He begins by saying:
This time the big banks and mortgage servicing companies, with their long, one-sided fine print contracts, may have outsmarted themselves. The newspaper headlines and the network television news are blazing news of the erupting fraudulent foreclosure process. This long-overdue coverage is generating public visibility and suddenly hundreds of thousands of foreclosures may be questioned due to what one commentator delicately called “flawed paperwork.”He then outlines the mortgage-securitization chain through which, "The matrix of interconnected fine print contracts became too routinely robotized." Meaning, that the banks disregarded specific requirements, such as notarization, to save themselves money and accelerate the repeated sale of these mortgages to investors across the globe. Nader quotes the Washington Post on this matter:
“mortgages were created, and sold, sliced and diced, packaged and repackaged so quickly that financial firms had neither the time nor the patience to file paperwork in local courthouses as the loans were traded. By using MERS, lenders were able to reassign loans quickly and cheaply but often the chain of ownership was not accompanied by an official paper trail. …These problems contributed to the use of flawed and fraudulent paperwork, including backdated assignments and forged documents.”The only reason any of this is coming to light is because consumers were willing to challenge the bankers in court and force them to confirm that they were in fact eligible to serve foreclosure upon those persons home. It is only when people stand up for themselves and challenge institutional corruption and the status quo, will real changes be made to the system. Voting for these corporate stooges in congress won't help. Only by hitting the greedheads in their pocket and forcing them to defend themselves in court will the marauding pirates of casino-capitalism be held at bay.
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