Just to clarify, I am looking for recourse to the current situation where the free market is being prevented from operating because bidding on houses is kept from the public.
This does not serve the interest of the taxpayer. If the free market were allowed to operate, the bank could likely have recouped 20% more of its loss. This is not an isolated case, but is happening on 100’s or 1000’s of houses. This could be causing 100’s of millions of dollars lost through insider home deals.
Does anyone know of any mechanism such as a law or regulatory body that is in place to prevent the bank from selling foreclosed homes to their friends for a song? Maybe a journalist who would investigate it?
