http://finance.yahoo.com/news/The-Next-RoboSigning-cnbc-2857229679.html?x=0&sec=topStories&pos=3&asset=&ccode=
I suppose the time has come to ask the the big question.
Where there any legal procedures followed correctly by the mortgage banking industry within the last 12 years?
Odds are no.
How bizarre is it that they used MERS to record thus bypassing the recording fees rightfully due every county that a sale was made in, and yet when it came down to foreclosure time their use of the county recorders office became imperative in order to for the notice of foreclosure sale to be published.
I have to laugh at the "light bulb moment" that CNBC now seems to be having about this issue since they seem to be a tad behind the rest of the class.
Karl Denninger and the kids over at Zerohedge as well as George over on Washington's blog have already written as well as proof read this assignment last year and received an A+ and a gold star for the actualities of what has really gone down concerning the illegalities of what the mortgage investment banks where doing and had already done.
It must be hell to have to wait on the short bus CNBC, since it's always the last to arrive.
It's the next big shoe to drop in the robo-signing foreclosure scandal. Call it part two.
We already know some banks halted foreclosure sales nationwide in October when it was discovered that servicers took short cuts, so-called "robo-signing" in the foreclosure sale process in judicial foreclosure states - about half the country.
Now it appears they may have done the same thing in a different part of the process, the Notice of Default, which takes place in the other half - i.e. the non-judicial states - this happens before the foreclosure sale.
