Whose house is it?

So this lawyer in CA is telling his clients to go back into their “foreclosed” homes.  And now he has apparently been arrested.

Well, well.  If the chain of title has been broken, it’s unclear who has the rights here.  What will the judges do about this?

Side with the banks.

This whole dust-up over “documentation” is a ruse, an excuse for the banks to temporarily stop foreclosures while they try to “fix” the problem.  And what is the problem?  Not documentation, but the fact that the foreclosures are generating red ink.

They’re doing a little dance and kicking the can down the road, that’s all.  The banks are saying “We have to stop these foreclosures while we check our documentation.”  The president is saying, “Get to it, then, and when you’ve fixed it make sure you continue.”  Then the banks will say:  “To fix it, we need ‘help'”.  Then the president will say:  “Oh, okay, here’s a few hundred billion more, but don’t you dare pay out all those bonuses!”  Then the banks will say:  “Gee, thanks, and no, we’ll be good boys.”  Then they will pay out the bonuses anyway, everyone will complain but no one will actually do anything because it’s a “crisis” and “the whole financial system is at risk”.  Then the banks will re-start the process of foreclosing on the poor schmucks.

Nice work if you can get it.

The red ink will grow, but more slowly than it otherwise would.  The game is to slow it down enough that it’s the next guy’s problem.  By then, the current guy is lounging around in the Caymans.

I know, I know.  It’s irresponsible.  Even sick.  Pathetic.

But it’s where we are.

What we need now is an intelligent, principled, courageous, fair and diligent judge to decide a foreclosure case with an opinion that sets it all out correctly and reaches the right result.  Unfortunately, it is more likely that evil gnomes will set up shop at NORAD and start a nuclear war with the Russians.

I mean, it’s just not going to happen.  There are no such judges.  Not in America, anyway.


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Filed under financial crisis, Judicial lying/cheating

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