Thursday, February 16, 2012

Quotation for Today: What Property Laws?

The quoted comments in this post again direct our attention on the misdeeds of the mortgage and banking industries; wrongdoings that led to the Great Recession and the current Little Depression.

“Clearly, we need to set up a process where lenders are following every part of the law . It is very apparent that the system is broken from many different vantage points.”
Phil Ting

Phil Ting is the assessor-recorder for San Francisco, California.  Mr. Ting commissioned Aequitas Compliance Solutions, Inc. to conduct a study of home foreclosures sales in San Francisco County during the time period January 2009 - November 2011, and the study revealed that a very high percentage of the foreclosure sales violated the law.

While reading this tale of property law violations, I wondered about the Republicans' failure to vociferously criticize the banks' illegal takings of private property.  The Republicans' silence on the banks' illegal takings of private property stands in stark contrast to their noisy behavior regarding any government legal exercise of eminent domain.  

The fact that the banks' illegal property takings benefit the one percent could be one explanation for the Republicans' silence. 

You can read Gretchen Morgenson's article on the mortgage and banking industry's illegal property takings by following the link in the cited article.

Morgenson, Gretchen. "Audit Uncovers Extensive Flaws in Foreclosures." The New York Times 15 February, 2012: online edition.

No comments:

Post a Comment