Isn't chain of title the elephant in the room on the lender fraud and the foreclosure mess?
David Dayen concludes this fine post on lender fraud and the administration's on-going effort to cover it up with this sentence:
The broken nature of the land title system in the United States is a can of worms I think [regulators] aren’t legitimately interested in opening.
[I can't make sense of "legitimately" in context; needs a copy edit?] However, understanding that the land title system -- through MERS -- is broken is a key piece of the puzzle, I think.
How could you have had HOLC if the chains of title for the homes aren't clear?
How could you have cram-downs?
There's no answer from the administration, except to kick the can down the road, presumably until the statute of limitations runs out or the entire economy -- except for the banksters' gated communities -- collapses into rubble, whichever comes first.