...requires courts to accept as valid document notarizations made out of state, making it harder to challenge the authenticity of foreclosure and other legal documents.
Large banks want to reduce costs. It’s expensive to have a large bank, nationwide. Frankly, they don’t know the local markets, anywhere. But, wither selling, holding, packaging mortgages, or later foreclosing, they have you, via Uncle Sam, to pick up the losses. Private profit, public losses.
Now local banks don’t get bailed out if they make a local market error. Like us, local banks exist in local free market, and like us, exist only to be squeezed for taxes to support Washington, and large institutions, like the banks, GM, Amtrack, Unions.
The houses are in a state, the title in in a county. It should be delt with closest to the citizen and their property.
Pretty soon the corporations will want to foreclose out of one court in North Dakota, and if you or your lawyer can’t make it there for the 20 second hearing, tough luck.
But right now, the same large sloppy banks that got bailed out financially, and legally for writing all these bad notes, and made huge profits, now they don’t want to pick up the costs of foreclosing on them. Again, the citizens in general, spread out in various ways, pick up the cost of doing their national business model, they keep the savings and get the profits.
Another thing. These are zombie banks. They are dead. Both Republicans and Democrats are, after the first round of massive bailouts, desperate to, by hook or crook, get money into these banks. Otherwise there will be a second bailout or collapse of these banks, and then armed revolution and federal officials hanging from lamp posts. They really need a second bailout, or to be shut down. ( No private person or institution would every buy these toxic banks ) So the solution, bi-partisan in Congress is to rigg the game every which way to strip costs for these banks, and get them money.....all...all at the expense of the average citizen. But it has to be done without us catching on.
BtW, I believe in rapid, legal foreclose and do not and didn’t support Obama’s or anyone else so called modification efforts.
The sooner the house market clears, legally, the better.
But in this case, this is not what is going on behind the scenes.