many of these cases are guilty of poor documentation, but it seems unlikely that these foreclosure efforts are invented from whole cloth. jordan
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I agree on part of the above. The foreclosures are probably not invented. The problem is proving in court the foreclosure and repossession is lawful. I think that means, BoA or its repo service for example, have to show proof of ownership of the mortage, if it is challenged.
I am just guessing. That's why I would like to read or hear an explanation and full implications.
And another thing. I never believed that the bank bailout accomplished anything to stop another collapse.
I am guessing, here we are again. Last time it was junk mortages that defaulted that caused the financial meltdown, because so many different kinds of transactions were based on mortgage payments that were not coming in.
Now it seems to me another financial crisis is looming. I guess that's ultimate implication.
My problem is the food chain dynamic is so intricate I can't figure it out. The only analogy I can come up with is the barrower as bait fish. When they `die' off, the whole food chain above goes, only it takes more time. Starting with anchovies => salomon => seals => polar bears. Probably a wrong analogy.
CG