Foreclosure settlement a failure of law, a triumph for bank attorneys

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Foreclosure settlement a failure of law, a triumph for bank attorneys

Foreclosure settlement a failure of law, a triumph for bank attorneys

_Who are you going to put in jail? They all work for the government. Do you think “O” is going to lock any of his administration up? Goldman, Citi, JP, are all run DC…LPS is just getting started.


Barry Ritholtz-

After many months of wrangling, a foreclosure settlement has been reached between 49 state attorneys general and a consortium of banks.

It is an epic failure of law and a triumph for bank attorneys.

It will accomplish little of value, as I’ll explain. First, let’s recall what the “robosigning” foreclosure scandal was all about.

Foreclosure is an extremely serious issue in American jurisprudence. As a nation of laws with strong respect for property rights, we have always treated this process appropriately. After all, having a sheriff forcibly evict a family that typically made a down payment, moved into a home, lived there for some years, made payments, etc., is disruptive — for the family, the lender and the neighborhood.

Foreclosure laws vary from state to state. However, all are specific and precise as to the legal steps that must be followed, from the homeowner’s initial delinquency onward. There are benefits to giving the homeowner a chance to “cure their default.” It is in everyone’s interest for the homeowner to catch up if possible.

[WASHINGTON POST]

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CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

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One Response to “Foreclosure settlement a failure of law, a triumph for bank attorneys”

  1. Stan Lumpkin says:

    ” We still don’t know who ordered these crimes.” Hmm. Bill Black and others have pointed at the usual suspects, it must be taboo for other authors to mention this.

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