Chain of Title by David Dayen

Summary

"Chain of Title" by David Dayen explores the efforts of three ordinary Americans who, during the foreclosure crisis of the late 2000s, uncover a massive scheme of document fraud perpetrated by major banks. The book intricately details their investigation into forged foreclosure documents and the negligence of the nation's largest financial institutions, revealing a system rigged against homeowners. Their grassroots campaign exposes not only the fraud but also government inaction and media complacency, raising important questions about accountability and justice in modern America.

Life-Changing Lessons

1. Ordinary citizens can challenge powerful institutions and make a real difference when motivated and persistent.

2. Apathy and complexity serve as shields for wrongdoing—always question and investigate when institutions seem unaccountable.

3. Transparency, vigilance, and collective action are essential for a functional democracy.

Publishing year and rating

The book was published in: 2016

AI Rating (from 0 to 100): 92

Practical Examples

1. Lisa Epstein's blog activism

   Lisa Epstein, a nurse who nearly lost her home, began meticulously documenting discrepancies in foreclosure paperwork and shared her findings on a blog. Her work allowed fellow homeowners to recognize patterns of fraud, amplifying awareness at a grassroots level and providing a public record that reporters and advocates could refer to.

2. Michael Redman's investigation

   Michael Redman, a car salesman, dove into court records and foreclosure filings, identifying 'robo-signing'— a practice where bank employees signed thousands of foreclosure documents without verifying information. Redman's relentless digging and reporting laid the groundwork for exposing widespread document fraud across the mortgage industry.

3. Lynn Szymoniak's legal expertise

   Lawyer Lynn Szymoniak, herself subject to foreclosure, used her legal knowledge to identify and challenge fake assignments of mortgage. She provided crucial expert witness testimony and used 'qui tam' legal provisions to file whistleblower lawsuits, eventually helping secure major settlements from banks.

4. Partnership with journalists

   The three protagonists developed key relationships with investigative journalists, supplying them with evidence and insights from the front lines. This collaboration brought national media attention to the foreclosure document scandal, pressuring government regulators and the legal system to take action.

5. Public testimonies and court challenges

   They attended and spoke out at court hearings, public forums, and state legislative sessions, shining a light on routine abuses and giving a human face to the victims of foreclosure fraud. Their persistent testimony and data gathering gradually forced courts to reconsider how they handled foreclosure cases and prompted some judges to shift their stances.

6. Whistleblowing to federal authorities

   When local authorities failed to respond, the trio escalated their findings to federal investigative bodies, leveraging 'whistleblower' statutes and federal lawsuits. Their actions contributed directly to the multi-billion dollar National Mortgage Settlement between states, the federal government, and major banks.