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Not A National Problem?

In an article at MSNBC titled Foreclosure probe launched in 49 states there is this interesting paragraph:

The Obama administration has rebuffed calls for a national halt to foreclosures despite pressure from consumer advocates and some Democratic lawmakers. Officials argue that halting sales of foreclosed homes could prevent the housing market from recovering. The administration says a freeze also would distract many lenders from their efforts to help borrowers in danger of foreclosure.

The Obama administration needs to talk to a real estate agent … immediately. If you can’t prove you own the property, you can’t sell it, and there is no real estate market. Ownership is sort of central to the entire system. Real estate agents aren’t going to try to sell stolen homes; you could go to prison for doing that.

Unless the banks are going to unload these houses through pawn shops, the housing market is “pining for the fjords”.

Since that report, Troy King, who plays the role of attorney general of Alabama, figured out that maybe he should look at the problem, Alabama attorney general joins other states in investigation of foreclosure practices, despite saying that no Alabama laws were broken. Since he hasn’t bothered to look at the problem, I have no idea how he knows that no laws have been broken. I pretty sure that changes in deeds have to be recorded in Alabama, just like the rest of the country, and Wall Street hasn’t been doing that.

4 comments

1 Badtux { 10.13.10 at 10:18 pm }

Laws? Bankers laugh at your puny “laws”. Laws are for the little people, not for the Rulers of the Universe, yo.

– Badtux the Snarky Penguin

2 Bryan { 10.13.10 at 11:02 pm }

All too true, Badtux. The banksters just set up their own, private land office, and starting producing their own deeds, with not some much as a glance at existing law.

It was once simple to check to see if there a lien against a particular property by checking at the county courthouse, but no longer. Apparently automobile titles are under stricter controls than land titles.

3 Suzan { 10.14.10 at 8:21 am }

Come onnnnnnnnn.

None of this has been a secret for over 30 years.

What do you think the “deregulation” craze was all about?

And they’re still campaigning on it as if no one has figured it out yet!

Yay Yay USA!!!!

We’re No. 1!!!!!!!!!!

IN THE DRIVE FOR INCREASING WORLDWIDE POVERTY!!!!!!!!

4 Bryan { 10.14.10 at 2:49 pm }

It’s time to file a RICO complaint against the banks, and start sending people to prison.