see https://abcnews.go.com/US/wireStory/zombie-debt-homeowners-face-foreclosure-mortgages-93383054
The simple story is that three reporters from AP stumbled across a strange story. They discovered that people were being served with foreclosure papers. That was not unusual. What WAS unusual was that the “foreclosures” were based on “loans” that had expired 10 years earlier. And when they made inquiries to the actors who supposedly were named as the “creditors”, they were told that Wilmington had no knowledge or power to direct anything.
In short, these reporters have reported on a story that was just being developed by Gretchen Morgenson and Matt Taibbi before they were shut down. And all that was 14 years ago.
The reporters have uncovered a numbers game in which “collectors” play the odds under the theory that people will pay without challenging the claim. Debt collectors do this when they buy lists of consumers and start bothering them about their unpaid debt — regardless of whether or not the debt exists.
Filed under: foreclosure |
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