Advertisement
Markets

Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud

Their names are Lisa Epstein, Michael Redman, and Lynn Szymoniak.

Image removed.

 

  • Author: David Dayen
  • Publisher: The New Press, 320 pages

 

Their names are Lisa Epstein, Michael Redman, and Lynn Szymoniak. In 2009, they were living in Florida, and like many others in the Sunshine State, facing the loss of their homes in the subprime mortgage crisis. Then, they did something lenders never expected - they actually read their mortgage papers. There they uncovered the tip of a massive scam, with banks and mortgage companies faking millions of foreclosure documents and illegally forcing families from their homes.

Fiscal Times journalist David Dayen tells their stories in this 2016 book that picks up where The Big Short left off. He explores how some lenders and servicers engaged in shoddy practices and illegal shortcuts as the market for subprime mortgage securities boomed. They failed to properly transfer ownership among banks, servicers, investors and trustees. When the housing market collapsed, banks and mortgage companies that couldn’t prove they owned a homeowner’s mortgage foreclosed anyway, hiring third party firms and robo-signers to fabricate documents after the fact. The assumption was no one would ever know. And as the book explores, some judges and courts looked the other way - until a few ordinary folks figured out the whole scheme. If you want to understand the subprime mortgage fiasco, you’ll find this book both useful and concerning.

BUY HERE

 

Visit the Kiplinger Bookshelf

Advertisement

Most Popular

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)
tax deadline

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)

Between due dates for IRA or HSA contributions, paying estimated taxes and other deadlines, there's more to do by July 15 than just filing your federa…
July 10, 2020
65 Best Dividend Stocks You Can Count On
stocks

65 Best Dividend Stocks You Can Count On

These 65 Dividend Aristocrats are an elite group of dividend stocks that have reliably increased their annual payouts every year for at least a quarte…
July 8, 2020
Know Why Your Credit Score Changes: 9 Money Moves to Consider
credit & debt

Know Why Your Credit Score Changes: 9 Money Moves to Consider

Your credit score is a key indicator of your financial well-being and of the risk you pose to lenders. How good is yours?
July 10, 2020

Recommended

2020 Stock Market Holidays and Bond Market Holidays
Markets

2020 Stock Market Holidays and Bond Market Holidays

Is the market open today? Take a look at which holidays the stock markets and bond markets take off in 2020.
July 10, 2020
65 Best Dividend Stocks You Can Count On
stocks

65 Best Dividend Stocks You Can Count On

These 65 Dividend Aristocrats are an elite group of dividend stocks that have reliably increased their annual payouts every year for at least a quarte…
July 8, 2020
13 Best Vanguard Funds for the Next Bull Market
mutual funds

13 Best Vanguard Funds for the Next Bull Market

Optimistic that the bounce since March is indeed the start of the next bull market? Here are the 13 best Vanguard funds to help you make the most of i…
July 7, 2020
3 Municipal Bond Funds for Rich, Tax-Friendly Yields
Investing for Income

3 Municipal Bond Funds for Rich, Tax-Friendly Yields

Municipal bond funds allow you to enjoy the benefits of tax-exempt income. By investing CEFs, you can sweeten the pot even further.
July 2, 2020