The Wall Street party line, that is. Not Democrat or Republican. You didn’t think I meant that, did you?
This article is really pretty good at showing how the financial overlords want to spin this whole “loan documentation” thing that has supposedly caused the recent, self-imposed “foreclosure moratorium”. Look at this:
“In essence, fast-paced modern finance is colliding with the much slower machinery of the U.S. legal system. While finance aims for efficiency and maximized profits, the courts demand due process.”
It’s a “growing issue” say the WSJ authors.
Isn’t that a hoot? When “finance” collides with law, who wins? This is an “issue”, says the WSJ.
Well, of course things can get very complicated from there. I mean, it’s confusing when the “rule of law” is not a given, but rather an “issue”. At that point, all bets are off.
“Banks argue that these problems will be repaired swiftly, and they’ll soon be running the foreclosure machinery at full speed again.”
Sure, as soon as they get the next round of bailout money. As I pointed out previously, that’s what this is all about.
“Lawyers, politicians and consumer advocates, meanwhile, are using the legal problems to stop foreclosures and extract settlements for troubled borrowers that lower their mortgage debt.”
How dare they.
[“We’re not evicting people who deserve to stay in their house,” James Dimon, J.P. Morgan chief executive, told analysts Wednesday.]
But Mr. Dimon, isn’t the question whether you “deserve” to be evicting anyone? I mean, who has the burden of proof here?
“For example, in Florida, which requires banks to foreclosure through the court system, the average borrower had spent 678 days without paying before being evicted through foreclosure, according to J.P. Morgan. Under a far gloomier scenario, the problems created by using robo-signers may be irrelevant if, instead of being lost, mortgage documents weren’t ever properly transferred during each step of the securitization process…”
You see, it’s “gloomy” when people aren’t being evicted. Wall Street is home to a special breed of insanity.
Notice in the article, too, how banks have “attorneys” and the peons have “lawyers”.
Now, at some point I have to get back to the business of picking out a situation to call for a strike. But I have to get some readers first. In the meantime this financial crisis thing is just too, too much. Every day there’s something new and interesting.
I’ll get there. Maybe.