A Change to our System of Property Rights based on Political Power

robosignforeclosureSo says Roosevelt Institute fellow Matt Stoller in the below interview. Stoller is talking about the 50 state mortgage fraud settlement and frankly he's right. It's beyond belief the government has literally shoved under the rug banks improperly seizing and foreclosing on properties owned by Americans.

BoA & ForeclosureGate: They don't care because they don't have to


At the moment, things look bad for Bank of America but this too shall pass.

Yves Smith wrote a nice summary of the latest on ForeclosureGate . This includes just released information concerning HUD assistant regional inspector general William Nixon. Supposedly, he is after BofA for significantly hindering an investigation into wrongfully filed claims on failed mortgages, about $6 billion worth.

Smith reminds us that she saw the BofA purchase of Countrywide as a real loser. Her reference to a prescient column by Gretchen Morgenson from August 27, 2007 contains this gem: