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The Rule of Law in the financial system…

…I’ve said for quite awhile that the rule of law was broken in the financial system with the failure to hold the banks accountable as they were given blank checks during the bailouts.

One example of this is the bias against fraudulent foreclosures. If you as a person write a check to a third party and that third party gives me the check but fails to endorse it…I cannot cash it. If I sign that person’s name, I’m committing fraud.

In a foreclosure, the chain of custody of the deeds and mortgages to these homes was broken. Yet, the courts have ruled that it doesn’t matter. “Let the banks sort it out,” is the explanation because, “the homeowner isn’t paying so ‘someone’ has the right to foreclose.”

This strikes at the heart of the rule of law. This is not merely a technical issue; if an entity cannot prove they are the owners of the “check”, they ought not to be permitted to cash it.

To the point of this post: we will not be able to hold the banks accountable until the political will to do so is manifested. And I don’t think that is going to happen.

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