While I don't condone the activity of fighting the foreclosure of a home where an individual can no longer pay the bill - regardless of whether or not they should have been approved for their loan or not - I certainly don't condone the actions of the banks to sell off loans and mortgages in the form of bonds and other bundles with reckless abandon. Should you be facing foreclosure, there is an interesting option that many people have been taking advantage of: simply ask the bank trying to foreclose your home to produce the note which you signed and they signed showing they actually have a right to your house.
On another note, if we are trying to increase accountability within the economy, how is this supposed to help? We have the people owning the mortgages without care and without anyone honestly regulating their business practices and we have people in homes that are getting free passes and their $200. Is it surprising Wachovia, the bank in question in this video, was taken over by Citi a few months later after it promptly failed?
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