One thing we’re all just beginning to understand is just how deep this foreclosure problem is. Much is uncertain, but this much is clear…the banks, lenders and mortgage companies, in their rush to make obscene profits, engaged in an international orgy of reckless conduct. They were all so busy pushing consumers, closing loans and selling them up the river and shoving money in their pockets that they ignored “minor” details like keeping a proper paper trail or developing business infrastructure to manage the multi bajillon dollar glass houses of lending and trading they created.
Now that this has all surfaced, their response to the problem is to cut even more corners and engage in even more reckless and risky conduct as they push through foreclosures. The manifestation of all this are document mills, foreclosure mills and “robo signers” who are all working day and night to create the paper trails that should have existed long ago. Defense attorneys caught onto this, circuit court and bankruptcy court judges are now learning about it and finally, so are federal investigators.
All of this reminds of why we need judges supervising the conduct of the lenders and bad actors that caused all these problems…..click on the link below for more information on how just one player in the fraud is part of the problem.
