The whole "Fraudclosure" thing is a bit of a red herring. Yes, banks should be made to pay for their negligence in complying with basic mortgage laws, but does their negligence change the fact that the occupants of those homes have not and cannot pay their mortgages? The mortgages are delinquent, no matter who the actual owner of the note is. All the controversy has done is slow down a process that will eventually happen either way.
TBTF needs to go. Many banks, including big boys like JP Morgan and Bank of America, probably need to be recognized as insolvent despite the bailout money they took. The foreclosure mess in its own way probably only slows this down by continuing the cloud the status of the properties in question.
The whole "Fraudclosure" thing is a bit of a red herring. Yes, banks should be made to pay for their negligence in complying with basic mortgage laws, but does their negligence change the fact that the occupants of those homes have not and cannot pay their mortgages? The mortgages are delinquent, no matter who the actual owner of the note is. All the controversy has done is slow down a process that will eventually happen either way.
TBTF needs to go. Many banks, including big boys like JP Morgan and Bank of America, probably need to be recognized as insolvent despite the bailout money they took. The foreclosure mess in its own way probably only slows this down by continuing the cloud the status of the properties in question.