foreclosure fraud

After starting his own law firm in the early 1990s, David J. Stern gains a reputation for churning out foreclosure cases. His biggest payday comes during the mortgage crisis, when millions of Americans lose their homes. Their loss is his gain. But when wronged homeowners begin to fight back, they’ll unravel the fraud at the heart of the system.

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The Great Recession was characterized by a historic and gigantic wave of foreclosures all around the country. Left and right, people were being removed from their homes. But because of the explosion of mortgage securitization -- the slicing and dicing of financial assets that got Wall Street into so much trouble -- there was often a failure to do the proper paperwork required for such evictions. This week on Odd Lots, we talk to David Dayen, the author of the new book Chain of Title, about a group of activists in Florida who self-taught themselves to become experts on securitization and foreclosure law in order to fight back in court against what they argued was fraudulent activity.

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