Barry Ritholtz clearly explains why this foreclosure mess is so important and how all the cutting of corners by the loan servicing organization has gotten completely out of control.
I could try to paraphrase it but you really must read it ALL to understand why this scandal is more than just some 'goofed up paperwork'
Bank of America halts all foreclosures. This is a few days old but just the latest in a long march of banks who are calling a full halt to foreclosures.
BofA's sterling efficiency is demonstrated by them foreclosing on a house with no mortgage. Whoops!
This is going to get worse before it gets better . . .