I fear that what we’re seeing across America is a formerly great country governed by courts and elected leaders being consumed by the Wall Street Wizards that really own this country. There may be no turning back now. Now that our property rights are destroyed, we’ve lost such an important component of our liberty…..
(From the Huffington Post)
Everything I am reading these days on financial issues points to some serious reckoning soon to come, especially because of — as the folks at Third Way are calling it — foreclosure-gate. The Massachusetts Supreme Court ruling in the Ibanez case, along with a growing body of cases where the banks and/or their servicers have been ruled against in foreclosure cases, and even the banks’ lawyers are being castigated in court by judges for bringing in made-up paperwork, is causing a growing sense of panic among the biggest banks that hold the most mortgages. Spokespeople for the banks are talking bravely, trying to dismiss the situation as some minor paperwork errors, but everyone who has been paying attention to the situation fears that there are really big consequences afoot.