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Foreclosuregate: A View from the Ground

I have learned more about real estate and banking law than I ever cared to learn.  If you look back at old posts, you'll see pieces of the mosaic now know as "foreclosure" gate.  Yet the media still isn't reporting the story, because only people who have seen this stuff first hand know what is happening.  And yet I've neglected writing this post for months, because even I didn't believe what I was seeing. Here is the short story: Many banks cannot prove that they own your home.  That single sentence has has incredible personal and policy implications. Who Owns Your Home? Given that most homeowners are underwater, and given that it's better to have someone living in a home than have a meth head raid the home for copper wire and fixtures: Why wouldn't bank refinance loans?  Are banks totally irrational? At first, it seemed that banks were caught in inertia: Refinancing a home mortgage was unthinkable...continue to full post

Full post as published by Crime & Federalism on October 11, 2010 (boomark / email).