Flawed Bank Paperwork Aggravates a Foreclosure Crisis - NYTimes.com
The flawed practices that GMAC Mortgage, JPMorgan Chase and Bank of America have recently begun investigating are so prevalent, lawyers and legal experts say, that additional lenders and loan servicers are likely to halt foreclosure proceedings and may have to reconsider past evictions....
Attorneys general in at least six states, including Massachusetts, Iowa, Florida and Illinois, are investigating improper foreclosure practices.
...the key quote is:
Homeowners, lawyers and analysts have been citing such problems for the last few years....
Right. The last few years. And you don't even have to understand these mortgage-backed securities, just read a general, non-technical description of them, to see that with mortgages sliced and diced and combined and re-combined it would be highly unlikely one could isolate the actual title owners of said mortgaged properties anyway. Whatever. The fact that this problem is only now leaking out of the business section and, worse, the fact that hundreds of thousands, maybe millions, of people have literally been thrown out of their homes due to these sloppy practices on the part of our too-big-and-important-(and-well-connected) financial institutions is a disgrace.
Will anybody, ever, except for some nameless file clerk in Basement B (how could the executives of a bank be expected to know what the bank actually does?), be held accountable for any of this?
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