If you've been reading the news lately, you might be aware that a growing scandal over fraudulent foreclosures is consuming the entire global credit market in uncertainty. I was listening to a report on all this on NPR's "Marketplace" last night, and it occurred to me that, somewhere, there was a family that had been foreclosed on erroneously, fought the bank, and set into motion the events that are bringing credit markets to their knees once again.
The Times reports:
Nicolle Bradbury bought this house seven years ago for $75,000, a major step up from the trailer she had been living in with her family. But she lost her job and the $474 monthly mortgage payment became difficult, then impossible.The story goes on to tell of how attorney Thomas Cox found and deposed the bank employee who had signed the foreclosure order. During that deposition, this employee "casually acknowledged that he had prepared 400 foreclosures a day for GMAC [the lender] and that contrary to his sworn statements, they had not been reviewed by him or anyone else."
It should have been a routine foreclosure, with Mrs. Bradbury joining the anonymous millions quietly dispossessed since the recession began. But she was savvy enough to contact a nonprofit group, Pine Tree Legal Assistance, where for once in her 38 years, she caught a break.