DC investigation halts sales of foreclosed homes

Foreclosure Sign, Mortgage CrisisImage via Wikipedia
Examiner:

Sales of foreclosed houses in the District ground to a halt for months as the city's investigation into the foreclosure process scared away title insurers who didn't want the risk associated with the property.

...

Todd Ewing, president of Federal Title & Escrow Co., said the attorney general's investigation into the filing process behind D.C. foreclosures led insurance underwriters to believe the risk of insuring the title on a foreclosed home would be too high.

"Quite frankly we're just turning away that business," Ewing said. "The requirements and the extent of work that has to be done to insure title is beyond what we can profit out of the transaction."

The Office of the Attorney General said that's not the intent of its investigation it started in October -- in fact, it has not overturned any foreclosures.

...
It should have been obvious that the investigation would throw titles to foreclosed homes in doubt until they get it sorted out. They are in fact making the housing market worse at a time when we need to be getting the foreclosed inventory off the books and into the hands of homeowners.
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