Let me guess, this crisis must be solved by government intervention subsidized by tax payers. Rahm isn't the only one who sees a crisis and seeks to make a cure which is worse than the disease.
Why do I see bipartisan support for a “remedy”
Because many people in foreclosure also vote.
In many cases, absolutely.
Haven't you been following this? They make payments, , but in many cases the ownership has changed hands so many times there is no telling who the correct recipiant of the mortgage should be.
It has gotten pretty bad.
How 2 civilian sleuths brought foreclosure problems to light
Oh yes indeed the 'tax payers' will be on the hook for this scam long term. But how can lenders foreclose on mortgages they cannot demonstrate legally exist?
Fortunately I am not buying a mortgage, but I got to tell you that I would be quite discomforted if I had a mortgage and found out that legally there was NO clear title/deed to be found, but yet I was obligated to pay that monthly mortgage payment.... I sure could not sell the property if there was no paperwork anywhere to demonstrate my ownership.
that is a different issue.
If liens on property are not recorded correctly it could trickle to the tax base.
remember to forclose you must establish you are the proper party plaintiff. The burden is on the plaintiff. no proof then no suit.
The banks have been forging and lawyers have been lying to the courts.