Foreclosure Fraud: Tough Issues With Which to Grapple

Martin Andelman of Mandelman Matters has another insightful post.

Just in case you’re one of those not yet at risk of foreclosure, and therefore don’t think that what you’re hearing about today impacts you, I can assure you that you’ll change your mind about that soon enough, because as it stands the fraud perpetrated here is going to impact everyone in this country for… oh, I don’t know… let’s be optimists about this and call it the next 50 years.  I assure you that no one is getting out of this one unscathed. …

On numerous occasions over the last few months, all of my reading on this subject has, on several occasions, flat out left me staring at the blank wall behind my desk, unable to move… unwilling to think.  The whole picture is just too much to fathom.  Wall Street’s bankers have not only been allowed to destroy the world’s economy and credit markets, but they’ve been rewarded for doing so, and the bill is being sent to the working class citizens of this country, among others.

The same bankers that caused the crises have profited to a degree never before seen or even contemplated, at least not by me.  In fact, had anyone, lets say a decade ago, tried to tell me that such an outcome were possible, I would not have believed it.  Now, for me… anything is possible, I’m sorry to say.

At issue, of course, is the record-shattering number of mortgages on which servicers are attempting to foreclose without… well, without doing much of anything they’re supposed to do… or legally required to do, like attempting to meaningfully modify loans, or producing the proper paperwork… you know, the stuff that proves that the REMIC trusts that are attempting to foreclose actually hold the notes to the indebtedness in question. …