Point of View: Mortgage Mess Could Delay Recovery

If you want to hear the argument that the banks espouse, “Let’s just look the other way while we commit fraud so that we can get on with foreclosures as quick as possible,” then you’ll like this article by Liz Peek from Women of the Web.

The current stalemate on mortgage foreclosures will extend home price deflation and draw out the misery. The sloppy and possibly illegal processing of foreclosures by some of the largest banks and processors has attracted public outrage – and sympathy. Any story of someone losing her house is heartbreaking, but to do so courtesy of some anonymous and thoughtless “robosigner” adds insult to injury. Let us hope, however, that political posturing doesn’t get in the way of resolutions. The economy faces too many uncertainties already; paralyzing the housing sector will only add to our economic stalemate.

So let’s plow forward, rule of law be damned. Let’s not even slow down to take the time to see if the party foreclosing even owns the note or whether the homeowner even has a mortgage on their house in the first place (yes, that’s happened). Let’s continue to rush it through and let the financial industry make up documents out of thin air as as they go along as evidence to support the their “facts” in each case. Let’s not penalize the financial industry who profited from making questionable loans, profited from securitizing them, profited from reselling the securitizations, profited by taking shortcuts to avoid the law and their own contracts and profited again with taxpayer bailouts. Let’s make sure we can force as many people out on the street as quick as we can so we can finally get this foreclosure mess behind us.  Amen.  (I know, my sarcasm isn’t very subtle, sorry I can’t help it.)