State attorneys general and federal regulators are rushing to settle the robo-signing foreclosure mess created by the banks and get the real estate market back on its feet. But their proposals don't fully address the one of the fundamental problems of the crisis: Who really owns all those homes?
A partial settlement plan has been constructed by a group of state attorneys general and federal regulators. In theory, it addresses banks' flawed mortgage servicing, modification and foreclosure practices. In reality, it just lets the banks off the hook.
The "robo-signers" at banks who signed thousands of foreclosure-related documents were essentially lying under oath. But perhaps even worse were the lawyers involved: They're the ones who should have known better and put an end to the practice -- but didn't.
