[CdMGuy]

The fraud was committed by the Federal and state governments who went after the banks because they did not follow foreclosure procedures precisely enough. The issue never was that these foreclosures weren’t justified. These were mortgage borrowers who had DEFAULTED on their mortgages. The default rates were so high that the banks were cutting corners in order to process the mountain of foreclosures. Guess who is going to be paying these billions of dollars. It will not be the banks. The cost will be recovered by raising fees on bank customers, most of whom did not default on their mortgages.

[Theoria]

'The issue never was that these foreclosures weren’t justified.'

Nonsense.

“The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages. Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law,” said Attorney General Schneiderman. “Our action demonstrates that there is one set of rules for all – no matter how big or powerful the institution may be – and that those rules will be enforced vigorously. Only through real accountability for the illegal and deceptive conduct in the foreclosure crisis will there be justice for New York’s homeowners.”

Fraud is fraud is fraud. You can't foreclose on something you dont own! I can't forclose on your house if I don't own the title!

Then you try to forge documents to kick them out of the fraudulent house!

Company Faces Forgery Charges in Mo. Foreclosures