Posted on 10/06/2010 8:43:44 AM PDT by Kartographer
North Carolina's attorney general is investigating the state's 15 largest mortgage lenders, questioning them about procedures used in foreclosure.
Attorney General Roy Cooper has asked each of the lenders to stop foreclosure proceedings during the review. He wants the companies to show that their procedures comply with the law.
(Excerpt) Read more at news.yahoo.com ...
People default on their obligations. Banks want the collateral back to minimize losses. Dems want people to stay in their homes and NOT make any payments.
All else is fluff.
When will the government go after the people who sold the house to get their money back? They took advantage of a “seller’s market” and probably knew their house was over valued. Oh yeah, and they’re probably rich, White, Republicans too.
Your point is taken.
But the law is hardly fluff. There is a proscribed way things are to be done. What do you think happens if you let people pick and choose which lawful procedures they will follow and which ones they can consider to be ‘fluff’ and can chose to ignore?
Let me ask you let’s say a group of borrowers sued after they discovered that a bank was charging some fee they shouldn’t, compounding interest in some dishonest way, play fast and lose with escrow monies, or maybe the bank hadn’t secure their personal information securely, do you think that the bank wouldn’t in their defense call into question all manner of laws, cause delays, cause the borrowers extra costs and transaction expenses or any other ‘fluff’ that they or their lawyers could think of in effort to win or defer their cost from such a suit?
Can’t wait to get out of this liberal cesspool of NC! Hmm stop foreclosing until we are re- elected, huh? Typical NC! There is a large contingent of true mountain conservatives here, but we are over lorded by a bunch of displaced Taxachussetts folks and liberal university towns! Last conservative out of NC, please turn out the lights, the entire state is deeply in debt!
I agree with you about the law.
My point is that the Left is seizing the opportunity to seize further control of the housing and banking system.
This issue has been raised in Texas as well.
I hear ya. I dream of the day to move back to SC. My birth place. NC is nothing but NJ lite. If anyone thinks NC is a conservative state think again. It is a liberal cesspool. The only Repub gov since 1980 was Jim Martin. Before that I have no idea. our senate thankfully might go Repub. MIGHT. I cant wait to get out of this shit hole.
Oh and Andy Griffith is an ASSCLOWN
Roy Cooper doesn’t investigate anything. He keeps himself in the headlines by asking the lenders to investigate themselves. This is the same guy who tried to take credit for the national “do not call list”.
Sort of. Kind of.. Banks have been guilty of encouraging homeowners to fall behind so they can "modify" their original loans to their own terms, setting them up for foreclosure. Why? because the banks have NO ORIGINAL WET INK SIGNED NOTES! Banks are using illegal copies of mortgage notes to foreclose on properties, even those to which they hold no interest.
Basically what they did was bought up a lot of troubled assets, destroyed or failed to obtain the original notes and now want the properties to secure their investors when the market levels out. The forfeited properties can't sue.
It'd be the same if you paid me with a check, I make a copy of it, give the copy to another person for a debt, and throw the original to the wind. My creditor presents the copy for payment and gets paid, then the original resurfaces and is carried to the bank for payment by someone else. That someone can legally present the original note for payment on demand. The note is a bearer's instrument, meaning whoever has possession of the WET INK ORIGINAL is due the payment. If homeowners continue to pay on mortgage note copies and there is no assurance who holds that wet ink original, the homeowner could face owing the note twice, having paid the copy in error.
The reason most mortgage notes are bearer's instruments is that if the bank or trustee were named as beneficiary, written in hard ink, the note could never be sold or traded without re-doing the mortgage. If that wet ink original is never produced, the homeowner is okay - but there is no guarantee it never will resurface and no court can negate a wet ink original for a copy.
So, if you're a victim of this scam, on your day in court, file a RESPA and MAKE THE BANK PRESENT THE WET INK ORIGINAL NOTE BEFORE THE JUDGE!! You won't likely have to produce the Deed of Trust because it follows the note.
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