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NEW YORK TIMES ‘FORECLOSURE FRAUD’ ARTICLE MISSES THE MARK

NEW YORK TIMES ‘FORECLOSURE FRAUD’ ARTICLE MISSES THE MARK


Please don’t get me wrong. I really like Gretchen Morgenson and Geraldine Fabrikant but I am somewhat disappointed in today’s article High-Speed Courts Try to Rush Through Foreclosures, in which they really missed some important “key components”.

A few weeks ago our friend at Chink in the Armor said it best in his post Gretchen Swoops for the Kill, and Feints … Twice. He states “Gretchen Moregenson of the New York Times is circling the MERS story. Every once in a while she will seem to make a pass at it but at the last moment she diverts to something else, plucking a nice little morsel but leaving the main dish of MERS behind. She refrains, like everyone else, from coming in for the kill. I know for a fact she knows – from two different sources – but I don’t know why she holds her powder.”

He continues… “She had two stories this past week just like that.”

Again, don’t get me wrong, but there are other players just as important as, if not more so, than the Foreclosure Mills, such as MERS, Lender Processing Services, mortgage-backed security trusts, Freddie Mac/Fannie Mae (or GSEs??).

In today’s NYT’s article Gretchen and Geraldine did, however, manage to get in touch with David J. Stern. Of course, to no one’s surprise he “attributed any backdating to sloppiness on the part of paralegals“.

I am sure that statement will not sit well with any paralegals working there who are working hard, doing exactly what their supervisors are telling them to do.

I must say the most important statement from this article comes from the Florida Attorney General,… “Thousands of final judgments of foreclosure against Florida homeowners may have been the result of the allegedly improper actions of these law firms,” said Mr. McCollum in an interview. “We’ve had so many complaints that I am confident there is a great deal of fraud here.

My suggestion to any journalist that fine combs this site is to please do your research and, then, write a mind blowing article that will clear the smoke from the mirrors.

Gretchen, when will you finally swoop in for the kill?

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