I hope this Columbia resident becomes a multi-millionaire after suing the pants off Washington Mutual bank or the unnamed Lender that refinanced his loan with Washington Mutual. I admit I don’t know the history of this case, but how does a mortgage company the size of Washington Mutual lose track of a payoff during a refinance? And what about the folks who were supposed to payoff Washington Mutual Bank? Don’t they have a record of writing a check to Washington Mutual to pay off the original loan? Somewhere along the line, an employee of one of the two mortgage companies, either Washington Mutual or the unnamed refinancing lender, must have been committing fraud. This is just crazy nuts.
2 comments:
The freemarket screwed him! It failed!
Now we wait for government regulation to clean up this mess.
Booo free markets. Long live socialism! (the state should have owned the property in the first place)
Ha ha! I agree. The State should own the property. After all, they provided the Army to steal the land from the Native Americans in the first place. Well, until the government starts a mortgage branch, I suppose we will have to make due with the capitalists pigs that are currently in the business. I for one would enjoy waiting on a list for years to receive government supplied capital to purchase my home!
Seriously, screw ups happen in the free market as well as government regulated industries. In fact, I think mortgage companies must be licensed by the government, so a lot of good that regulation did. Ultimately, I think the market pressures of a mortgage firm with a good reputation would make this kind of occurrence very rare, which in fact, it is. I guess we’ll have to see exactly what caused this screw up.
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