The number of U.S. homes entering the foreclosure process for the first time increased on an annual basis for the second month in a row. The increase in foreclosure starts comes as banks make up for time lost last year as the mortgage-lending industry grappled with allegations that it had processed foreclosures without verifying documents. The nation’s biggest mortgage lenders reached a $25 billion settlement in February with state officials which has cleared the way for banks to address their backlog of unpaid mortgages.
Asbury Park Press July 13, 2012
