Interest suite filed over forclosures

Now this will be interesting to watch unfold.

http://www.ag.ny.gov/media_center/2012/feb/feb03a_12.html

http://www.nytimes.com/2012/02/04/business/new-york-suing-3-banks-over-mortgage-database.html

It's about time, and I can only imagine that the state(s) will prevail. I doubt if any amount of money set aside to defend the bank(s) will usurp the issue of property rights, especially when it means lost revenues to local and state coffers.

If you have a mortgage on your home, who really owns it? Some schmuck in Thailand that bought toxic BoA MBS's in 2006? Possibly so, but nearly impossible to prove.