Jawnts: Fighting Back After the Bubble Burst


Jawnts: Fighting Back After the Bubble Burst

Ever get the feeling you’ve been cheated? That’s the creeping sensation Florida homeowner Lisa Epstein had as she reviewed the foreclosure case against her. She’d never dealt with the financial institutions taking her to court and their paperwork didn’t seem to be in order.

Most of the millions of Americans foreclosed upon when the housing bubble burst didn’t fight back. But some actually read the inscrutable documents sent by financial institutions. These people pushed back, and in the process revealed the systemic fraud at the heart of the foreclosure crisis.

Financial journalist David Dayen, a Philadelphia native, details their story in his book, Chain of Title, which unfolds with the readability of a mystery novel. As his citizen detectives pick apart the machinations of their Goliathlike opponents, they discover that the financiers were too greedy and clever for their own good.

With America’s bubble-year mortgages packed into extremely complicated financial products, their actual ownership was obscure. So when it came time to foreclose, it was impossible to prove who owned the mortgages that had been sliced and diced during the financial orgy of the bubble years. In the end, many foreclosure actions were backed by falsified records and rendered illegal. Chain of Title documents how Dayen’s heroes discover the lenders’ shenanigans. The result is both enraging and enlightening.

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One Response to “Jawnts: Fighting Back After the Bubble Burst”
  1. lvent says:

    The ceo’s setting the buy rate of exchange rate trades of nothing of monetary value is leading to everything being worthless because you can’t buy back nothing.

    They’re peddling cheap labor by selling corporatism on the resale markets & that’s communist subversion by creating corporate diversions.

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