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The logic escapes me. here we have the Massachusetts attorney general looking out for the interests of people who PURCHASED property where the seller was an entity that had successfully prosecuted a VOID FORECLOSURE. But there is no mention of the original homeowners who lost their home in a VOID FORECLOSURE. The policy here is transparent: the risks and losses of the mortgage meltdown are to be borne strictly by the homeowner, not the perpetrators and not investors who “purchased” property from a bank that lacked a title to the property because of a void foreclosure.
If the foreclosure is void, exactly how is the attorney general going to help? The offer is to help clear title for the new purchaser. How are they going to do that when title was never legally transferred and where the entire foreclosure was based upon sham loan documents and a sham default and sham parties offering self serving statements and documents naming themselves as creditors when in fact someone else was the creditor. And what happens to the the real creditors? If we are so scared about what happens to our financial system why are we not allowing the investors in mortgage backed securities to recover more of their investment? Since that would involve more modifications and short-sales, that would benefit the homeowner too.
The policy is clear — when in doubt screw the homeowner and the investors who funded the deals.
Filed under: foreclosure