re: #815 RogueOne

Morning All.

Has anyone been following the foreclosure debacle of late? I read this story yesterday:

Mortgage Damage Spreads
Big Bank Stocks Hit Again as Modern Finance Collides With the Legal System
[Link: online.wsj.com…]

The banks are saying it’s only going to take a few months to get the situation under control, it’s all fine just a matter of not taking their time with the paperwork. Sounds good until you read these:

Foreclosure Fraud: It’s Worse Than You Think
[Link: www.cnbc.com…]

Josh Rosner: “Could Violations of PSA’s Dwarf Lehman Weekend?”
[Link: www.nakedcapitalism.com…]

Don’t Listen To Me, Listen to Legal Experts
[Link: market-ticker.org…]

It looks to me like the mortgage industry is based on piles of what could turn out to be worthless paper with no one being able to prove who actually owns the home or who is actually entitled to collect on the mortgages. This could turn out to be incredibly ugly.

Lawyer friend of mine told me this will really blow up after the election.

There are cases in Florida where lawyers who saw property they liked foreclosed on faked and forged documents and then ended up with the properties themselves.

Thousands upon thousands of properties are involved.