“Defective documentation has created millions of blighted titles that will plague the nation for the next decade"... Richard Kessler, an attorney in Sarasota, Florida, who conducted a study that found errors in about three-fourths of court filings related to home repossessions. The out of control foreclosure machinery has officially been brought into the shop for repairs.
The real estate financing industry appears to have brought the same technical expertise that allowed automated underwriting of mortgages to an automated foreclosure process: Structurally flawed, rife with errors, guaranteed to fail — and in need if an immediate overhaul.
As we have seen, homeowners without mortgageshave lost their home to foreclosure.
That this legal impossibility actually occurred reveals the foreclosure process, especially in Florida (but other states as well)as little more than a legal conveyor belt, bereft of oversight, manned by parasitic law firms and overwhelmed bankers.
It is Lucy on the chocolate factory line, only with homes being repossessed instead of bon bons slipping by unwrapped.