Some thoughts on a certain bank… March 6, 2010
Posted by guestposter in Economy, Irish Politics.trackback
A short guest post.
When buying property you of course are buying something physical in the land or building but in legal terms you are also buying a pile of papers.
So each transaction involves a pile of papers being examined to see if they are all in order. Solicitors for the clients, sellers and where there is a mortgage or loan the banks.
So guess who , allegedly, didn’t have a legal department, who, allegedly, used non legal staff when examining these piles of paper that they were loaning millions and billions against?
So guess who is after contracting a small army of legal folks to go through these piles of paper for NAMA?
So far, it rumoured that there have been more piles of paper with issues than expected.
If we think of the haste a certain bank gave out loans in, we can think of the due dilligence payed to these piles of paper by non legal staff members…..
In other words a certain bank is in even worse shape than we thought as there are issues with all sorts of title deeds etc….
[...] Anglo have a Legal dept checking all the paperwork to do with properties? Theres a small post over on the CLR which implies that Anglo may not have had a legal dept or at least legal people looking at [...]
I think it’ll be seen that the post above is scrupulous in not naming any institution.