Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud
Their names are Lisa Epstein, Michael Redman, and Lynn Szymoniak.
- 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.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Visit the Kiplinger Bookshelf
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Should You Buy Pet Insurance?
You can fend off big veterinary bills with a policy that covers your furry companion.
By Donna Fuscaldo Published
-
IRS Could Lose Another $20 Billion in Funding
IRS A mistake in legislative language could soon risk the tax agency's Inflation Reduction Act funding.
By Gabriella Cruz-Martínez Published
-
Fed Cuts Rates Again: What the Experts Are Saying
Federal Reserve The central bank continued to ease, but a new administration in Washington clouds the outlook for future policy moves.
By Dan Burrows Published
-
Fed Goes Big With First Rate Cut: What the Experts Are Saying
Federal Reserve A slowing labor market prompted the Fed to start with a jumbo-sized reduction to borrowing costs.
By Dan Burrows Published
-
Stock Market Today: Stocks Retreat Ahead of Nvidia Earnings
Markets lost ground on light volume Wednesday as traders keyed on AI bellwether Nvidia earnings after the close.
By Dan Burrows Published
-
Stock Market Today: Stocks Edge Higher With Nvidia Earnings in Focus
Nvidia stock gained ground ahead of tomorrow's after-the-close earnings event, while Super Micro Computer got hit by a short seller report.
By Karee Venema Published
-
Stock Market Today: Dow Hits New Record Closing High
The Nasdaq Composite and S&P 500 finished in the red as semiconductor stocks struggled.
By Karee Venema Published
-
Stock Market Today: Stocks Pop After Powell's Jackson Hole Speech
Fed Chair Powell's Jackson Hole speech struck a dovish tone which sent stocks soaring Friday.
By Karee Venema Published
-
Stock Market Today: Stocks Drop Ahead of Powell's Jackson Hole Speech
Sentiment turned cautious ahead of Fed Chair Powell's highly anticipated speech Friday at the Jackson Hole Economic Symposium.
By Karee Venema Published
-
Stock Market Today: Stocks Rise After Jobs Data Lifts Rate-Cut Odds
Preliminary data from the Bureau of Labor Statistics shows job growth was lower than previously estimated.
By Karee Venema Published