..on the ongoing foreclosure crisis. <http://www.nytimes.com/2010/10/15/opinion/15krugman.html>
"conservative commentators like those at The Wall Street Journal’s editorial page have come out dismissing the lack of proper documents as a triviality. In effect, they’re saying that if a bank says it owns your house, we should just take its word. To me, this evokes the days when noblemen felt free to take whatever they wanted, knowing that peasants had no standing in the courts. But then, I suspect that some people regard those as the good old days." Like this guy, a senior editor on CNBC (Home of Jim Cramer, et all) on the foreclosure mess: <http://www.cnbc.com/id/39657316> [He's discussing someone wh is being foreclosed on by Citibank] "CitiMortgage modified D’Amelio’s mortgage but she defaulted anyway. Now she claims that Citi cannot foreclose upon her because Fannie Mae is the owner of her mortgage. Her lawyer argues that the mortgage was improperly assigned to Citi, and is contesting the foreclosure on those grounds. Let’s grant D’Amelio not only the facts but also her interpretation of foreclosure law. Perhaps Citi, which purchased the mortgage in late 2006 and sold it to Fannie Mae in early 2007, shouldn’t be able to foreclose. Maybe the MERS system somehow vitiated any security interest attached to her house through the mortgage." "Perhaps Citi...who sold the mortgage in 2007" shouldn't be able to foreclose? Perhaps??? PERHAPS???!!??!!!? This is an explicit rejection of the rule of law. By his logic ANY former owner of the mortgage can foreclose, worse ALL of them can. When the really big guns (major institutional investors who can legally assert they own these mortgages via RBS'es) start getting pissed that the banks are stealing their property, or defrauding them with bogus RBS'es (because you can't HAVE an RBS without holding the note) this will get ugly, very ugly. -- Bruce Johnson University of Arizona College of Pharmacy Information Technology Group Institutions do not have opinions, merely customs -- You received this message because you are subscribed to the Google Groups "StrataList-OT" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/stratalist-ot?hl=en.
