Before signing anything, these settlement-hungry AGs should read carefully Gretchen Morgenson’s article yesterday, A Mortgage Tornado Warning, Unheeded, together with the accompanying history of the federal and private perpetrators who took it upon themselves to eviscerate the state real property recording acts with their own in-house mortgage and note computer system, MERS, that screwed up the foreclosure process and made a sham of due process. That alone requires a systematic probe of a procedure that made a sham of foreclosure proceedings and proof of ownership of loan documents that historically protected homeowners from illegal foreclosure proceedings. As a former AG and President of the National Attorney Generals’ Association, I am outraged at the presumption of current AGs to settle these critical matters without adequate investigation or even knowledge of what drove the crisis and where the responsibility lies.
Before signing anything, these settlement-hungry AGs should read carefully Gretchen Morgenson’s article yesterday, A Mortgage Tornado Warning, Unheeded, together with the accompanying history of the federal and private perpetrators who took it upon themselves to eviscerate the state real property recording acts with their own in-house mortgage and note computer system, MERS, that screwed up the foreclosure process and made a sham of due process. That alone requires a systematic probe of a procedure that made a sham of foreclosure proceedings and proof of ownership of loan documents that historically protected homeowners from illegal foreclosure proceedings. As a former AG and President of the National Attorney Generals’ Association, I am outraged at the presumption of current AGs to settle these critical matters without adequate investigation or even knowledge of what drove the crisis and where the responsibility lies.
John MacFarlane Denver, CO