What You Might Not Know about the Foreclosure Controversy:
Banks foreclose on homes that they don’t own
http://www.freerepublic.com/focus/f-news/2601006/posts
null and void’s take:
In many states, banks cannot foreclose without the ORIGINAL paper loan documents in hand. Electronic copies do not suffice.
This means a homeowner in default can’t be compelled to move or pay. Translation-total loss of the loan balance for the mortgage holder.
DOCX will, for a fee, “create” (read forge) “original” paper documents and file them with the relevant county, providing a phony, but legal appearing paper trail to enable foreclosure.
Besides the glaringly obvious fraud, the REAL problem is that these documents include the ownership paper trail.
Once the system has been sufficiently contaminated with phony title documents, NO ONE can be sure they have clear title to ANY real property.
No clear title means you can not buy, sell, or get a loan on any property.
That just might hurt the housing market a little, doncha think?...
Whenifhow offers a more specific examination in posts on this thread:
Lender Processing Services’ DOCX Document Fabrication Price Sheet
http://www.freerepublic.com/focus/f-news/2600383/posts
Such a flood of news, no highlights could do it justice. Here are the major categories:
Winds of Change [Post 1154]
Misc [1155]
Islam & the West Updates [1156]
Thug-o-cratics’ Latest Hits [1157]
Loony Left Desperation [1158]
Certifigate Reaches Boiling Point [1159]
James Jones replaced by Anti-Military Fannie Exec [1160]
What You Might Not Know about the Foreclosure Controversy [1161]
[Digging Deeper and Weird News coming up.]