To sweep the bank fraud under the rug and re-invigorate the foreclosure process. Zero Hedge has it just about right.
But of course the judges won’t let them, right? They won’t approve foreclosures grounded in deep, pervasive and rampant fraud at all levels – in their origination, in their processing, in their transfer and “securitization”, and in their enforcement?
You’ve got to be kidding. Judges are bought off by banks, almost by definition, before they’re even elected or appointed. At least the Attorneys General put on a show and threatened to do something, pathetic though that may have been. Judges don’t even do that; as we have seen, they just quietly set up special courts to ensure that the banks can have their way sooner rather than later, hoping nobody notices the partisanship.
The worst part about all this is not just that unjust suffering is going to be inflicted; it’s that it’s going to accomplish nothing, or at least nothing good. The banks cannot be saved, no matter how many homes they foreclose on. The system itself, as it were, cannot be saved.
But in its death throes it will cause a lot of damage to real human beings.
The “economic system”, the “banking system”, the pretty much anything “system”, we should recall, is not a real thing. Not like a human being.
These are abstractions. Abstractions can be helpful in understanding the world around us or not, but we mustn’t lose sight of the fact that they are abstractions. As I’ve noted before, too much of that goes on in the economics sciences as it is.
True, the legal system has slowed foreclosures down a little, like a speed bump on a side road. But the banksters will have their will of the legal system.
After all, they own it.
Update: Via Vox Popoli a similar take on the development, except that for those of us in the profession this is not a surprising result. Not at all. Why do you think this blog even exists?