclose unless they can prove ownership of that mortgage. Institutions have long taken part in the securitisation of s