Gretchen Morgenson: Attorneys General May Be Rushing Proposal for Loan Servicers
ONE crucial reason the nation's mortgage industry ran itself -- and the entire nation -- off the rails was its obsession with speed. Mortgages had to be approved chop-chop, loans pooled instantly. When it came to foreclosure, well, the quicker the better.
So it is disturbing that the same need for speed is at work in the bank settlement being devised by state attorneys general relating to improper loan-servicing and foreclosure practices.