Foreclosure Fraud Fallout
NEW YORK (
TheStreet) -- As the most massive,
By now, everyone has heard ad nauseum the announcements by U.S. fraud-factories that they were "suspending" foreclosure proceedings "in 23 states." An automatic question which arises from these announcements is: What about the other 27 states?
We have a situation where Wall Street banks (and the "foreclosure-mills" they hired to do their "dirty work") didn't just "cut corners" in processing these foreclosures, they threw the rule-book out the window and willfully committed millions of fraudulent acts -- any and every time it was convenient to do so.
Yet despite the severity of the acts of which we already know, most of these fraud-factories are still steaming ahead with getting corrupt judges to rubber-stamp these systemic acts of fraud, in more than half of all U.S. states. This begs another question: What sort of defective legal systems, and defective land-titles systems must these other states have -- so that even after this massive fraud is exposed, the bankers are still ramming through fraudulent foreclosures with impunity?Bear in mind that unlike countries which maintain honesty and integrity in their legal systems in general, and their land-title registries in particular, virtually none of the millions of foreclosures being rubber-stamped in the U.S. are "final" judgments. Thanks to greedy Wall Street bankers totally abandoning a legal process which was perfected over a period of two centuries (so they could boost profits by a few more percent), permanent defects have been created in (at least) millions of residential properties, and more likely tens of millions -- leaving all of these properties open to future legal challenges, indefinitely. In this respect, my own opinion is conservative. A recent edition of MSNBC's
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