“I think what struck me most about this story was the fact that the foreclosure fraud these ordinary citizens uncovered was so crude and so sloppy. I could only conclude that the people involved knew there was nobody minding the store. That says a lot about Americans’ sense of ethics. How many people working in that industry do you think knew they were committing fraud and just didn’t care? “
“It is happening again”: David Dayen on the epidemic of foreclosure fraud and the rigged economy that sets it in motion
Earlier this week the New York Times featured a depressing story about homeless people living in the foreclosed and abandoned houses that still dot the landscape in Nevada, reminding everyone of that awful time just a few years ago when families all over the country lost their homes in what has become euphemistically known as “the housing crisis.” It was actually much more specific than that, it was an epidemic of criminal
mortgage foreclosure fraud and it devastated millions of people, many of whom have still not recovered.
My Salon colleague (and one-time blogging cohort) David Dayen has written a wonderful new book called “Chain of Title” about some amazing Americans down in Florida who were caught in the maw of this epic criminal conspiracy and bravely took on the system when no one else would do it. Faced with a morass of impenetrable documents and intractable officials they took matters into their own hands and uncovered the crime of the new century by becoming internet muckrakers, using crowd-sourcing and social media. And in the process of following their fascinating story, we learn the full scope of this massive crime which goes all the way from the Florida suburbs to the boardrooms of Wall Street.
I had a chance to ask Dayen some questions about the book this week.
Can you explain in plain English how the foreclosure fraud industry worked?
You can read the rest here…