Nope, much thanks!
Yup, this is definitely the "Real estate+ Scam+ Economic Holocaust" pattern that popped up about 10 days ago.
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 10/11/2010 9:13:41 AM PDT by ex-Texan
Buying foreclosures is quickly becoming as popular and lucrative public pay phones....
This whole thing is such a joke. First of all the servicer of any mortgage has every right to foreclose on a property and would have all the documentation they need to foreclose on that property. Second, as a servicer any funds they retreive must go back to the note holder so proper documentation or not they know who owns the note. Lastly, are we going to pretend that people didn’t take out these mortgages? People took our mortgages that they didn’t have the resources to pay for or out of bad luck lost their jobs and didn’t have sufficent back up resources to hang on to the property during the recession. Is this not the “bankers” fault. These people that would use lawyers to keep their houses after not making mortgage payments for months and sometimes years are just as scumy. A crook is a crook and I can’t believe anyone would stand up for any sort of crook a billionaire one or a lower class one.
Just more evidence that a crime isn’t a crime and a sin isn’t a sin. I become more discouraged and ashamed of people in this country everyday.
Have you hired a lawyer? I would look into it. When Joe Homeowner tries to call and get help it is treated differently than when a lawyer calls. A lawyer may be able to file some sort of injunction until it can get sorted out.
Crooks & Liars and progressive.org think we need to nationalize the banks!
That would be perfect for their socialist agenda.
There will be a gathering at the cemetary if America croaks, but it won’t be a gathering of friends - it’ll be every Marxist in the world dancing around and pissing on our grave.
You may want to search “Barney Frank” and Chris Dodd” and “CRA”.
I'm amazed to see ACORN’s talking points espoused on a conservative website.
Also, take note that I did NOT use the word “criminal” - you did. I used the word “lawbreaker.” Subtle but important difference.
It *is* a matter of law, otherwise the courts would not be involved. And people who don’t uphold their contractual obligations are lawbreakers.
I’m getting tired of this blame the borrower rhetoric. If you don’t have the original documents, you aren’t owed the money. These loans are sold from place to place without the proper documentation and now nobody really knows who is owed what money. If I start paying someone that only has a copy of the documents, what rights do I have when someone else comes with copies of the same documents saying that I owe them?
Blame the banks for this mess, not the borrowers. It’s the bank’s greed that got them into this mess. If the banks had followed the law, they wouldn’t have this problem. Why do so many people here support banks that operate outside the bounds of the law?
Ping
No foolishness there. You can get up and look yourself in the mirror. Can't put a price on that.
Forgive me for saying so, but the time is coming when people like your niece (and many, many others) will need to pay the piper. It may take awhile to get here, but the time will come.
What I foresee happening is that once this mortgage mess sorts itself out - and it will, it just takes time to grind through - the people who gamed the system for all it was worth won't be able to borrow money, anywhere, for a long, long time. No housing, no cars, nothing but Debit, and Pre-paid Credit cards. And forget about anything that requires a credit check (think employment, for one). In the new age of instant credit checks, where cash is secondary and little plastic cards are king, this will be a massive handicap, I think.
Meanwhile, the other 80-90% of the people who played by the rules to the best of their abilities (like you and I) will continue to get along just fine.
Thanks for posting and thanks to all posters. Fascinating story. I’ve been following for several days at zerohedge.
Agreed.
Hey, I got my mortgage from a credit union with an axcellent record that wouldn’t sell the mortgage. I did my homework. I pay my bills.
About the only bad thing is the drop in home values. While I’m still above water I’ve lost well over $60k in value to the point where I can’t even refinance with a credit score of 821.
And that worries me, more than the fact that we are underwater, or that it will be difficult to sell in the future. I'd rather keep making payments to my mortgage company than to the government - a business will never scare me as much as socialism.
There is always legal recourse against business, but government has become bigger than the judicial system.
If the govt. hadn't forced mortgage companies to lend in such a risky manner, they wouldn't have tried to stem potential losses with risky subprime securities. And this presented those who unethical with a huge opportunity to scam millions off investors.
You can't give crooks such opportunities. What we are seeing now is the result of such opportunities created by forced lending and subsequent risky loss mitigation by the mortgage industry.
I could set you up with a nice place rather inexpensively in Daytona Beach...but not free...
Nope, much thanks!
Yup, this is definitely the "Real estate+ Scam+ Economic Holocaust" pattern that popped up about 10 days ago.
++++...”And I believe every bit of this was by design. ...”
No mark to market write-downs (losses).....>
No real buyers (demand) except at market correction/demand.....>
Non-performing assets (diluted bundled property titles securities)......>
No return/ negative returns, ....> Losses ......>
Stop losses on bundled title seizures (non-performing losses)....>
Conduit......> Bank-holding companies;.........>
Govt. guaranteed security payoffs ........>
Taxpayer backstop guarantee.
While I'm sure there are a handful of incidents of out and out foreclosure fraud, I have no doubt that in over 99% of these cases, the borrowers did indeed borrow the money, and have failed to make their agreed upon payments. They deserve to lose their homes, but may escape that fate due to shoddy record keeping and paperwork on the part of the banks.
The problem is that the lenders are having problems proving they own the mortgage and have the right to foreclose.
The banks have shot themselves in the foot (perhaps in the head) with their shoddy practices, but the deadbeat homeowners are the potential beneficiaries, rather than the “victims” of this idiocy.
I do not feel sorry for the banks, as they have created their own nightmare. I also do not think special legislation making it easier to foreclose with materially deficient documentation is appropriate, as this will facilitate real foreclosure fraud.
At the same time, I don't believe any government imposed moratoriums on foreclosures appropriate. Why should the banks with good documentation be forced to suffer for the foolishness of those without it? Each foreclosure should be handled on an individual basis. If the documents are there, it should go through, if not, the bank has a problem.
Not true at all.
“Law” deals with crimes, violations or damages to another persons rights or property. You burn down their house. You steal their pig.
“Equity” deals with fairness and contractual and civil obligations. You buy a new car and it’s a lemon, so you take the dealer to court.
“Admiralty” deals with international contracts and relations.
Just because a person ends up in court does not in any way mean that person was a “lawbreaker”.
50 million divorced people would agree!
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