Today the issue will get some attention in the Olympia, as a couple of bills that are very much in line with Occupy's foreclosure critique have their hearings—including one bill that's sponsored by uber-conservative State Senator Pam Roach (with ultra-liberal State Senator Adam Kline as co-sponsor).
Think way back to 2008 and you'll recall that Wall Street's bundling up of many mortgages into securities that were then sold, and re-sold, and hedged against, and so on... Well, that all helped build up the giant real estate bubble that burst and brought on the Great Recession that we're all still trudging through.
Part of this Great Recession involves banks now trying to foreclose on people who can't pay their mortgages, but wait: What if no one really knows who owns a particular mortgage anymore because it's been re-packaged and re-sold and securitized so many times over?
The Roach-Kline bill, SB 6199, would make it a Class C felony for a bank to foreclose on your home by engaging in "false swearing"—that is, claiming it's the owner of your mortgage when, in fact, it's not.
No comments:
Post a Comment