You don't want to call it fraud? Ok, what about criminal negligence then. These executives knew exactly what was going on, and by any reasonable standard should have known the harm they were causing. This is especially applicable if whistleblowers were ignored or silenced.
Software companies knowingly ship software chock full of bugs that results in millions if not billions of dollars of lost profits, lost time, etc. Does that rise to the level of criminally negligent?
it's the specific, core and obvious portion of not having the right one and only legal ownership piece of paper. not that somewhere a bug exists, somewhere a mistake was made, but the mistake was on the order of Microsoft shipping 1 in 1000 versions of word that you cannot print or save.
I don't doubt that the vast vast majority if these people did actually owe money on their mortgages but if you cannot prove it, the market then gets to sort out those companies who can look after the important things from those who cannot.
the market should winnow out fools and incompetents first, not have them compensated by the courts.
First, the software industry has done worse than ship 1 in 1000 versions of something that can't print or save.
Second, software companies often ship bugs knowing exactly what those bugs are.
Third, bringing a foreclosure lawsuit without the promissory note is not per se fraudulent. It's the homeowners job to raise the defense of asking the mortgage holder to show the document. It's only fraud if you intend to defraud the homeowner by foreclosing on a mortgage you know or suspect you don't own.
I'm not saying that banks fraudulently set out to make people homeless - I am saying they were incompetant in losing the certificates (or buying mortgages without them). and that I would favour allowing incompetence to have a market based effect on those who practise it - instead of using the law to protect the companies.
companies ship products with know bugs in in a calculated risk that firstly the bugs do not violate laws and contracts, and second the bugs have no market based effect. if a software company ships with those bugs then they display same levels of in ompetant e
