|Walking Dead - TV series: public domain |
Moral: Don't be a Zombie Title owner you may have to fight off the demons
Bank “Zombie Title” Rises, Hurting Communities and Borrowers, as OCC and Fed Sit Pat « naked capitalism: "So what are the servicers doing? Although we can’t prove it, is is almost certain that they are stealing cash from refinancings to reimburse themselves for these advances. This is not permitted under the pooling & servicing agreement, but since banks steal from homeowners and investors any way they can (the whistleblowers at Bank of America, PNC, and a new one at Wells Fargo all report endemic fee abuses, which ultimately come from investors), why should we expect anything different?
And that, dear reader, is why you should care about zombie title. You are paying for it. You are paying via your local government not getting property taxes it is due, and by state and local governments having pension shortfalls that lead to higher taxes and lower service levels (those pension funds were often large investors in MBS)."
'via Blog this'
MY NOTES: The bold is mine. These banks have robbed people of their homes, left the homes vacant without claiming title - left people in a confused quagmire of legal paperchase and taxes / fine for local property ownership. Read all about it by clicking title link above. Addtional articles: