Here's the essence of contract law. Two parties come to an agreement and sign a piece of paper. A loan is a contract. If the owner of a loan wants to enforce it (including predatory conditions), it has to do two simple things: 1. Produce the paperwork 2. Prove it owns the loan, Guess what? In their brilliant financial machinations, the "Masters of the Universe" on Wall Street forgot these two simple laws. Result: There are a lot of houses in foreclosure where: 1. The paperwork can't be found 2 ...
http://www.youtube.com/watch?v=FSUcBsUDOMM&hl=en
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