Cincinnati to banks: Drop dead
Read the story carefully. Lots of financial institutions want it both ways. They essentially want to foreclose on you, but don't want to file the paperwork to actually make the transaction and then incur the liabilities of actual ownership. Can't have your cake and eat it as well. I bet we could come up with a list of properties comparable to what is being litigated over in Cincinnati in half a heartbeat. The legal netherworld lots of institutions are operating in when it comes to foreclosure is about as close to market failure as we come. Where's Coase when you need him?