Category Archives: Mortgage Crisis

Foreclosure Mess, Seriously Condensed

Rick Moran’s article is good, although depressing.

“On the left, it’s heartless, greedy banks foreclosing illegally on tearful, innocent homeowners, throwing children and grammas out in the street for no reason hardly at all. On the right, it’s sinister forces manipulating the system in order to allow deadbeat homeowners to remain in houses as a result of nothing more serious than a paperwork snafu, despite the fact that they should long ago have been foreclosed upon and evicted.Compassion versus personal responsibility. Class warfare versus the politics of resentment. As political narratives, both succeed in playing to the emotions and preconceived notions of their respective partisans. But as commentaries on what is actually happening, they are wildly off base.”

Apparently, once all the defaults started, the banks began foreclosing but found their documents all screwed up and incomplete.  So they fudged ’em.

“The idea that homeowners who haven’t paid on their mortgages for a year or more are some sort of ‘victim; in this story is ridiculous. But that doesn’t mean they aren’t entitled to protection under the law.  Indeed, if you take away the negligence, the greed, the human error, and the cavalier attitude toward documentation exhibited by the banks, you are left with the real threat to the viability of contracts, the sanctity of private property, and the rule of law in America.”

You know, our old friend The Rule of Law, without which our supposed “freedom” is rather illusory.

“There are no heroes in this story, only villains. And the only victim will be the taxpayers who may be asked to bail out the players in this mess using tax dollars.”