By David D'AMATO
Guest columnist
The home mortgage imbroglio resurfaced this week as news unfolded of what appears to be extensive fraud permeating the processing of foreclosure documents. In efforts to mitigate the damage caused by these reports, major institutions, including Bank of America, GMAC and JPMorgan Chase, have halted foreclosures, once again caught with their hand in the cookie jar.
The controversy centers on what is called "robo-signing," a procedure whereby bank employees or third-party contractors make sworn statements as to the validity of the paperwork underlying a foreclosure. But even the documents that banks have been relying on to initiate foreclosure proceedings against homeowners are, well, unreliable, so foreclosure mills were enlisted to concoct them, cloaking lies with lies to protect the process. Before we adjure the state to fight for the little guy, however, we might survey the iniquitous scheme that allowed this mess to materialize.
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