Kat Aaron and Mary Kane ask whether a new national database will give regulators the data they need to address the ongoing foreclosure crisis.
In the absence of a government database, corporate providers serve as the main source for numbers on foreclosures. This information relies on sampling and is proprietary, expensive, and not standardized. The firms piece together their data from industry and public sources, including county assessors’ offices, courthouse filings, newspaper listings, auction notices, and loan reporting from mortgage companies. Some firms compile their numbers from actual completed foreclosure sales, while others track notices of default, which occur much earlier in the foreclosure process.
