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View Diary: Yves Smith’s Devastating Takedown Of BofA’s Not-So-Independent Foreclosure Review, Part I of V (87 comments)

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  •  And you know this is only (7+ / 0-)

    the front end of the story. In the middle we have the suspense accounts, zombie titles and limbo "lost paperwork" and MERS because on the back end we have the banks hanging fire with "designer" instruments that were sold to municipalities, pension funds, Insurance Cos, the PIIGS, Iceland etc., which are all still swirling around like dead body parts in a large leaf pile.

    On top of that, county recordation fees and taxes were not collected and millions of properties have not been properly entered into land records. The whole thing is a threat to the Republic and the ability to enter into a valid contract. There are instances of people who owned their homes outright being foreclosed.

    Somebody needs to do a Grisham-esque series of movies.

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