Foreclosuregate is About to Explode

Black Listed News ^ | 10/11/2010 | Michael Snyder

[lady lawyer]

Millions of houses have been sold, and millions of liens released since the advent of this new system. It is the actions of a few activist judges that are now making the title insurers nervous.

[bereanway]

Your post #52, very well stated and I've often said the same thing. TARP was an enormous mistake used to bail out the architects of the late ‘08 meltdown. We would've been infinitely better off to let the whole thing unwind at that time rather than delaying and exacerbating the inevitable.

This collaboration of Manhattan/Washington over the past couple decades has been an unmitigated disaster.

[bolobaby]

You’re right. Let’s disintegrate the private banking system and nationalize all banks just like in Venezuela! Viva la revolucion!

You are at a decision point, my friend. You will soon have to choose between a system that accepts the organizations that enable capitalism or one that demonizes them and replaces them with government entities.

Choose wisely.

[Lancey Howard]

Banks will get the laws they need sometime after election day, and foreclosures will resume

Hopefully...
Normal, honest people must feel like fools for living up to their responsibilities to pay back the money they borrowed only to watch deadbeats, bums, and parasites lawyering up and squatting without consequence.

[RobRoy]

>>“There Will Be Blood” and I’m afraid and many of us won’t be alive at the end of it.<<

Yes. Some liberals make fun of me buying my farm in Kentucky and make comments that it won’t matter if things get ugly. My response is that it is a risk mitigation move, not a risk elimination move.

It will be a lot safer than urban areas if things really go south, but it is no guarantee of survival.

[RobRoy]

>>Until the proof comes out that BO is not eligble to hold office.<<

I think there are a lot of “fraud bombs” about to go off. Someone already mentioned Social Security. We may see a lot of this stuff exposed in the next couple of years. That will not go without consequences.

As Celente says, “When people lose everything, and have nothing to lose, they lose it.”

We may be quickly approaching that crossroad.

[CodeToad]

Along those lines, BoA and all banks holding property must pay the HOA dues and property taxes and keep the places up to HoA/City standards. Banks no longer want this responsibility as it is cash out of pocket to them.

[Chances Are]

They may try this first, perhaps to see how it goes, but eventually, I think this is how they are going to handle the national debt problem.

Repudiate everything.

True, it'll screw the system, not to mention every single one of us, but the debt problem will be solved.

For a time, anyways...

CA....

[lady lawyer]

I looked at those articles. Not a single thing alleged by the ex-employee of the law firm would have resulted in homeowners being foreclosed upon when they had actually made their payments, or would have “cheated” a defaulting homeowner in any way. They were things that the firm should not have done, but they were technical, and made no substantive difference to the defaulting homeowner.

[A Navy Vet]

Four fold fault:
1. Fedgov interference (Community Re-Investment Act) to force banks to give loans to the unqualified;
2. Greedy lenders who bundled and sold and re-sold loans during the height of the property frenzy of the mid-2000's;
3. Most importantly, countless idiot buyers who were unqualified and took advantage of number 1.
4. The above causing the recession that caused responsible people to lose jobs and not afford their mortgage and exasperating the downward spiral.

Bottom line: Fedgov interference started it all. This is the reason that Ronald Reagan believed in small government and de-regulation. Let free-enterprise companies sink or swim. Without the Fedgov interference, the bankers would have never loaned to those who didn't qualify, as in a percentage down and percentage of monthly income.

BTW, I put the TARP fiasco entirely on Bush. He should have let them fail and go into bankruptcy to re-organize. Obambi & Co. have only made it worse, much worse.

Sheesh, what part of free-enterprise don't these socialists understand? I'm uneducated and I get it. But then, unlike many politicians, I've actually owned 3 small businesses and had 3 mortgages in my lifetime (when 15-20% down was required). Luckily, I was able to pay off my loan on my current residence bought back in 1994. My tax accounted advised against it; I knew better. Of course, I really don't own it due to local property taxes (another story).

Our children and grandchildren are so screwed. Not only are the Bush tax cuts (kudos to him for that one) are expiring on 1/1/2011, but I will take odds that other taxes (or so-called fees) will raise their ugly head within a couple of years no matter what happens this November.

We are looking at a lost economic generation, much like Japan experienced. I'm all in cash, except for a few stocks I'm about to sell and take a loss.

[CodeToad]

“It’s not about the deadbeats, but about those who are paying to the wrong person. It’s a complete and utter scam.
“

Imagine the immediate future: You pay off the mortgage to whom you *think* owns the title, the bank, only to have the real owners next year file suit claiming you still owe them.

THIS is what the issue is all about: Ensuring whomever owns the loan is accounted for before the borrower is held accountable twice. Imagine being told by the court that any previous adjudication of the loan is a different issue to be resolved later and the newly present owner of the note must be paid.

[Chances Are]

I hope by Jan the new conservatives we’ve elected are ready to go to DC with boxing gloves on!

No! Forget the boxing gloves! NO Marquis of Queensbury rules here!

CA....

[Kartographer]

So forged documents are ok sometimes just not in other cases. So who gets to decide when forged documents are ok and when they aren’t?

[mad_as_he$$]

So you are ok with going to court and being prosecuted with false documents? In many of these cases the “lender” does not even own the mortgage. I understand for you things like the law are just inconvenient when you believe the other person is a “deadbeat”. Thank god we have laws to protect from people like you. Original documents and valid proof are NOT loopholes.

[RobRoy]

And if they do, then what? Will there be no “Timothy McVeigh’s created, or no Muslim extremists inspired to strike when we are weak?

[SeattleBruce]

“Otherwise, regardless of people’s personal opinions, there is no enforceable debt secured or unsecured.”

Who is responsible for private debt essentially becoming public debt and for there being no consequences to foreclosure? That's insane, and especially for us law abiding citizens.

Forgetting about the law for a moment, what about common sense?

[Real Cynic No More]

So,,,, Congress doesn’t need to read their bills before voting on them, but businessmen must read the documents they certify????

[ModelBreaker]

“It does not matter if you were not aware of the full scheme and all the multiple ramifications of fraud. If you knew about fraudulent activities and did not blow the whistle — you are a co-conspirator. Far better to blow the whistle now or even years later. By taking that action you may help put the criminal bastards behind bars. “

I think this is a bit dramatic. What portion of foreclosures that are going on are NOT on properties where the loan is NOT in default? I wager it is very small and most of those are probably mistakes.

This is therefore a procedural issue—what hoops to lenders have to go thru to get a valid foreclosure on loans that are genuinely in default. There is certainly room for discussion about what those hoops should be. But hyperventilating about massive fraud and the like seems a bit over the top imho.

[mad_as_he$$]

Your post makes some wrong points. MANY servicers and the original lenders cannot prove in court that they hold the mortgage. MERS is a disaster and the original docs are no where to be found. It takes originals and NOT FORGED NOTARY signatures to go to court.

[SunTzuWu]

First the mortgage lenders created the housing bubble.

We need to quit taking that phrase as gospel. Congress created the housing bubble by forcing banks to make loans they would not have made otherwise. Everything else followed from that.