So what should banks do to put an end to the foreclosure crisis (foreclosure news) that threatens to prolong the stall in the housing market?

"Jamie Dimon of J.P. Morgan Chase, Brian Moynihan of Bank of America, and other banking CEOs willing to show their face in public should call a press conference today and announce their intention to hired 50,000 people to deal with all aspects of the foreclosure crisis," suggests one Yahoo Finance commentator.

"They should hire processors who will actually read the legal documents, but also professionals to work on debtor counseling and modification, landscapers to mow loans of real estate they own, and security guards who will ensure that repossessed homes aren't stripped or occupied by squatters," he said.

Seeking low-cost, automated, robo-processing solutions has not served the industry well. It may be that the only way forward is to review all cases, which would seem to require more staff. JPMorgan Chase says it will expand its review in the 23 states in which it has halted foreclosures rather than seek a judge's approval.

In general, the costs of a thorough review will be large for banks. But the commentator says, "something tells me the cost of the regulation, lawsuits, and the general chaos being created by a foreclosure moratorium will be even more expensive."

For more:
- here's the column

Related Articles:
Behind the foreclosure mess
Bank of America extends foreclosure freeze
Erroneous foreclosures a big problem?
Banks walking away from foreclosures