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Righteous karmic payback for banks
by Mr. Chuckles
| Feb. 25, 2008 |
There IS a god. We now have proof of it:
Thousands, maybe millions of home owners can legally fight and win against bank foreclosures by merely asking in court that the bank produce the actual proof that they own the loan. Cases are being thrown out all over the country.
The situation is compounded by the fact that many of the original lenders have gone out of business. Plus, in the orgy of home lending speculation and securitization paperwork short-cuts were taken.
Ooops.
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Banks unable to foreclose on homes because they lost the paperwork
Excerpt: Joe Lents hasn't made a payment on his $1.5 million mortgage since 2002.
That's when Washington Mutual Inc. first tried to foreclose on his home in Boca Raton, Florida. The Seattle-based lender failed to prove that it owned Lents's mortgage note and dropped attempts to take his house. Subsequent efforts to foreclose have stalled because no-one has produced the paperwork. ...
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For this to happen to corporations who have used computers nearly as long as the Census Bureau, who really ought to have done a more professional job... well, it is a happy day for everyone who has ever been victimized by these smug bastards! This is glorious! Righteous! A predestined eternal historic moment. FUBARed by their own greedy hands. (Boo hoo, Bank of Fascism, we feel your pain, haha.)
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I have to second that emotion, from sort of an insider's perspective: I've done years of clerical work at magazines, car dealerships, a giant department store, and, yes, in the basement of a banks, processing the paperwork that supports loans. In all these jobs, I've been one of the faceless, low-paid minions who make sure that the paperwork is in order, that all the required documents are present, that everything's filed in the proper folder, and then made sure that the folder is filed where it's supposed to be filed.
Bur because this is low-paid work, and it's done only after the sale has closed and the money has already been counted, the clerical crew is usually seen as nothing but an expense -- an expense that management always thinks can be creatively trimmed.
Here's just one well-known but still stunningly stupid example: Employers found that they could save a lot of money by eliminating some (or, in some situations, eliminating literally all) clerical employees, and replacing them with temporary clerical workers who were paid less, had no benefits, and could be released at a moment's notice if business slowed, or augmented with more temps if business picked up.
Of course, anyone who thinks beyond the immediate bottom line will realize an inherent problem: This strategy gives workers an incentive to not give a damn: People who have only a very tenuous, temporary attachment to the company, people trained in a rush who'll be gone before they can possibly gain any "big picture" comprehension of their work, who understand that their employment will end after a few weeks or months, who know they'll be gone long before their mistakes might be discovered, are people who are much, much more likely to make mistakes.
So, yeah, undoubtedly many, many mortgages have been lost in the shuffle of bundling and selling them. A few mortgages will probably be mis-filed and lost forever today. Demanding to see the documentation could easily make debt vanish for many home buyers. It's a problem these businesses absolutely brought upon themselves -- a heaping helping of righteous karmic payback indeed.
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