Felix Salmon starts to bring out why the foreclosure mess is much bigger, and potentially much messier, than the banks or politicians are letting onto now. In The enormous mortgage-bond scandal: You thought the foreclosure mess was bad? You’re right about that. But it gets so much worse once you start adding in a whole bunch of … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 6
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High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 5
Ok, continuing the series on the mortgage foreclosure crisis here. For background on the legal side of the problem see Part 1 and for a humorous look by Jon Stewart at the crisis see Part 2. For a clue to how the problems may be far more serious than the mere "paperwork glitches" that the … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 5
High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 4
We start to get at the root of the problems in the foreclosure crisis with this article from the Washington Post. Essentially, the big banks decided that in the 1990's that the existing laws governing real estate transactions and deed recording were inconvenient. They thought they had a better way. But rather than pushing for … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 4
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