Posted on 02/22/2009 11:18:55 AM PST by Fred
A corruption at all levels ping to you rabs
Yeah doesn’t she know that only the banks can use the laws in their favor.
Very smart lady. The banks and mortgage companies played a very dangerous game in their greed, and now are going to get burned ever worse since they don’t actually own the mortgages anymore, and probably don’t know exactly who does.
This could be the death-knell of the Collateralized Mortgage industry.
And the sooner the better.
sheesh...well if that’s the case, WHO does have the standing to foreclose...and if it’s too convoluted to figure out...why will anyone feel obligated to pay?
bttt
I’m shocked that someone can oppose the banks. I thought we’re obligated to bend over for them and their pet “the government”.
In almost every case the servicer has the mortgagee’s power of attorney to enforce the terms and conditions of the note and mortgage. There’s always the chance that documents can go astray and delay the process.
The fact that so many who are foreclosing on these homes...do not have proof of lien on property....means that there are just as many stupid people in finance/banking as there are in government.
I was wondering the same thing. Is my own mortgage so compromised now that I simply stop paying and tell them to stuff it? How do I find out who actually owns it? BofA is the loan servicer, but they're so screwed up right now it's anyone's guess where the actual loan is. How does one find out?
It would be great if we could find some productive work for the super geniuses who dreamed up this stuff.
My sock drawer needs sorting, for example.
This whole mess is because of greedy manipulation by banking and financial vampires.
But, on the other hand, a diagram like the one you posted does beg an obvious question: What if the legal system can't determine who owns the deed on the house?
If the mortgage broker passed the mortgage on to the bank, and if the bank passed the mortgage on to some hedgefund, and if, from there, the mortgage passes through several other entities, then how does the legal system go about determining the rightful owner of the title?
Even if you got away with that you'd never be able to get a clear title in case you want to sell.
Well, in fairness, you can't overlook the greed of the people who took out mortgages they never stood a chance in Hades of repaying, or the politicians who forced the banks to lend astronomical sums of money to various racial minorities who were completely credit unworthy and who [predictably enough] defaulted on their mortgages as soon as the balloon payments came due.
Just thinking—we should all collect our 13 dollar tax “cuts” and have regional bon fires once a month—similar to Boston Tea Party. It might help to curb inflation more that throwing tea bags in a lake.
But if I did, I would:
1 Have my lawyer set up a secure escrow account.
2 Start putting my monthly mortgage payment in that account as a sign of good faith intention to pay.
3 Instruct my lawyer to write to the current ostensible holder of my mortgage, asking them to demonstrate provenance; "Please provide me documentation that you have my mortgage note, properly assigned by all successive holders."
Multiply this strategy by a couple of million mortgagees if you want to see some real mortgage reform!
Tee-hee. This is just the first mortgage confusion. Betcha a massive percentage of these properties have second mortgages (those who borrowed 20% down to avoid private mortgage insurance) and credit lines using them as collateral.
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