The Ignorant Investor
Ignorance Can't Stand in the Way of My OpinionTuesday, November 16, 2010
So 1950s, Daddy-O
From a report of the Congressional Oversight Panel on the state of the home mortgage industry:
Being a banker means you can create your own shadow government when faced with local rules (and fees) that threaten your business model. Those ancient rules about real estate were too inefficient for modern ultra-cool and hip banking.
In the view of some market participants, the sheer speed of the modern mortgage market has rendered obsolete the traditional ink-and-paper recordation process, so the financial industry developed an electronic transfer process that bypasses county property offices.
Being a banker means you can create your own shadow government when faced with local rules (and fees) that threaten your business model. Those ancient rules about real estate were too inefficient for modern ultra-cool and hip banking.
posted by Worker 17 # 1:30 PM 
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