Virginia Losing Tax Dollars Due to Poor Loan Documentation

It seems like everyday, we get more fallout from the Housing crisis. As my father used to say "this too shall pass." It's just that the passing is a little slow.

It seems the Commonwealth of Virginia has been losing tax dollars from real estate transactions because of shoddy paperwork on the mortgages on homes. In some cases, the state is unable to determine who actually has the mortgage on a property. In some cases borrowers claimed exemptions they were not entitled to and in others, the whole process just got screwed up. Here is the article from the Washington Post.