We are all acutely aware by now that the entire subprime mortgage industry and the resulting collapse was a direct result of lies and fraud being committed by most of the players who are now throwing themselves into our local courts and demanding that our courts churn out foreclosures as fast as they can. (Get ready for a very big case of, “be careful what you ask for” because once the courts get cranked up to start churning all these foreclosures out, the banks are not going to like the end product…they’re soon going to be screaming to stop all the rocket dockets, but that’s a whole ‘nother blog.)
For now, pay close attention to stories of all the outright fraud that was being committed on all the investors in the subprime catastrophe. Keep in mind that the players who are admitting guilt in the fraud are benefiting from new federal largess in the HAMP modification scam, where the servicers and lenders are paid for each HAMP review, whether they actually provide a modification or not.
From Today’s Wall Street Journal, Citi Pays for Subprime Feint
The question presented by all this is..
SHOULD OUR JUDGES CONTINUE TO GRANT FORECLOSURES AND REWARD THE IMPROPER BEHAVIORS OF THOSE THAT CAUSED THE COLLAPSE?
