Odd Lots: How Three Self-Taught Activists Fought the Giant American Foreclosure Machine

Odd Lots: How Three Self-Taught Activists Fought the Giant American Foreclosure Machine

This week, go back in time and re-examine the financial crisis and The Great Recession. Except instead of looking at it through the usual angles — how the banks lost billions of dollars and had to be bailed out — we look at the human element, and the millions of people who lost their homes to foreclosure.

Our guest this week is David Dayen, author of the new book “Chain of Title,” which chronicles three activists in Florida who discovered that something wasn’t quite right with many of the foreclosures that were being done. Thanks to the unprecedented boom in securitization, foreclosing entities often hadn’t followed the proper path and didn’t have the proper paperwork to legally foreclose. These activists, who started out knowing nothing of securitization or foreclosure law, taught themselves the intricate rules that govern housing finance in America. In this episode, we discuss what they learned and how they fought back.

Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance, and economics.

SOURCE: Bloomberg

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