Chain of Title: Housing Crisis has Led to Breakdown Social Order, Author Says

chain of title

Chain of Title: Housing Crisis has Led to Breakdown Social Order, Author Says

Imagine the immense stack of papers that accompanies a home purchase closing.

Excited home buyers sign, sign, and sign some more. They sign even more now since the 2015 introduction of new regulations required by Dodd-Frank known as “know before you owe,” or TRID.

But does anyone actually read the documents being signed?

One woman did. In 2007, Lisa Epstein was closing on a mortgage with her husband for a new house. One problem was that she was pregnant. She could only read about five pages of the closing documents before having to excuse herself to run to the bathroom, wrote David Dayen in his book “Chain of Title.”

Rest here…


2 Responses to “Chain of Title: Housing Crisis has Led to Breakdown Social Order, Author Says”
  1. tusense says:

    Homeowners are being robbed in the name of wanting free houses. Nice try but untrue, this is the courts excuse for not looking at the fraud being placed upon the homeowner and allowing the banks to get away with stealing our homes. The banks were able to get the Glass Steagal law changed under the Clinton presidency. This allowed the banks to sell our homes as a commodity on the stock market.. This allowed the banks to begin their fraud. Until we bring Glass Steagal back our economy will never recover. American’s aren’t asking for a free home, they were asking for loan modifications. Because the loan modifications were not profitable for banks and foreclosures are they aren’t modifying loans. They would rather throw people out on the streets and the Federal Government is complicit.

  2. Julia Young says:

    Thank you for telling individual stories! This is where the truth and pain reveals reality. Long needed!
    Have been present at 4 recent SFR closings in recent months. All testify to article’s truth. Loans becoming easier to obtain, many 100% with down payment assistance. tons of paperwork.
    Two markets co-exist in Memphis. Many first time buyers or moving up buyers as those 4 closings represented.
    Plus: A dominant market-Big Investors buying bulk, reselling to smaller “seminar” type investors who then renovate and pass the renovated package deals to individuals sold on a pot of gold cash flow in the local inflated rental market. The end buyers never see their purchases. Many are adequately renovated, many are ‘lipstick on a pig’, overpriced, boosting local markets above pre-crash values.
    Anticipate another bubble in those? YES.

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