A court in Ohio ruled that mortgage lenders don’t get a mulligan on their foreclosure paperwork – present the court fake papers made out of play-dough and they could get the same sanction that I would get for doing that. The sarcastic side of me wonders how long it will take for the House Judiciary Committee to jump on this unsupportable extension of the rule of law to our social betters.
On the other hand, my non-sarcastic side wonders exactly who does have the power to impose the terms of a mortgage if the bank doesn’t. Does the note revert to the originator of the mortgage? Many of those fly-by-night outfits already flew away in the night. It is clearly appropriate to punish banks for acting like laws don’t apply to them. Still, you have to wonder what happens when the power to enforce a mortgage just sort of floats off into the clouds. Anyone know?