Credit Slips-
Nick Timiraos has a great piece in the WSJ about the state of play on foreclosure defense litigation. It quotes Larry Platt, a bank-industry lawyer at K&L Gates (which lost Ibanez). It’s worth pausing for a second to consider what Platt said. Although Platt
concedes that banks may have been sloppy… [he claims that]… “the real assault on the legal system” are efforts by judges and local officials to strip lenders of their rightful ownership and make foreclosures impossible.
Platt’s view, it seems, is that everyone understood the mortgage deal and that the paperwork doesn’t really matter. That’s a very problematic view for any attorney to take, much less one with a background in real estate, secured lending, and securitization. (A less charitable interpretation of Platt’s comments is that the proper outcomes has nothing to do with law. Instead, it’s paperwork and intent be damned, we’re the banks so we should win by right.)
This is a joke! WHaaa! The bankster laws are being reversed and the banks are having to abide by the law of the people,and hopefully soon, the Constitutional law, that has been bulldozed over. The banksters and their attorneys have something to hide and not sorry, just sorry they are caught. They knew what the were doing and they knew it was wrong, and unconscionable, and the chose the wrong path of evil and corruption and now the crime that has paid, will be justified and the cliche “Crime does not pay” will survive to continue to be a cliche, instead of a bad very bad joke on Americans and the globe. The attorneys and judicail system that supported these criminals are just as guilty as they are. Without corruption in the judical system and the government the banks would not have gotten away with this.
Eat shit banks.