As Binyamin Appelbaum of the NY Times said, the banks have from the beginning insisted on the letter of the law — they can continue to pay huge bonuses because employment contracts are binding.
Now, homeowners are saying that there is a legal process for foreclosing on collateral. The banks should follow the procedures and produce the documents to prove that they have the right to the collateral.
Is that too much to ask?[/quote]
Personally, I don’t think it’s too much to ask. The servicers should execute their duties within the confines of the law. And, at last, that’s what they’re going to be compelled to do. But… let’s not pretend that it’s “their” (the foreclosed “homeowner’s”) home and that foreclosure is some injustice that they have some right to avoid. That’s ridiculous. The victimhood is a bit much. Avoiding foreclosure is really simple: pay your mortgage. I wonder how many of these folks are paying their mortgage payment into escrow while all of these details are worked out? Yeah… that’s what I thought.
