“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.
Yes, I do. And it's hardly 'small'. There are tens of thousands of mortgages out there where which can't be documented legally. Frauds were perpetrated on Courts and Perjury was committed on wholesale basis.
You may think that's 'small', but I assure you it is not.
And it was all done quite deliberately.
L