Posted on 10/05/2010 3:51:19 PM PDT by 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."
(Excerpt) Read more at money.cnn.com ...
these are not mere scrivner mistakes.
Banks are creating documents from thin air, falsifying chain of custody.
every promissory note that was sold is a problem.
Sigh.
So, you’re going to believe what a bunch of frauds write in their propaganda???
wow
you forgot the robosigner. ( a printer that uses a ball point pen) and the fact that non-retired judges are in a panic that this fraud crisis is going to clog their dockets. So they bring in retired judges who are too senile and know the marching order to clear the dockets so the old judges rubber stamp for the banks.
Justice denied.
I agree and base this on 25+ years in the business. Banks are not the bad guys here. Are the borrowers claiming they never got the hundreds of thousands of dollars they borrowed? Are they claiming they've made all the agreed upon payments? Are they now claiming they were too stupid to understand the mortgage they applied for and agreed to repay?
The borrowers are waiting for the gov't (taxpayers) to bail them out.
Don't any of the Bank bashers on this thread believe in the sanctity of a contract - freely entered into by both parties?
“Don’t any of the Bank bashers on this thread believe in the sanctity of a contract - freely entered into by both parties?”
Sanctity of the contract???
When the banks don’t have title???
HOW is that sanctity of the contract when their is NO PROOF OF COLLATREAL????
UH????
must I bash in heads to get this to sink in?
http://www.zerohedge.com/article/gmac-mortgage-proudly-executing-10000-fake-documents-month
http://www.zerohedge.com/article/are-250000-foreclosure-sales-q2-about-be-reversed
Yeah, right.
The banks are honest hard working frauds making sure they can screw you out of your house. Yeah, let’s trust them AND the government, they are our friends, don’t you know?
The banks are our friends .../s
Mark my words, this halt in foreclosures is nothing but Obama Banks lending a hand.
Let's set all the tobyhills aside and recognize the elephant sitting in the room.
WHO do we vote for come election day?
Anyone out there who has paid off their mortgage in full - please check and see if you received your actual "Satisfaction of Mortgage" document. Not a copy but the actual document.
If you do not have that document in your possession your mortgage obligation could very well be deeply hidden and still flying around on Wall Street.
This is not about "deadbeats" and any equitable solution should include everyone (not just those in default) whose mortgage obligation has been used as a vehicle for unjust enrichment through fraud should be compensated by those committing the fraud.
There's our stimulus package! Retrieve the stolen money.
Further, any and all monies in the form of recording fees and doc stamps owed by "deadbeat" alleged lenders who used MERS to obfuscate clear chain of title and avoid these fees should be forced to pay with interest.
MERS® Servicer Identification System
You can query using your name, address, social, etc.
The problem you mention, shortcuts in the process mandated by regulations, is the result of the deadbeat borrowers and shady bank lendings.
My strict belief is, don't pay the note, lose the home.
Noted..and I respect your right to hold that opinion.
and as I noted in previous post, if any bankers are proved to have violated the laws then they should be prosecuted.
Yes, but who’s holding the bag? The banks.
the banks were ALREADY bailed out and have recieved money for their alleged claims on the promissory notes.
there is no way to prove who actually has standing as a plaintiff. It is no longer “don’t pay, don’t keep”. We are in “no proof, no claim” territory.
we have already paid as taxpayers and have mortgaged our great, great, great grandchildren for Obama’s anger.
And it’s going to happen again. The banks still have not marked to market all those bad loans. They are carrying billions in worthless debt as assets. We face another financial collapse if they all had to face the music. The Feds will bail them out again.
These people need to be strung up....seriously.
Yeah, I have tried the MERS database link.
I can’t find our mortgage listed there, but I know something is seriously wrong with our mortgage.
We only re-financed to lower our interest rates. And we put 20% down. But, we got a letter from Fannie saying that Bank of America now owns our loan, and make our payments to CitiMortgage. But we where already making payments to Citimortgage. Uh??? So we call. Turns out that when we originally were told to make our payments to Citimortgage, we were owned by Fannie, back in 2007. But this new letter had been sent this spring, 2010!!!! From Fannie! And then Fannie tells us to ignore the letter, the loan number is bogus and Fannie owns our loan. WTF????
And we get letters begging us to refinance from both CitiMortgage and BofA. CitiMortgage actually called us wanting to know why we didn’t refinance. We won’t be doing that. I don’t trust them.
We keep paying, but something is wrong.
As to your question, “WHO do we vote for come election day?”
I don’t truly know anymore. I voted third party last election. I live in California. I have become thoroughly skeptical about any real fundamental changes in this country, except maybe there will be a police state. Shudder.
Too many people with their heads in the sand.
Our banker shills here on FR know what they are and they hate them.
I will look into that, thanks!
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