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Written by rosalind renshaw

So you think things might be on the slide here? Once again, America gives us cause both for relief (it’s not happening here) and shock (but could it?).

Across the Atlantic there is a repossessions crisis, the like of which has not been seen before.

One in every 139 American homes received a foreclosure notice during the third quarter of this year, and some 2.5 million properties are currently in the process of being repossessed, with the same number again in serious arrears.

One-quarter of all mortgaged properties – 11 million altogether – are in negative equity.

So many borrowers are failing, that lenders can’t keep up with their foreclosure notices.

One Florida law firm manager was caught signing off cases at a rate of 1,000 files a day. When her hand hurt, a paralegal took over and forged her signature.

Mortgage firms hired temporary staff – hairdressers, burger flippers, factory workers – to sign documents stating records had been checked and properties were ready for foreclosure. Some later admitted to not knowing what a mortgage was, and to changing dates on documents when necessary.

For more on this horrifying scenario, read this: www.citywire.co.uk/money/how-the-foreclosure-crisis-has-swept-across-america/a444175?re=11598&ea=245278

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