Recent acknowledgement by major servicers that foreclosure affidavits and other important procedural records were not properly promulgated will doubtless lead to settlement negotiations in order to avoid costly and lengthy lawsuits. While speedy action is laudable for many reasons, we would sound a note of caution. “Standing” and other title-related issues are not the only document deficiencies we have witnessed. The mortgage lending industry and speculative housing bubble grew in an environment where due diligence, closing procedures, title transfers and other critical practices were routinely truncated, omitted, mishandled, and even manipulated. A lengthier investigation of mortgage documentation from inception would discover (as CNYCN has in many individual cases) numerous issues requiring clarification, emendation, punishment and restitution.

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