Monday, November 22, 2010
Chicagoland / Politics / Clout City Cook County Foreclosures: Game On
Posted by Whet Moser on 11.22.10 at 06:01 PM
The eviction moratorium is over. But the story's not, by a long shot. The push to "bolster the legality" (gosh, there are so many things I wish I could do that with) of the Mortgage Electronic Registration System by swarms of lobbyists is just beginning.
If you've missed why sheriff and not-mayoral-candidate Tom Dart had declared another foreclosure moratorium, Yves Smith's post Why MERS Needs to Be Taken Out and Shot is a good start. In the abstract, it's kind of zany, this attempt to replace a system based on over a century of settled property law with a glorified Excel spreadsheet ("It makes Facebook’s privacy controls look sophisticated, by comparison").
Dart claims his office has found "horribly deficient" filings. It wouldn't surprise me.
Comments (2)
Showing 1-2 of 2
The FBI found that 80% of all mortgage fraud was done by lenders.
CRA! CRA! CRA!
like
dislike
excellent breakdown of the recent foreclosure fraud / robo-signing mess, from matt taibbi in Rolling Stone:
http://www.rollingstone.com/politics/news/…>
