Push to halt foreclosures gains steam (Stop paying your mortgages, FREE HOUSING FOR ALL!)

cnn ^ | 10/5/2010 | staff

[tobyhill]

Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.

Members of Congress from California wrote to the heads of the Justice Department, the Federal Reserve, and the Comptroller of the Currency on Tuesday, requesting that they investigate the foreclosure processes of banks under their purview for "possible violations of law or regulations."

[PGR88]

The US is steadily become a lawless country. Politics is paramount, and contracts and property rights are gradually becoming worthless.

[rwilson99]

In a number of cases... Idiot bankers are foreclosing on and taking possession OF THE WRONG house.

That’s why we are where we are.

[pnh102]

In all fairness, banks SHOULD be made to ensure that the foreclosures being undertaken are fully legal and properly documented. We continue to read about banks seizing the wrong houses, changing the locks and throwing people and their belongings out on the street and... get this... LUCKY FOR THEM they have a shiny piece of paper that says it is OK for them to make this kind of mistake.

This should not be legal. In these situations the banks and their employees are no different than home invaders or robbers, and should be dealt with accordingly.

[tobyhill]

Yep! You can sign anything and wait for the Government to bail you out with taxpayer’s money.

[tobyhill]

This is nothing but the Government telling the banks to stop foreclosures in order to keep the people in the houses a bit longer, the houses they couldn’t afford.

[traditional1]

[oldtimer]

Free houses, food stamps, free medical, free cell phones, and soon it might be free furniture, and Escalades you knows.

It just be wonderful, and Good for democRAT votes big time.

[driftdiver]

Are you really that obtuse?

The banks are breaking the law. Committing fraud, perjury, forgery and more. Why are you defending their actions?

[tobyhill]

I haven't read of too many cases where the wrong house was seized and besides there's already laws that give homeowners warnings before foreclosures and time to rectify the situation. If by chance there has been a wrongful foreclosure the courts are the ones designed to settle the score, not the bureaucrats in Washington.

Banks have no incentive to foreclose on properties that people are current on payments and obligations.

[pnh102]

This is nothing but the Government telling the banks to stop foreclosures in order to keep the people in the houses a bit longer, the houses they couldn’t afford.

Even if this is true, banks are still illegally stealing property from people who either own their homes outright or are current on their mortgages. This must stop, and if banks are punished by being forced to stop all foreclosures, then so be it. After all, when a person commits a crime, he is punished at far more than the cost of the crime so that a disincentive is provided to other potential criminals.

Perhaps if banks were not attempting to illegally seizing property, I would agree that these moratoriums are shams.

[tobyhill]

Show me the example where foreclosing on a house broke the law?

No one is defending them but what they are doing for a couple mistakes are allowing thousands of deadbeats a bit more time to trash the property and lower the value of the neighborhoods.

[TennesseeProfessor]

At least JPMorgan was caught in blatant perjury — a loan officer swore that he had personal knowledge that the claims made by JPMorgan were accurate. Except under cross examination, the lawyer admitted he had signed 10,000 of these per month and had as much personal knowledge as I do.

But really it’s no big surprise to me that the large banks are so badly screwing up the foreclosure process. They are led by the identical people who so badly screwed up two years ago. Guess they are too big to fail and need more money to pay for their bonuses....

[tobyhill]

Show me an example of where the banks foreclosed on the wrong property?

[rstrahan]

I have actually seen this done, especially in rural areas with questionable addresses. A friend of mine had his home that he had paid reguarly on, never missed a payment, get foreclosed on because the SERVICER screwed up his payments. Couldn’t get the courts to stop the foreclosure.

[TwelveOfTwenty]

Does anyone else think this may be a last minute attempt by the Dems to win votes?

[tobyhill]

Just because he signed off on 10,000 of these foreclosure doesn’t mean they were bad foreclosures.
I just want to see the example where the wrong house was foreclosed on?

[Pearls Before Swine]

Show me an example of where the banks foreclosed on the wrong property?

Google is our friend:

Here's a suit based on 3 mistaken foreclosures

[tobyhill]

If the Servicer wasn't the banks themselves then I don't blame the bank and the banks are not designed to protect everyone from bad middlemen.

[pnh102]

Show me an example of where the banks foreclosed on the wrong property?

Google is our friend:

http://www.foreclosurelistings.com/content/foreclosures/couple-from-new-bedford-filed-a-lawsuit-wrong-foreclosure.htm

http://www.lasvegassun.com/news/2010/jan/02/they-forclosed-wrong-house/

http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632

http://www.thelaw.com/forums/showthread.php?t=44109

There are many more examples. These banks, and their employees, deserve to be criminally prosecuted for their actions. It was their stupidity in lending money to people who could not pay it back that in part led to this mess, and now the same sloppiness plagues the foreclosure process. If the banks suffer more missing payments from deadbeat borrowers who should be foreclosed on because the banks insisted on foreclosing on the wrong properties... then oh well, they should get the process done right first.