The below quote from Max Abelson‘s article on Fraudclosure shall be presented with only minor comment. Just enjoy it for what it is and for everything it represents…
A former member of the Goldman Sachs management committee was not so sure. “Don’t you think, out of 10 million data points, there will be 500 unbelievably screwy examples? It’s a little bit so what,” he said on Tuesday. “I don’t get it. It doesn’t feel like this is fraud. Maybe there is sloppiness, but at the end of the day, people took out mortgages they can’t pay back. Now I worry that if anything, the government is making something that is just a clerical error into something that would be nefarious or whatever.”
It’s a little bit “so what”. But not to Bank of America, Litton (subsidiary of GS), JPMorgan Chase and the rest of ’em. They’ve all halted foreclosure sales until such time that they can figure out what the hell is going on.
Oh, and there are a lot of “foreclosees” that probably could have kept paying their mortgages had they not become permanently laid off thanks to a recession caused by those doing the foreclosing. The sickest, saddest cycle perhaps ever invented by mankind.