I feel compelled to correct an embarrassing grammatical error in the Washington Post.
The paper, whose grammar is usually outstanding, wrote this morning that “The [foreclosure] problems came to light this fall as firms such as Ally Financial, Bank of America and J.P. Morgan Chase halted foreclosures because of revelations about shoddy documentation and other questionable practices.”
It came to light because the banks were embarrassed by public disclosures of the half-arsed, slip shod operations they were running — and because courts started kicking out foreclosure proceedings because of this.
As to the grammatical error: Forgery, fraud, and criminal contempt of court are not mere “questionable practices” — the word you are having some difficulty recalling is Felony. If the editors at Washington Post do not know how to spell the word, perhaps we can help them out:
The word is Felony.
Spelling bee contestant: “Can you use that in a sentence?”
Yes: “Felony. The bank executive was convicted of a felony involving fraud, went to prison, and was sodomized daily. Felony”
Congratulations, you spelled the word correctly.
“A congressional oversight panel is set to warn on Tuesday that a widespread problem of flawed and fraudulent foreclosure paperwork could upend the housing market and undermine the nation’s financial stability, just as the issue is coming under greater scrutiny this week in Washington.
The report, issued by the Congressional Oversight Panel, which monitors the government’s bailout program, marks the first time a federal watchdog has weighed in on the nationwide foreclosure mess.
The panel echoed concerns raised by consumer advocates and financial analysts, who have said that although the consequences of the foreclosure debacle remain unclear, the problems could throw into doubt the ownership not only of foreclosed properties but also the millions of ordinary mortgages that were pooled and traded by investors around the world.”
The possible legislative response to this ranges from doing nothing, to encouraging more mortgage mods (a waste of time and money), proposed bank cramdowns, and even an unconscionable MERS pardon.
If we see any sort of MERS pardon, I will be forced to send a team of Ninjas out into the night to do some paid lobbying of my own . . .
Don’t underestimate foreclosure crisis, watchdog to warn
Brady Dennis and Ariana Eunjung Cha
Washington Post , November 16, 2010