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“Going after the banks” is not going to solve anything. Some sort of sanity has to reign over this foreclosure situation. Title to those properties needs to be cleared somehow. Sure, the banks set up a clearing house and lost original documents. But that does not absolve people from their debts. imo
Even if you knew you hadn’t been paying your mortgage and would need to lose your house to the lender, you would be stupid not to make sure you are giving up title to the correct entity.
People who care at all about the concept of private property should be very concerned about the failure of the mortgage securitising industry to maintain a legal paper trail.
I’ll raise some hackles with this statement, but, without legal status from the appropriate government, you can’t “own” anything. All you can do without the government legal apparatus is “possess” something.
There’s no question that society based on ownership beats the hell out of a society based on possession. “Going after the banks” matters if the banks have been ignoring the legal steps needed to determine ownership.
@Yabollox,
The point is not about solving a problem, but rather serving justice and recouping lost monies by those who might have be the victim of fraud.
Agreed that something must be done about the housing market, but short of reducing supply with bulldozers; busted bubbles hardly ever come back. Look at the NASDAQ.