Collections and Credit Risk reports that, according to Lenders Processing Service (a company that provides foreclosure-related services to lenders), the average home "in foreclosure" is delinquent 631 days. I put "in foreclosure" in quotes because the term is not used consistently, and it means different things to different people. For example it might mean 90 days delinquent or more or it could mean a case where a petition to foreclose has already been filed in court.
Banks are not going to find foreclosures any easier going forward, especially since more and more evidence is appearing of sloppy and corrupt practices at the mortgage companies and banks.
In a feature story last night on 60 Minutes titled Prosecuting Wall Street, a whistleblower at Countrywide (now part of Bank of America) said that Countrywide had recycling bins full of fragments of paper that included signatures cut off of forged documents. Another whistleblower, an examiner at Citibank explained how he had alerted upper management to irregularities in first 60 then 80% of the mortgages that Citibank held and processed through the secondary mortgage market.
This link will probably expire in a couple of weeks, but for now it's a more than marginally related video.
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