Democratic Rep. Marcy Kaptur of Ohio endorsed the strategy in a fiery speech on the House floor during debate on the federal bank bailout last month.Brilliant!!! Who ties Marcy's shoes each morning is what I want to know.
"Don't leave your home," she said. "Because you know what? When those companies say they have your mortgage, unless you have a lawyer that can put his or her finger on that mortgage, you don't have that mortgage, and you are going to find they can't find the paper up there on Wall Street."
In summary, Representative Kaptur believes that those who default on their mortgage (most of whom had no business getting a mortgage in the first place) should just ignore their contractual obligations agreed to by both the lender and the borrower upon settlement. As the banks will point out, most mortgages are available electronically. It's just a clown car load of liberal judges out there refusing to recognize the inevitable.
Oh...and, Marcy...(whispering) there isn't a warehouse full of mortgages on Wall Street...just a Stock Exchange, the Trump Building, Tiffany's and a few apartment buildings.
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