A well written concise article in the Washington Post points out how lawyers, yes even “trial lawyers” are playing a major role in helping to straighten out a major financial crisis that would have only been worse if left uncovered. Fraudulent assignments, sworn affidavits signed without the personal knowledge claimed therein, no service of complaints resulting in foreclosures without notice to the homeowner and many other examples are leaving a wake of disrupted and unclear chains of title all over our country. The result is, until this is straightened out, it’ll be very hard for anyone to buy a post foreclosure home and have clarity that they actually own the home, “free and clear” or with “good and marketable title.”
Eventually, most likely through some new legislation allowing new ways to help clear up and undo the mess banks created during the boom by not documenting all the transfers along the way and since the boom by trying to later recreate a clear chain but doing so fraudulently.
Take a look at this recent article in the Washington Post, which illustrates my point.