by Morgan Warstler
If you haven’t been paying attention to the MERS violations, you’ll need to read up to understand this idea…
But essentially, the chain of title on almost all the foreclosures going on in the mortgage market are in jeopardy: lawsuits as far as the eye can see; title companies unwilling to insure title; squatters; banks suspending all ongoing foreclosures.
It’s a frigging mess.
Meanwhile, ever since Rick Santelli launched the Tea Party on CNBC, we’ve been split down the middle class between those people who bought too big a house and are now desperately underwater–and those people who played by the rules. We all have friends in both groups.
Over at oligarch central (the Fed), Bernacke is suggesting that to kick start the economy we need more inflation. After all, the mortgages behind all the toxic assets they bought aren’t worth squat if home prices fall and people stop making payments. (Cont’d Here)
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