But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,
and i reply:
NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.
and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]
First of all, I am not in the school of thought that thinks that coddling the oversized, parasitic financial industry somehow HELPS the rest of society in anything but the shortest of terms. That said, I am not suggesting the dire scenario you outline above. The banks can be punished (fined? people going to jail?) for breaking the law without necessarily undoing every single MBS transaction that ever happened.
I spoke to my real estate lawyer friend on Tues and his opinion was that you have a certain amount of time to appeal a foreclosure (60 days in CA), and if you haven’t done so by then, you are out of luck. So he doesn’t think this is going to undo every foreclosure or title transfer in history like some people do (though he acknowledges that the class action guys might find some way to end run around this).
