In normal times, the disclosure that mortgage lenders have cut corners in foreclosing on delinquent borrowers would have been a ho-hum item to the media. But these are not normal times. The foreclosure rate hasn't been higher since the Great Depression of the 1930s; we are in the midst of an election period; and much of the electorate is angry.
The news has stoked public outrage and converted the item to front-page status. It has also stimulated attorneys general in 50 states to investigate (when has that ever happened before?), fanned the lust of class-action lawyers, and encouraged some politicians to call for a wholesale moratorium on foreclosures.
While deficiencies in foreclosure procedures are inexcusable, it is unfortunate that public and political