These people are not being "defrauded", they did not make their required payments and defaulted. No one is being kicked out of their house who made all the required payments.
I do not call them deadbeats, there are many reasons people default on their mortgage, but neither are they "victims".
Exactly. That’s what’s missing in these stories. The people being foreclosed upon didn’t pay their mortgage.
Yeah, the lenders didn’t get the paperwork right but that doesn’t change the underlying fact of default.
I agree few who have made their payments have been removed from their homes.
However, let’s forget about the morgtagees for a moment and talk about the mortgagors.
What is the proper term for using forgery to generate documents in order to gain possession of a valuable piece of property?
Sounds like fraud to me.
The misbehavior of the borrowers is often being used to claim the lenders are fully justified in whatever they have done, and the reverse.
My point is that many on both sides have committed fraud. Many investors took shortcuts in order to save money, ignoring the very clear state laws, and now are taking further (illegal) shortcuts to hide their previous failure to follow the law.
Exactly. I have only 2 questions for the mortgagor being foreclosed on. Did you take a mortgage loan? Did you make payments on the mortgage loan? Arguing that the mortgagor should get a pass because of the banks misdeeds after the fact to correct a paperwork issue is analagous to a burglar arguing he should not be prosecuted because the homeowner replaced the stolen goods with goods he bought with counterfeit money.And, no I am not saying unfortunate folks foreclosed on are burglars and yes, the banks should be fined for their violations.