Opinion

Felix Salmon

Counterparties

By Felix Salmon
December 7, 2010

Chart of the Day: Who Votes, Who Counts — MoJo

“She offers no apologies for not paying her mortgage for 25 years, saying that when a foreclosure is in dispute, borrowers are entitled to stop making payments until the courts resolve the matter” — WSJ

Legal woes mount for LPS — Reuters

Poland furious over toothless Patriot defence system. ” We want missiles, not potted plants” — Guardian

Feds arrest DecorMyEyes guy — BNet

Filkins to the New Yorker — Observer

Correction of the day: “He is Lloyd Blankfein, not Lloyd Blankenship” — NYT

Tax fail: Carried interest debate is over — Fortune

Comments
6 comments so far | RSS Comments RSS

Thanks for posting all the updates Felix.

This one

http://www.reuters.com/article/idUSTRE6B 547N20101206

Was a very well done report and hopefully trumps the one about the deadbeat homeowner who simply refuses to pay her mortgage … ever. It was so outlandish that it will probably trump the hohum story of millions of foreclosures done illegally…

Posted by hsvkitty | Report as abusive
 

hsvkitty, you do know repeating this lie – “millions of foreclosures done illegally” – doesn’t make it true, right? Or is that canadian slang for “hardly any foreclosures are illegal”?

Posted by Danny_Black | Report as abusive
 

Danny_Black, it is documented beyond a shadow of a doubt that in the United States, in the last five years, hundreds of thousands of mortgages were foreclosed in procedures that do not comply with the applicable state law.

So – on your planet, what do you think happened?

Posted by Dollared | Report as abusive
 

Dollared, this another counting issue? You are aware that hundreds of thousands – and that would be LOW hundreds of thousands – is not millions right?

Posted by Danny_Black | Report as abusive
 

Maybe it is a translation issue? Traditionally, a British “billion” was a “million million” (10^12). Maybe a “million” in some places stands for 10^5?

Posted by TFF | Report as abusive
 

If there are 100,000 + foreclosure suits filed nationally each month, and they are being done with improper legal procedures and without proper documentation, or forged documentation, then they are illegal mortgages and you can bet it is in the millions.

However few have the resources to hire a lawyer, few judges are willing to hear individual cases and the Government has also turned a blind eye hoping it will all go away. It is swept under the table, but that does not mean that because they haven’t made headlines that they do not exist.

Sadly, no one is willing to take the torch on this one, The DoJ which were willing to, but had to capitulate or see years of court cases. Once you admit there is a problem you have to deal with it and just like the major bank crooks who were to big to jail, it seems this is too big to touch as well. That doesn’t mean it doesn’t exist. Quite the opposite. It is rampant.

Posted by hsvkitty | Report as abusive
 

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