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CFPB targets "zombie" foreclosures

Borrowers don't realize they still own their homes


The Consumer Financial Protection Bureau is probing "zombie" foreclosures, a phenomenon first revealed by Reuters last year, Michelle Conlin reports.

Thousands of borrowers across the country were the unwitting owners of zombie homes. Many were on the hook for thousands of dollars of mortgage debt, code violations and municipal services like water and trash.

The CFPB said it had ideas to help resolve the problem such as creating a national definition of "abandonment", hastening the foreclosure process so vacant homes can more quickly be transferred to potential owners and non-profits, and creating a national registry of zombie properties.

Source: Reuters
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