Posted on 09/22/2010 9:51:13 PM PDT by Chunga85
The nation's overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower's files, according to court documents and interviews with attorneys, housing advocates and company officials.
The problems, which are so widespread that some judges approving the foreclosures ignore them, are coming to light after Ally Financial, the country's fourth-biggest mortgage lender, halted home evictions in 23 states this week.
(Excerpt) Read more at washingtonpost.com ...
Maybe we'll get to see who the real deadbeats are after all!
I'll bet my next pension check that these two documents were for two separate "primary" mortgages on the same property.
"YOU'RE NOT GOING TO SEE THE COLLAPSE THAT YOU SEE WHEN WE TALK ABOUT A BUBBLE.... SO THOSE ON THE COMMITTE ARE GOING TO PUSH FOR HOME ONWERSHIP"
http://www.youtube.com/watch?v=iW5qKYfqALE
GMAC was the reason GM was broken..the others acted as the government allowed them and instructed them to act..sure you get a few bad apples, but they had people above them and people above them, and appraisers, real estate professionals--and attorneys. And yes new homeowners who said they didn't know what they were signing with attorney present by their side as well as the lender who walks the buyer through the paperwork at closing. Yes, is easier to blame the big banks and not the source of the problem which was underway back in the early 90's with government leading the way pushing to give loans to people the government said deserved to own a home..even adding to the loan money to buy furniture for the home with 0 percent down and bad credit and let's roll in your truck payment as well. Wow consumers said!!
And Barney for the record, fiber optics was a better choice for investment!!
"Don't Regulate Fannie Mae or Freddy Mac" said other government morons on the committee!!
http://www.youtube.com/watch?v=CTbIb75JdwY&feature=related
Let's not forget Maxine Waters:
"Under the outstanding leadership of Mr Frank Reins, "Everything in the 1992 Act has worked just fine" ... a mission that has seen innovation flourish to desktop underwriting to 100% loans." "We need to focus on the regulator and not to impede their affordable housing mission."
"These investments are so riskless.." -Franklin Raines.
And why aren’t these bank officials being charged with the crime of forgery or other fraud-related crimes? Why is it “legal” for them to do these things but if any of us DARED to forge a signature on something like a check and we were busted we’d be run up the river in no time?
Roccus, please clarify.
Are you saying you’re willing to wager your pension check that: (A) the homeowner is the party “double-dipping” and taking out two mortgages on the same property?
Or, are you saying that: (B) two alleged “lenders” are claiming entitlement to the same property?
If it is (A) let’s set up an escrow account. I’ve got someone ready to take your bet and even double your pension check if you win.
I’m series. This is hugh.
It is actually the same lender producing two variations of the same note for the same loan on the same property.
Think carefully before you commit. The offer stands. Double your money if you win.
My choices go with B and/or C.
If this were being played out in Frank DiCaprio's "Wonderful Life" things would be so simple. In today's world Mr. Potter would look like a debutante.
We must find an equitable solution to this mess. And when we do it should apply to all borrowers - in default or not.
The exception would be borrowers would deliberately lied on their loan applications. Lump them in with the fraudulent "lenders".
If you have the stomach for it check out the link below.
Bank of America Forecloses and Auctions Florida Home with NO MORTGAGE!
Um, Frank Capra, maybe?
Sorry, I last watched it right before Christmas. Good catch. Thanks for keeping the thread on track.
What does this all mean? So lets say my mortgage was sold a couple of times, should I ask the folks that currently have my mortgage to provide copies of my original paperwork? And if they can’t or anything is forged do I not have to pay my mortgage without threat of foreclosure?
Really, it creeped me out.
Not sure if you are busting my b’s or not but:
By law, you are entitled to request from your servicer the accounting involved via a Qualified Written Request and/or a Debt Validation Letter.
Usually you will either be ignored entirely or receive a response from the servicer that you are on a fishing expedition and the information requested is “proprietary”.
Upon the servicer’s failure to provide the information you are entitled to - you could make your payments to a court escrow account until the matter is resolved.
Interesting. Thanks.
One of my “outside the box” thoughts.
NYC 1990’s...middle class neighborhood in rapid decline...very heavy drug presence, everything from importation to street sales and ALL the attendant violence. All of a sudden I noticed a proliferation of “mortgage brokers”, usually in NEW Real Estate offices.. All had signs “No W2” “No Documents” etc. I’m assuming that the signs in Spanish advertised the same.
Then the thought occurred to me, “What better way to launder drug money?” As with most Americans, I really had no idea of how the mortgage game was played. I thought that those doing the lending would be satisfied with the long-term income. Well, over time I learned a little more....I learned about the food-chain. This just reinforced my drug money laundering theory. They didn’t have to wait out the mortgage, they could just sell it, albeit at a discount which amounted to just a cost of doing business. Probably less than what it cost them when they used to walk into banks with duffel bags of cash for laundering before the $10,000 reporting rules.
So now you see how my choice of (B) and/or (C) came about. If these were really laundering schemes (which I still believe) how much of a stretch is it to believe that these criminals would commit fraud?
Wachovia Bank and Wells Fargo: Drug laundermats to the world
snip>
"Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else.
The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S"
snip>
Never having taken a course in economics or banking, my thoughts were on a much smaller scale coming from my own local observations. The game is pretty much the same, the only difference being the numbers.
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