This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,967.17 +47.58 0.28%
S&P 500 1,984.26 +2.66 0.13%
NASDAQ 4,528.8460 +1.3320 0.03%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs