The Murder of our Economy and Society by the Banks

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When is Foreclosure Theft? When the Mortgage is Recorded at MERS

Author: L. Randall Wray

As I’ve said many times, whenever you criticize the banks you get pushback from their employees and lawyers handling their home thefts (whoops I meant “foreclosures”). About ten days ago I posted a brief update on the state of play, and received the usual comments. (Here:http://www.economonitor.com/lrwray/2012/02/22/yes-virginia-foreclosure-is-theft/#idc-container)

Indeed, they went beyond “usual” as one bank lawyer tried to defend home theft as a “victimless crime”: “As a lawyer who did foreclosure work for many years for both borrowers and lenders, I assure you that robosigning is a victimless technicality. In only a handful of exceptions is there a wrongful foreclosure in which the outcome would have changed had the technicality been corrected. I am astonished to see foreclosure characterized…

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Author: timothymccandless

I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education. Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money. I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked.

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