There are plenty of people right here on FR who would argue different. Banks do not have to follow the law, they can forge document, commit perjury and fraud on a scale that would put most crime syndicates to shame and the most they have to do to get off the hook is pay a small fine while admiting no guilt.
Here’s an example Countrywide sells two blocks of 20 million dollars each in securitized mortgages, now they give the someone a loan for $200,000. As soon as they close they take the loan off their books and assign the mortgage bank and the money coming in goes into a pool pay the owners of the various securities, but they never official and legal assign it to anyone. Now they are just the servicing agent, but they don’t actually own the mortgage. In Countrywide’s case they go out of business being brought by BOA, but as I said the mortgages are assigned blank and now not only are the parties that should have done the assignment gone the time to registers them by law has pasted. This leaves the whole system open to fraud.
New details on key figure in major housing fraud case indicted after exclusive 5 On Your Side report
There is TONS of this going on.