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FORECLOSURE SCANDAL FAR MORE SERIOUS THAN MEDIA IS LETTING ON
Sam Smith
re about to launch investigations into mass falsification of legal statements by the nation's banks. You can get a sense of just how serious this is from the fact that Bank of America, JP Morgan and PNC have stopped their foreclosures in states where judges have to approve the action. Despite what the AP says, this isn't about "flawed paperwork;" it's about a potential major criminal scandal.
But don't expect the media to cover this story aggressively unless events force them to. Even the Washington Post, which did point out that the Obama administration had been warned about the situation in recent years, also claimed it was not clear whether administration officials "were aware that the process of the selling and reselling of mortgages among financial firms - which became extremely common and highly profitable during the housing boom - was raising legal questions about who actually owned the loans and had the right to foreclose if they want bad." If they weren't aware of this obvious fact, they should resign forthwith
prorevnews.blogspot.com/2010/10/foreclosure-scandal-far-more-serious.html
Oct. 10, 2010