'World News' Calls Nation's Top Bankers to Explain Foreclosure Crisis
'World News' asks for answers on the foreclosure crisis.
Oct. 14, 2010 — -- The nation's foreclosure epidemic gathered steam in September, with banks taking over more than 100,000 properties for the first time. Overall, filings rose 3 percent, according to RealtyTrac, an online service that tracks foreclosure rates.
This news comes the day after attorneys general of all 50 states announced an investigation into whether sloppiness or deceit led to the latest episode of the national foreclosure drama, further threatening the recovery of the U.S. housing market.
In courts throughout the nation, homeowner attorneys have alleged that the big banks and lenders forged signatures and improperly notarized documents in the rush to foreclose on homeowners.
So ABC's "World News with Diane Sawyer" decided to go straight to the major financial institutions with some questions. How did these improper foreclosures happen? Did they have anyone read the fine print? Was the foreclosure process being farmed out to international offices? And what about inequity? If homeowners have to jump through hoops to buy a house, why don't the banks have to do the same in order to take a house away?
We e-mailed and phoned the top six banks involved in the mortgage mess, requesting interviews with their CEOs. So far all have declined the request, but below is a list of the CEOs and some basic facts about each bank.
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