Even if you proudly pay double these alleged “lenders” have already used your mortgage instrument to profit well beyond the stated amount agreed to at the table. What you signed at that table actually means nothing. Once YOUR loan (I’m assuming you have one for the sake of discussion) was securitized the terms then become defined by the Pooling and Servicing Agreement of the trust or trusts it landed in. Go ahead and try to find your PSA. Call your alleged “lender” and ask them about it. Until recently you couldn’t even pry it out of them in court. ICE Legal did and look what happened. GMAC, JPMorgan, suddenly realized they mixed up some papers? Baloney. Let’s see who’s next.
As it stands now they make even more if you don’t pay. The reason for this is: Credit Default Swaps were purchased using the fluff created by the alleged “lender’s” agent, the property appraiser. The “collateral” was insured multiple times at the outcome based phony value primarily by AIG and we know what happened to them. Does Santelli mind paying AIG’s Credit Default Swap Flops? Do you? That is a significantly larger sum of $$$ than your neighbors mortgage.
I hear the screaming and yelling about property taxes being so high. MERS was the brainchild of this consortium of alleged “lenders” to skip out on paying the legally requires doc stamps and recording fees to YOUR state’s tax coffers but that is a whole ‘nother story.
In 1773 not everyone was in the Sam Adams camp when the real tea party took place in Boston Harbor.
No, I am bound by the note and mortgage that I signed. The terms of a mortgage backed loan cannot be changed.
It can be sold, but terms cannot be changed.