Posted by MarkB_MI on January 14, 2011 at 02:53:24 from (166.203.148.237):
In Reply to: John T.; Property Law posted by NEsota on January 13, 2011 at 06:19:48:
I'm not familiar with the particulars of the Massachusetts case, but the mortgage companies set themselves up for a huge fall. If you look at almost any foreclosure notice in your local newspaper, you'll see that the mortgage is held by "Mortgage Electronic Registration Systems as nominee for Bank X". MERS was set up as an electronic clearinghouse for mortgages, since it can take days or weeks to process and transfer paper documents. In theory the mortgage companies were supposed to follow up with the paperwork, but in many cases this didn't happen. Everyone was making so much money at the time they didn't care. Then when the sh** hit the fan, all the sudden the companies had to foreclose on thousands of mortgages, for which the paperwork didn't exist in many cases. They then tried to short-circuit the process with "robo-signers", people whose job was just to sign any document that was placed on their desk. They got caught and they got busted.
Now I have no sympathy for someone who takes out a mortgage they can't afford. But it is the greed of the finance companies that created this problem. They shouldn't get a pass by the courts just because they don't want to be bothered with following the letter of the law. And as for the buyers of houses with questionable foreclosures, they too have legal recourse against the finance companies that sold them property with bad deeds. Basic contract law.
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