MERS Lawsuit in Georgia, a Non-Judicial Foreclosure State

Tim - It will be interesting to see how this progresses.  So far this defense has had little success, but the more lawsuits are filed, the more the practice is exposed, and the better chance for some sort of success.  Of course, the end result cannot be that everything goes back to square on or that borrowers somehow get free homes.  But it may cause a major shake-up in the way these mortgages have been processed.

You are continuing to do a great job. I have been distracted by buyers, mums and pumpkins. My next post is a little bit national (good stuff in WSJ weekend edition) and mostly Illinois details. Of course, we have a messy election in full swing, so it is hard to sort out the nonsense.

Honestly, I'm a little nervous about publishing what I write. A couple of weeks ago I was accused of being in the "other camp" and "for the banks". I'm mostly about fairness and transparency and stability of the system. It cracks me up to see people who are probably regular suburban Republicans start waving pitchforks and calling for the banks to shut down. If we have problems to fix, fine. But we can't scream for the downfall of "the banks" and Fannie/Freddie without dismantling the world economy. I was very interested to read that Fannie and Freddie -- as purchasers and resellers of securitized notes, and owners or insurers of 50% of all mortgages in the US -- are developing suits against the major lenders who sold them the notes. The US government owns Fannie and Freddie (bail out 2 years ago) so the idea of fraud and mismanagement suits is interesting.

We have an economy based on "too big too fail": auto companies, banks, state and federal governments all come to mind.

The ATT break up is interesting in historical perspective, as is the deregulation of energy companies during the 1980s and 1990s.

I'm just not sure who the "law breakers" are...I do wish I'd gone to law school, though....I'd make a great barn burner.

I never understood the too big to fail concept. Maybe this is too simplified but my thoughts are if there are 3 pizza joints in a town and say there's $30K/week in pizza business. Then one of those pizza joints goes under and closes their doors, there will still be $30K/week in business and the other 2 pizza joints will pick up the failed companies business. Maybe even hire some of #3's employees. That's why we're not supposed to have monopolies. So if one or two of the big banks fail, I'm sure there are hundreds of smaller banks that could use the business.