Notarize This: The Brewing Foreclosure Storm

Over at the Huffington Post, Jennifer Brunner, Ohio Secretary Of State, posts this piece.  It sound like she knows the fraudulent affidavit problem is just the tip of the iceberg.

There is a gargantuan storm brewing. The conditions were set for it with Congress’ repeal of the Glass-Steagall Act in 1998, loosening restrictions on banks to sell securities and still lend money for consumers to buy homes.

In just 12 years these pressure fronts are about to erupt because of something as simple as how documents are notarized. I am reminded of the fact Timothy McVey was apprehended, not because he robbed a bank, but because the tags on his car were expired. One thing leads to another, and what unfolds is the discovery of something so fundamentally wrong that it can’t be ignored. …

Corporations, like consumers, must follow the same rules for transferring property as we would if we sold our house to our child or neighbor. The notary process is necessary in preparing the documents required to foreclose. The notary process must not be abused or bypassed when convincing a court to foreclose on a mortgage, evict its inhabitants and sell their home so that someone can recover money at the end of a long transaction of securities trading.

This is beginning to look like a storm that blew right into Oz.

Just as it took a dog named, “Toto” to pull back the curtain to see what was being perpetrated on Oz, maybe what some consider a minor detail, like notarizing documents as the law requires, will help the Dorothy’s of this day and age have a home to go to.