Posted on 10/06/2010 9:12:55 PM PDT by Kartographer
” Regardless of deficiencies in mortgage paperwork, banks are not foreclosing on people who are paying their mortgages.”
While largely true that statement is not 100% correct.
They are foreclosing on homes which are paid off an also which the mortgage is ‘owned’ by other banks. How? Because they are breaking the law and the courts are not checking.
“I think it’s safe to say that both parties’ pols profited greatly from the housing bubble.”
Corruption to the core.
Question for you; the financial/mortgage crisis has led to the unemployment of millions. Its clear that corruption and fraud within the govt and major financial institutions were major factors for the crisis.
So if people have lost their jobs because of the economic crisis then they have been damaged by the actions of the financial institutions.
So if the banks are then foreclosing on the people are they not causing even more damage?
Without any foreclosures in the immediate future we will see the realtor sales figures plummet to a 500 year low.
Since foreclosures cannot get title insurance it actually should help the market for homes with clear titles.
Of course there are very few homes with clear titles thanks to MERS.
After what happened to the secured bondholders at GM and Chrysler I'm not so sure.
Holder smells money in the form of campaign contributions.
MERS
the law firms
the banks
will all pony up campaign contributinos, holder will blame Bush and say no wrong.
I doubt this..
1. Home owner is making ALL payments- no eviction
2. Home owner HAS to refinance because of late
payments- BETTER READ THE NEW PAPER WORK!!
especially if you miss or short, Just 1 payment!!
3. Home owner goes to the O’bummer administration- Banks
better have ALL paper in proper order ( 1 line not
initialed?- off with the banks head- AND FOR GOOD
MEASURE CANCEL ALL FOREclosures!
Banks are in buisness to make a profit- you have an issue?-
Get a lawyer-sorry I am dealing with some relatives who lost their main wage earner -they cannot make payments, even
if they refinance- they will have to move, the family will be poor- one of the family members has health issues-
Welcome to the implosion! I moved all my 401k money to guarnateed accounts AND STILL THINK I AM NOT SAFE- private sector jobs are NOT materializing- Mcdonald’s,3M and soon all large corporations will need to cancel health benefits to employees ( plus reduce their head count!!)The Demon rats and RINO’s are out to destroy every fabric of our society.
AND the EVIL banks make for a good whipping boy.
“1. Home owner is making ALL payments- no eviction”
Do a google, numerous court cases.
“Banks are in buisness to make a profit- you have an issue?-”
No issue with profit. I do have an issue with failure to abide by property laws, committing fraud, perjury, or forging the homeowners signature on documents the homeowner never saw.
Some of the banks are evil and corrupt, mostly the big ones. Folks like Jamie Dimon are huge socialists and supported BO until very recently.
They loaned people money knowing the people couldn’t afford the loan. Then sold the loan for a huge profit. They took these loans and lumped them together and sold shares of them as a AAA rated security. They did this knowing the properties were overvalued. They also failed to follow property laws during this process.
Once the bubble on this pyramid scheme failed they sought a taxpayer bailout to cover their poor business practices and outright fraud.
So yes these companies are evil. Not because they are companies or because they make a profit. Because the people running them are criminal greedy bastards who don’t care who they hurt.
“I agree with your comments. Regardless of deficiencies in mortgage paperwork, banks are not foreclosing on people who are paying their mortgages.”
Some interesting questions arise even in this area though. I went on MERS and looked myself up. BAC services my loan (correct). The investors are undisclosed. What happens if BAC goes belly up before paying investors money I have paid to BAC? Do I have a complete defense against the investors? I’m not sure. Would a title company insure my sale of the house to someone else? Hmmm.
One of the main ideas of land and mortgage recordation was that the owner would know with certainty who to pay on the mortgage. The mission statement on the MERS site is: “MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.”
Wow! The site claims it has been created with Fannie Mae’s approval. But will state judges agree that Fannie has the authority to override state land recordation schemes? This one has the ability to get out of control fast.
I have a feeling that if America were blasted with a coast to coast nuclear firestorm, the only lifeforms to survive would be cockroaches and investment bankers.
Wheres the website to search MERS?
I think I’d rather have cockroaches.
Can’t find my property in there, does that mean my mortgage wasn’t put through that mill?
“Can’t find my property in there, does that mean my mortgage wasn’t put through that mill?”
I don’t know. I only learned about it’s existence in the past few days. It’s a pretty shocking attempt to change land recordation laws that have existed for hundreds of years.
I would call whoever you make mortgage payments to and ask them.
I have asked them, they won’t tell me. Which makes me think it is and they don’t want me to know.
I actually tried again today, ended up asking for a supervisor. They refused to let me talk to a supervisor. I brought up the lawsuits and other public charges being made against them. It appeared they have been getting a lot of questions about the fraud charges.
Hmmm. That’s very interesting.
Is it a different company than loaned you the money in the first place?
If not, you might want to check the title recordation in your county and see if the transfer of the mortgage or deed of trust has been recorded. If the company collecting payments from you has no record of a right to collect those payments, I would think further inquiry would be prudent.
Two of the worst companies are involved. Our original loan was through Countrywide which of course was purchased by Bank of America.
Have to admit, I’m not “up” on this subject, but anything that Holder’s behind must be viewed with EXTREME suspicion.
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