I am seriously undone by this bizarro world where black is white, and longstanding property law that is a bedrock of our country is summarily and unilaterally disposed of by banks that have managed to run their own finances into the ground. I understand that they need to raise some cash stat to pay for the tsunami of mortgage repurchases that are coming their way from the securitization investors who are rightly pissed, however, I fail to see why fraud against American homeowners (the same taxpayers who bailed their asses out and allowed them to pay extravagant bonuses yet again in this bizarro world where losses are socialized and profits are capitalized) is a valid solution.
Favorite euphemisms for the foreclosure fraud and crime: “cutting corners,” “paperwork errors,” “shoddy paperwork,” “missing papers,” “flaws in paper trail,” “cure defects,” “adjust procedure.” Can we please call a spade a spade? Recording a false document is a crime. Forgery is a crime. Perjury is a crime. I guess I didn’t realize that our criminal codes and civil prohibitions on fraud were optional.
Property rights are kind of a big deal. It’s important to have certainty and to know who owns what. It’s not a difficult concept. A break in the chain of title screws things up. Badly. This is not an easy fix. You do have to admire the little bank soldiers’ (and their government sidekicks) dogged ability to kick out some serious propoganda.