Friday, October 22, 2010
Don't blame the lawyers. The crisis over faulty or fraudulent paperwork in mortgage foreclosures -- which is either a big deal or a humongous deal, depending on which experts you believe -- is the fault of arrogant, greedy lenders who played fast and loose with the basic property rights of homeowners.
Banks and other lenders, it seems, made statements in courts of law that turned out not to be true. Because judges have such an underdeveloped sense of humor when it comes to prevarication, this mess may be with us for a while.
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The bankers are right when they complain that the delays are rubber in the housing market as potential buyers for properties little-to-be-repossessed are forced to bite their time until all issues relating to documentation and correct title is answered.But it is the bankers fault there are so many examples of protection of documents with loopholes big enough to drive a moving truck through.
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