Here's the essence of contract law.
Two parties come to an agreement and
sign a piece of paper.
A loan is a contract.
If the owner of a loan wants to enforce
it (including predatory conditions), it
has to do two simple things:
1. Produce the paperwork
2. Prove it owns the loan,
Guess what?
In their brilliant financial machinations,
the "Masters of the Universe" on Wall Street
forgot these two simple laws.
Result: There are a lot of houses in
foreclosure where:
1. The paperwork can't be found
2. No one is able to figure out who
actually owns the loan because it's
been sold, resold, packaged and repackaged
so often.
Oooops.
One Ohio Congresswoman has a word of advice
for the thousands of people in her district
now in foreclosure:
"Stay put" and when the sheriff comes, tell
him to "Show me the paper."
You know, it sometimes takes a very, very
long time, but there often is justice in
this world.
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