Wednesday, September 29, 2010

Take The Fees And Run

As Mike says, it appears that once the mortgage services figured out that as long as they could streamline the foreclosure process to the point where they could just make things up and have a judge stamp it, their best plan became to foreclose upon as many people as fast as possible. There were always problems with the way the incentives were misaligned between investors/services/homeowners, but what's going on here is that not only are homeowners being screwed, but so are investors. Of course Uncle Sam's one of those investors.