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Notes to myself, possibly of interest to others.
-- Bill Northlich

Saturday, April 2, 2011

Foreclosure Fraud is Fraud, Not a Series of Mistakes

Ritholtz:  Quotes 60 Minutes-
“Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they want to foreclose on. The resulting rash of lawsuits from people seeking to save their homes has one of the government’s top banking regulators worried that the torrent of litigation will delay the real estate market’s recovery.”
Then he says:  "Understand this precisely: This was not a case of slipshod handling, of sloppy paperwork, or bad management.This was a willful decision to break the law in order to save expenses and be more profitable.

Follow the money: MERS to subprime lending to automated underwriting to securitization to robosigning to fraudclosure — its ALWAYS been about saving a few bucks regardless of the consequences."

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