[WebFocus]

I agree that the guilty and incompetent should be prosecuted.

Having said that, WE ALL KNOW THAT MANY PROPERTIES NEED TO BE FORECLOSED !

To make a sweeping declaration saying NO PROPERTY WILL BE FORECLOSE FROM HERE-ON will lead to disaster.

It would be like Obama banning off shore drilling because of the one disaster BP made and then punishing the rest of the drillers who made sure they followed safety rules.

Think of how many unemployed people that will create.

BTW, Obama relented and rescinded the offshore drilling ban yesterday.

[Oberon]

This is a very simple problem to solve. If you're in the process of getting foreclosed upon, have a lawyer review all the relevant documentation. The foreclosing party must be able to document clear ownership of the mortgage in question, just as the property title has be be unencumbered prior to transfer.

This is apparently a high hurdle for some companies to get over, given the intricacies of the mortgage securitization process... so says Karl Denninger.

In any event, there are very specific and straightforward laws that govern the foreclosure process. All we have to do is follow them.

[moehoward]

"To make a sweeping declaration saying NO PROPERTY WILL BE FORECLOSE FROM HERE-ON will lead to disaster."

Overly dramatic. No one is making such a statement. At least no one credible.

There is nothing wrong with taking a breather to assess exactly what's going on. I realize that would put a crimp in all those fees the Servicers are making right now, but in the long run it'll be smarter.