Texas AG moves to halt foreclosures

Houston Chronicle (via mysanantonio.com) ^ | 10/05/10 | Nancy Sarnoff and Purva Patel

[Pearls Before Swine]

Txas Attorney General Greg Abbott called for a halt on foreclosures Monday amid nationwide scrutiny over the way they are processed.

Notices to suspend foreclosures were sent to 27 loan servicers doing business in Texas, including Bank of America and JPMorgan Chase, the attorney general's office said. It did not have the full list of companies available late Monday.

The office also called for a halt on the sales of properties previously foreclosed upon, which might affect auctions scheduled today, and on evictions of people living in such properties.

[Notary Sojac]

According to him he gets the title.

That's as may be, but anyone who buys the house from him is going to see this event in a title search and if they have any common sense will discount the price offered big time.

[ex-Texan]

To learn how Wall Street banks and mortgage companies steal peoples' homes you need to learn about "mortgage servicing fraud." This is basically recording false payment records to create a false payment history showing multiple late payments. Some lenders also record fake documents with the county recorders office.

[Niuhuru]

“money to anyone who just might not EVER be collectible?”

Not a bad thing. Then more people won’t get loans they cannot repay.

[Soothesayer9]

Well God was certainly OK with it. Take it up with Him.

[screaminsunshine]

They could stop the inflation with Silver at 100 per ounce and Gold at 2000. Set the dollar at those rates and issue metal backed currency. If the Feds have any.

[Rapscallion]

You can't be serious. Foreclosures need to be straightened out, and nobody loves lenders.... but zero all debts? What about personal responsibility?

I am serious.

Personal responsibility???? Whose? The Banks'? The Government's? Mine? (Not yours of course)

[mikhailovich]

The bottom line to all of this is probably 60% of people are living in way too much house. I remember when the average house was 2-3 bedrooms, 1-2 baths, and a 1-car garage. And nobody thought twice about it.

[longtermmemmory]

this started in the 1990’s with defective paperwork.

Banks are just SERVICING loans for wall street mortgage default swap trusts. B of A bought SERVICING RIGHTS but not ownership of the promissory notes.

They have no right/standing to settle or sue.

All loans which which had their promissory notes sold are part of this mess.

Even if you pay the servicing agent there is ZERO guarantee some other trust will claim to own your promissory note, which they lost, was distroyed, and no longer exists, with no provable chain of custody.

[longtermmemmory]

and 60 years ago they built better quality.

all that is irrelevant. It is not for you or me to decide the need of others based on their ability.

If a mortgage default swap trust can prove exclusive ownership with the proper papers then they can forclose. Until then the claim is unenforcable.

[longtermmemmory]

The debt is uncollectable. There is no plaintiff.

Remember the banks wanted the promissory note to sell and resell on the national / international markets. Proving ownership of the obligation is impossible.

Producing the original note is impossible. (in many cases it was intentionally destroyed ala a ripped up check)

Personal reposibility includes not being stupid by paying money for nothing.

[SunkenCiv]

Thanks Pearls Before Swine.

• Ohio AG sues GMAC, Ally over foreclosure fraud
• AG Holder says Justice looking into foreclosures
• Panther Pincer Movement