Your mortgage documents are fake! Prepare to be outraged. Newly obtained filings from this Florida woman’s lawsuit uncover horrifying Scheme (Update)

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Your mortgage documents are fake!
Prepare to be outraged. Newly obtained filings from this Florida woman’s lawsuit uncover horrifying scheme (Update)

BY DAVID DAYEN
Posted from Salon
http://www.salon.com/2013/08/12/your_mortgage_documents_are_fake/

Lynn Szymoniak (Credit: CBS News/60 MInutes

If you know about foreclosure fraud, the mass fabrication of mortgage documents in state courts by banks attempting to foreclose on homeowners, you may have one nagging question: Why did banks have to resort to this illegal scheme? Was it just cheaper to mock up the documents than to provide the real ones? Did banks figure they simply had enough power over regulators, politicians and the courts to get away with it? (They were probably right about that one.)
A newly unsealed lawsuit, which banks settled in 2012 for $95 million, actually offers a different reason, providing a key answer to one of the persistent riddles of the financial crisis and its aftermath. The lawsuit states…

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