by Frank Partnoy

Compliance and enforcement professionals will want to check out David Dayen’s new book, Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud. The book is a gripping, perhaps film-worthy account of the proliferation of foreclosure fraud in the aftermath of the financial crisis. Although Dayen is highly critical of the behavior of various banks, his account contains important data and details for anyone who wants to understand the problems associated with foreclosures in the aftermath of the financial crisis – even if one does not share his political views. Chain of Title is the most complete account I have read of the various defenses that have arisen in foreclosures actions brought by banks that could not establish that they held the underlying mortgage loans. Continue reading →