Why Homeowners Should Win Foreclosures: It’s the Moral Thing to Do.

“They should fail because all of them have received a benefit and some of them have received a windfall derived from trading on the borrower’s signature on the note and mortgage in an amount far exceeding the principal amount loaned.”

The reason why thousands of cases have been confidentially settled with satisfactions of mortgages, payment of attorney’s fees and damages is that the banks are willing to pay anything necessary to preserve the tree (certificates) and the branches (derivatives) and the leaves (minibonds and contracts like credit default swaps). The risk to the investment bank…

Source: Why Homeowners Should Win Foreclosures: It’s the Moral Thing to Do.