This is interesting.
The South Carolina Supreme Court has ordered a halt to all foreclosures in the state, ostensibly because banks and homeowners need more time to work out payment plans.
But what is really going on is the widespread assumption in legal circles that the banks cannot properly document ownership of properties, lending agreements, mortgage servicing, etc. And guess what? They cannot. Never could.
In fact, as we’ve been saying for years now — of course the foreclosures are fraudulent — the damn loans were to begin with, and everyone knew that going in. Members of the South Carolina Supreme Court included.
But so long as the checks didn’t bounce, homes got bought, and lawns got mowed, nobody cared.
Bonus Hmm: The Guilford County register of deeds is on the warpath against Wells Fargo, BAC, and other megabanks accused of mass-producing fraudulent mortgage docs and then registering them as official county records.
Gee, I wonder where the Mecklenburg deed-keeper is on this.
