Truly moronic if you ask me. It is business. I suppose business was booming so they hired a bunch of people who didn’t really know what they were doing. But of all things, if you are going to trade hundreds of billions of dollars you would think that the simplest things like making sure you got title would be taken care of...
I suppose it was so “obvious” that nobody thought to put it into the contracts? It’s inexplicably stupid of them.
Those people were some of NY's highest paid legal firms if it is any comfort to you.