U.S. Mortgage Fraud: The Next Chapter
In other words, many innocent purchasers of these fraud-tainted properties will be told they are barred by law from suing the only parties who can compensate them for the properties they thought they had purchased, guaranteeing that many (most?) of these victims will never be able to obtain either the property they thought they had purchased or the money they paid to purchase that property.
Worse still is simply the unimaginable quantity of these fraud-tainted properties. If every U.S. court with jurisdiction to try such cases ceased to perform any other litigation, and devoted 100% of their time/energy/resources to fixing these fraud-tainted properties, it is a virtual certainty that no American currently alive today would see a real "end" to Wall Street mortgage fraud.
Understand that because of the (additional) serial acts of fraud attached to the 60+ million original acts of mortgage fraud (primarily robo-signing fraud) that most of these litigations will be slow, arduous and time-consuming. This reality is a further condemnation of the U.S. judiciary, where these fraud-accomplices sometimes rubber-stamped dozens of illegitimate foreclosures in a single day.
Obviously, nothing at all has "ended" with respect to U.S. mortgage fraud other than most of the legal/criminal liability for the original perpetrators of the lion's share of this fraud. In fact, U.S. mortgage-fraud has entered a new era we can simply call "buyer beware."If one was to purchase any U.S. property that has had a mortgage against it at any time in the last decade, the odds are somewhat over 50% that the "purchaser" will not have legal and bona fide ownership of that property -- meaning their "home" could be taken from them at any time via some future litigation. The end to (most) Big Bank liability means these "homeowners" could have their properties taken from them at any time and be legally prevented from even attempting to seek compensation for losing their homes. Thus, as Reuters dubs the next chapter of U.S. mortgage-fraud as "the end of mortgage fraud," we have learned one thing: We've learned what the media oligopoly actually represents -- the Big Banks. If they are in the clear, then in the eyes of Reuters and the rest of the corporate media it's "problem solved." Meanwhile, for ordinary Americans the era of "buyer beware" for all would-be homeowners has just begun. Unless you want to hire a lawyer to conduct some exhaustive (and very expensive) title verification prior to purchasing, the majority of Americans "buying a home" today are doing little more than rolling the dice, and praying they don't end up with snake eyes. Follow @bullionbulls This article was written by an independent contributor, separate from TheStreet's regular news coverage.
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