Forbes that bastion of capitalism, that promoter of the One Percent, has posted their rationalization of MERS-Robo-signing Deal, that is fit for a society, ruled by lawless corporate robots ... that America has become.
Simply incredible the depths to which their Authoritarian wish, to paper-over the paper-crimes, will go.
It's Time To Finalize The Robo-Signing Settlement
by Todd Zywicki, Forbes, Op/Ed -- 10/17/2011
In order to save the economy, Todd Zywicki, a professor of law at George Mason University, says that we must subordinate political grandstanding.
Onward for some of the lowlights ...
Todd Zywicki, for Forbes:
After months of wrangling, a multi-state settlement of the mortgage foreclosure “robo-signing” fiasco finally appears to be at hand that will punish banks for these seemingly-careless foreclosure practices, and break the litigation logjam that continues to drag down a housing market recovery. Like most settlements nobody appears to be overjoyed with the terms: Banks view it as a shakedown by politically ambitious attorneys general across the country, and other critics think it too light. Settlement would bring the matter to a close and eliminate the continued uncertainty that plagues the housing market.
[...]
Most important, of course, allowing the non-paying resident to occupy the house indefinitely prevents it from being owned by someone else who will pay. [...]
The continued delay and specter of liability has haunted a housing recovery. [...]
The balking Attorney Generals’ calls for still further write down of principal is especially misplaced in light of the almost complete absence of any homeowners who have actually been injured by robo-signing, and who would thus be entitled to damages. The Washington Post dubbed the whole robo-signing mess “a case of spectacular wrongdoing with hardly any victims.”
At its worst, robo-signing is not an issue of whether someone has the right to foreclose -- the borrowers invariably admit that they haven’t made payments in months or years and have no intention of trying to bring their payment up to date -- but which of several parties have the right to foreclose. That’s a problem that needs sorting out, to be sure. But the virtual absence of real victims makes it highly unlikely that delinquent homeowners will receive more in court than they could under the proposed agreement.
Nothing to see here America, move along now.
No Victims.
No Title.
No Sub-Prime theft.
No SEC-enabling.
No Oversight.
No Justice.
The main thing is that those "several parties" claiming a chunk of your abode,
the main thing is -- that they get their pound of flesh, their cut of your savings,
and they get it without any recriminations, specters, or balking -- from those rare AGs bent on seeing real Justice done.
Be nice now, you Virtual Americans-- and GET OUT!
and Quit your whining! ... "It's you're own damn fault -- if you aren't rich!"