Could the chaos described in this article be the beginning of the end of USA as we know it? In short, a database over property ownership that was created in USA in the careless decade that past, has broken the trail of title. In other words, the real title-holder is the last one to have a proper paper title, which may be a different person than the one registered in that private database. So?
Well, it means that a lot of lenders will have a very hard time to get their money back from borrowers. Tens of thousands of foreclosures have been stopped in all 23 states that require judicial review, but also the other states are affected.
This threatens to create utter chaos in the financial markets.
Remember last time that happened? The world economy was on the brink of collapse.
USA is slowly crawling out of the Great Recession, the largest economical downturn since the Great Depression. The latter was a double-dip recession. Will the Great Recession also get a second dip, and develop a W-shaped graph?
If the article I linked to is correct, there is reason for worry. The only thing left to happen for the bottom to fall out is if the financial markets panic again, as in 2008. So, please don’t panic. Sit still in the boat and let the captain and the crew sort out this problem, OK? And pray that they start getting serious with creating a proper government-controlled cadaster, and why not modeled on the one in Sweden.
This is serious. USA has to stop the brainless partisan fighting and start solving the issues.