Memo to title insurers: Fix or pay.
Interesting.
As a “renter”, I watched this bubble start, grow and burst.
Although I had a great “history” of always paying my rent on time, my credit rating was not good, so I was unable to enter into some leases, and along with every renter, I(we) saw our lease rates increase every year.
Meanwhile not a day went by, that my mail box was not filled with junk mail offerings from banks and real estate agents trying to tempt me to enter into a mortgage I really could not afford.
I also have an unused VA Loan Certificate.
All that said...there is another very glaring and ugly fraud element in play here, involving property investors, property loans/mortgage defaulters,Banks, Title Insurance companies and government.
Who (IF ANYONE) is currently paying property taxes on these “foreclosure” properties with such unclear titles?
It appears obvious to me that the same people who built this bubble, are the only people who will ultimately profit on the aftermath of the burst.
The Government is paying Banks to pay Title Insurance Companies to keep the fraud going and growing.