Because it would mean that literally any entity could gin up some phony paperwork, walk into a Court, swear it was genuine without any fear of legal consequences, and foreclose on any home in the Country.
All of which, by the way, was in that Bill which Obama 'pocket vetod' a couple of weeks back.
And a civil war would result from that ... how?
Let's agree that such a thing would be bad ... albeit highly unlikely as a "normal" event such as what you're describing.
But for it to occur in sufficient volume to incite any sort of organized violent response, would require a number of cases that would far outstrip the capacity of the court system to handle them.
Beyond that, the political fallout from that sort of fly-by-night foreclosure operation would -- as we've already seen -- result in swift political reaction, most likely in the form of a moratorium on foreclosures. Which would also be bad, of course.
In real life, I'm fairly certain we're riding for a nasty financial fall, the consequences of which will be highly unpleasant. I doubt we'll see a civil war springing out of it, though.
“Because it would mean that literally any entity could gin up some phony paperwork, walk into a Court, swear it was genuine without any fear of legal consequences, and foreclose on any home in the Country.”
You really think this was a deliberate action as opposed to a small snafu? These folks need to be evicted and within weeks and months of defaulting as opposed to staying in these homes for years due a paperwork technicality. This is smoke and a technical error allowing free loaders to put a dent in our economy. The alternative is we the tax payer bails out these former homeowners and buy their worthless paper, modifying their debt to next to nothing (in essence buying them a home) and we foot the bill. This has the potential to the biggest weath transfer in history so just watch who supports this going forward.
“Because it would mean that literally any entity could gin up some phony paperwork, walk into a Court, swear it was genuine without any fear of legal consequences, and foreclose on any home in the Country.”
You really think this was a deliberate action as opposed to a small snafu? These folks need to be evicted and within weeks and months of defaulting as opposed to staying in these homes for years due a paperwork technicality. This is smoke and a technical error allowing free loaders to put a dent in our economy. The alternative is we the tax payer bails out these former homeowners and buy their worthless paper, modifying their debt to next to nothing (in essence buying them a home) and we foot the bill. This has the potential to the biggest weath transfer in history so just watch who supports this going forward.