Megan McArdle on Foreclosure Fraud

The Atlantic

The story on the foreclosure mess has become a bit overblown in some tellings. It's clear that banks have been taking some shortcuts in preparing their foreclosure documents. The banks are obviously overwhelmed with the volume of foreclosures, and the (apparently) many instances in which sloppy securitization has resulted in lost paper trails, obscuring who, exactly has a right to foreclose. Rather than seeking legislative or judicial clarification, they've resorted to dubious practices that seem (to my non-legally-trained eye) illegal.

Note that the dubious practices include fraud and breaking and entering. There is a statute that is just perfectly set up to deal with such a pattern of illegal behaviour ... just sayin'