Lots of litigation coming, as the issue of whether a real loan and real papers were signed. The added complication seems to be that too many cases of “created mortgages” are appearing.
So, both borrowers and lenders have fraud problems.
Bring on the popcorn.
I think that a large part of the problem is over-regulation. The more the government tries to micro-manage banks (or any other entity), the more difficult it becomes for them to operate in a rational manner.
What are we supposed to expect, when the regulations require that banks become free cash machines for their customers (e.g. having to give mortgages to those who have no way of paying them)? Maybe the only way for them to stay in business with a positive cash flow is through fraud?
I can’t wait to see if the insurance companies come up with equivalent fraud schemes, now that, by law, they are supposed to produce out of thin air money with which to pay for health care for people waiting until they have health issues before buying insurance.
Failed to prepare and file affidavits of ownership with county courts, as required by law in all 50 states and the District of Columbia.
Someone is going to get hands spanked after 11/2 fine print experts on call.