Casey Mulligan is a wonderful case study for Yves Smith’s book, ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism.

In the many accounts of the latest wrinkle in our huge mortgage crisis of the day, I have noticed that media always makes room for some one decrying those homeowners who stay in their homes because their mortgages are unenforceable. So color me bleeding heart liberal, but I do not see how anyone can look at those cases where due to fraud the homeowner and family have been contracted to buy a house that now the bank/mortgagor wants more than they do, and decide the case for the other party to the contract on the house. Now, without clear title to the house, that other party can’t even legitimately sell it.

Today, the Comptroller of the City of New York along with the presidents of several large unions sent a letter to some of the biggest baddest banks in the foreclosure mess and told those banks to get their acts together and start making mortgage modifications.

Bill collectors are NOT social workers, debt counselors or consumer advocates. They are bill collectors, they will eat you. Oh, they may call themselves “mortgage servicers”, but what does that mean? It means they collect the money from the homeowners.