Bank of America is trying to foreclose on a property in Florida that doesn’t even have a mortgage and was purchased for cash. Barry Ritholtz writes:
Freeze the Florida foreclosure mills. IF A COURT CAN FORECLOSE ON A HOUSE WITHOUT A MORTGAGE, THERE IS SOMETHING TERRIBLY FATALLY WRONG WITH THAT COURT SYSTEM. They are administratively incompetent, and until they demonstrate they are not renegade organized criminals (i.e., have some basic competency), they must freeze what they are doing.
I think this, like the Ally/GMAC foreclosure fraud that has been recently uncovered, is a good example of the dangers of a system in collapse. The banks are trying to process so many foreclosures, including in situations where it is unclear who owns the mortgage and if a foreclosure is in order, that mistakes unto criminality are surely taking place. It’s hard to believe that the titans of the finance industry are this incompetent by accident.