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10/22/10

Thinking Out Loud

Two fundamental points on mortgages and foreclosures...

Banks and mortgage lenders have essentially circumnavigated four centuries of property law and the concept of property rights in the United States, by treating legal documents as inconsequential papers. They need to rectify their past business practices to justify their mistakes.

Borrowers and mortgage holders, regardless of how the paperwork was processed, willingly and knowingly borrowed money with consequences for nonpayment. They are obligated to make an attempt to pay it back.

"Two wrongs don't make a right."