Privatized Profits but Socialized Losses !
We can and must stop another bailout before the corporate shills posing as our elected representatives agree to open taxpayers' checkbooks and give blank checks to their Wall Street paymasters. When Wall Street wants a bailout, Wall Street gets a bailout. Remember the $1.2 Trillion "Grand Heist" it pulled off just a few years ago? Brace yourself for another round of (borrowed) public money used to replace Wall Street's private losses. Even if Wall Street alleges to be helping Main Street, it's still a bailout. I'll use the word alleged a lot in this essay. [Alleged is some claim or something of which you should be wary and unconvinced.]
If you aren't at the table, you're most likely on the menu.
Claiming to have certain rights and then proving to have those rights is usually done in front of a judge and in a court of competent jurisdiction. Fortunately, when parties in dispute make claims truthful or false, there are laws by which those claims can be scrutinized. Once such body of laws by which allegations can be proven to be true or false is the US Uniform Commercial Code. It's pretty much the Rosetta Stone used to navigate complex commercial agreements and transactions including Negotiable Instruments.
I'm not a lawyer, but if mortgage notes are negotiable instruments it makes sense to me that the origination, sale, purchase and subsequent assignments or endorsements of mortgage notes (and their rights) would fall under the jurisdiction of Article 3 of the Uniform Commercial Code - Negotiable Instruments.
One outcome of the as-of-yet undecided homeowner equity wars between 1) Wall Street & Its Bamboozled, Angry and Litigious Investment Community, 2) Wall Street & its US Regulators, and 3) Wall Street & Main Street, is the number of abandoned houses which greatly outnumbers the ranks of our nation's homeless families. Sadly, those least responsible for current conditions shoulder most of the financial and emotional pain. Some homes were abandoned after their owners were formally evicted by court order and sheriff's deputies (many of whom are employed by private contractors including law firms hired specifically to handle loan delinquencies, collections, and repossessions). Some now empty homes were abandoned by families not evicted but simply threatened with foreclosure, terrorized by sadistic collection practices, and then "voluntarily" fled. Sometimes on the advice of their loan's servicer. Hundreds of thousands of empty homes remain mired in and suspended by a mortgage securitization scheme which has raised serious doubts about its legitimacy.
Doubts include who or what now claims ownership of these once valued residences, and doubts about the legal rights needed to enforce alleged mortgage notes used to evict their former caretakers. This is a serious, serious problem not only for Wall Street speculators, but for everyone else. We know when Wall Street wants a bailout, Wall Street gets a bailout. Been there. Done That. Still here. Here comes another bailout!
Watch out Social Security! Watch out Pension Funds!