The foreclosure system was designed for a neighborhood bank to go down with its papers and foreclose. But now, the mortgage process is decentralized, so the le

The foreclosure system was designed for a neighborhood bank to go down with its papers and foreclose. But now, the mortgage process is decentralized, so the lenders are taking shortcuts to satisfy the paperwork requirements. However, a homeowner does not enter the foreclosure process unless he is not paying his mortgage. This is not due to any fraud by the bank. On the other hand, this is exactly what happens when you have the government take over an industry because government entities like Fannie Mae have very little accountability or oversight. They should be abolished and the free market allowed to compete for the business.