Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud

by David Dayen

The indignation didn’t account for mortgage companies driving customers into default. However, lenders welcomed anything that humiliated deadbeats into blaming themselves.

this is a bit simplistic

At no time was it made clear to Lisa that when she sent in her mortgage payment to Chase Home Finance, somebody at Wells Fargo crunched the numbers on it and told a colleague at Chase to send the money through U.S. Bank to investors, whether a Norwegian sovereign wealth fund or an Indiana public employee retirement plan. Heck, nobody told Lisa that DHI Mortgage would grant her a loan and immediately sell it off to a different division of JPMorgan Chase from the one she’d been paying all these years. This idea of banks trading mortgage payments like they would baseball cards didn’t sit well.

why does this matter. i dont know how my orange gets to the store