In America, 'It's Far More Shameful To Owe Money Than It Is To Steal It'

[marmar]

from HuffPost:



Even as foreclosures across the nation are tainted by accusations of fraud, mortgage companies and foreclosure judges favor expediency over accuracy as they relentlessly kick homeowners out onto the street, says Rolling Stone's Matt Taibbi, in a lengthy new investigation.

"In America, it's far more shameful to owe money than it is to steal it," Taibbi, who famously called Goldman Sachs a "great vampire squid wrapped around the face of humanity," writes.

In the years leading up to the financial crisis, banks extended home loans and then sold them to other companies that packaged them into complicated securities, which in turn were sold to investors. Now, as the legitimacy of the documents proving who actually owns the mortgages has been called into question, some big banks have temporarily halted certain foreclosure proceedings -- and mortgage companies face a Federal criminal investigation. (Bank of America, for its part, faces a Federal racketeering lawsuit over its allegedly shoddy foreclosure paperwork.)

In his latest piece, Taibbi argues that the mortgage mess isn't merely a matter of botched paperwork. Rather, it's the result of fraud on all levels of the mortgage industry. ..........(more)

The complete piece is at: http://www.huffingtonpost.com/2010/11/11/matt-taibbi-florida-foreclosure-rocket-docket_n_782343.html

[ixion]

1. Unless, of course, you're America

Then you do whatever the hell you want and f**k everyone if they don't like it. :sarcasm:

[WillyT]

2. K & R !!!

:kick:

[leftstreet]

3. K&R

[Catherina]

4. Rec'd. "a great vampire squid wrapped around the face of humanity," n/t