There are always the renegade judges. Humpph. They always get reversed at higher levels. The legal system will figure out a way to reaffirm these 62 million titles. If they don't, the congress will. That's what NY-WashDC does.
The real power struggle is whether people are going to put up with the economic proposition-- of making their payments, of home ownership itself, and of their employment and spending package as a whole. If you cannot say "no" to a proposition then, they own you. The counterparty in trade will set the terms to favor themselves. The totalitarian suicide economy will take the entire economic surplus of humanity and burn it in vast bonfires of stupidity, war, misdirected investment, etc.
Posted by Todd at October 4, 2010 05:59 PMThat's funny, a judge determining the limits to fungibility.
Although the various collateralization instrument can be assigned a monetarized value. And may be monetarized value is fungible.
But that doesn't necessarily mean that contracts are fungible.
Is the last crisis caused by this simple fallacy?
That would be hilarious.
Hey Todd!
With your indulgence I'd like to take a cynical feather from your cap and run further with it.
Here we are running up to election time, and government is doing nice friendly stuff...
"PRESS SECRETARY ROBERT GIBBS: The President will not sign HR 3808. Our concern is ... the unintended consequences on consumer protections, particularly in light of the home foreclosure issue and developments with mortgage processors."
http://www.democracynow.org/2010/10/8/ohio_secretary_of_state_jennifer_brunner
My take?
The hidden agenda of the moratorium is to give creditors time to fill in the gaps in MERS, and as you say, "reaffirm these 62 million titles".