Banks are your friends…smiled the crocodile

by Dan Crawford

Key players in the development of this story are judges in each state as they interpret state law defining proper ownership. Inquiry to two people who know courts predicted most judges would probably simply ignore technical discrepancies, but as the story develops these issues are gaining traction. Bypassing property laws is a big no-no perhaps.

Foreclosure mess ups in Florida as Yves Smith continues to follow the trail of difficulties with titles in 45 states.

GMACS letter to agents concerning foreclosures.

Fitch considering downgrading servicers as difficulties develop and homeowners contest foreclosures based on title problems.

JPMorgan Suspending Foreclosures as one of the big guys says oops.

In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners so it could review its legal procedures

Seven banks asked to review procedures and docs by OCC under the heading Crocodile Grows

Best to keep in mind this image!!