Posted on 10/21/2010 3:29:01 PM PDT by Lorianne
So, if I quit my job I don’t have to pay for this?
They will find you.
Hmmm. I Know they are in trouble because of bad loans they backed or made then why are still buying loans from other lenders? We just refinanced a couple of months back with the same lender that we have had our loan with Citi Bank. After the loan refi was closed about 1 month we got a letter stating our loan had been sold to Fannie and freddie is the government buyong up everyones mortgage in hopes to take them away someohow? I know this is conspiratorial but I just think it is weird
You got it! However you will have to convince everyone else to go along with you plan for it to be effective.
The Fed should have bailed-out homeowners, not banks.
No level of government should be bailing out anybody.
That’s true, but it’s our money. If there is a bailout it should start with taxpayers. We were ripped off by dishonest realtors, appraisers, the feds programs promoting housing as the Ameican dream, and financial institutions. Call it a bubble if you like. I call it a scam, and I expect the government to take over all housing and redistribute it to the poor and minorities.
Wasn’t it only a few years ago that FR seemed to be owned by folks who dismissed any possibility that Freey and Fanny were anything but stand alone businesses?
Now those same folks attack anyone who questions the bonafides of the major banks.
With Freddie Mac and Fannie Mae, the government has created a financial singularity that might suck in every dollar on the planet.
They still have a couple hundred billion to waste from the stimulus in the Lame Duck. This is what they will do.
Because of the two corrupt government agencies, banks have no incentive to try to work out an agreement with homeowners as the banks actually make more money by foreclosing more than if they worked out a settlement or a legitimate modification with the homeowners.
It's a total racket, with homeowners & taxpayers on the hook for the big bonuses of the upper executives at the banks & Freddy & Fannie.
END IT NOW!
Sorry
Can’t end it- Freddie and Mac- had MORE than 1.3 TRILLION
unsecured debt 2 years ago!!- this is just a B.S. story
for the Sheeple....just like France, This Govt.
with Demons and Rinos have been lying to the masses—
and the masses seem to be stupid or unwilling to look
at the various Ponsi schemes being perpetrated by their
own Govts!!!
France
Portugal
England
Greece
Spain
Now the U.S.
were screwed
1) The big Wall Street banks set up or invest in shell companies that will disguise who they really are.
2) These shell companies run around and buy up all of the tax liens that they can get their hands on.
3) Predatory levels of interest (in some states as high as 18 percent), fees and penalties rapidly pile up on these unpaid tax liens. The affected homeowners quickly end up owing much, much more than what the original tax bills were for.
4) If the collecting firm has to hire a lawyer, then that gets charged to the homeowner as well. The bloated legal fees for some of these lawyers can end up being the biggest expense of all.
5) If the tax liens do not get paid, the collecting firms move in to foreclose as quickly as legally possible.
Treasonously incredible.
Why would underwriting standards and all Agency/Fiduciary responsibilities be thrown out the door? Why did property appraisers continue to make outcome based appraisals for alleged lenders?
To summarize is simple but the devil is in the details.
Until we add fork-tongued Wall Street lingo like "REMIC", "Special Purpose Vehicles", "Credit Default Swaps", "Master Servicers, "Pooling and Servicing Agreements" etc., to our vocabularies we are unable to understand that devil.
A scheme was created such that a non-performing loan was actually worth more than a performing loan.
Whether in default or not, the wet-ink signatures that you placed on your closing docs were quickly distributed to multiple third parties who immediately over-collateralized the obligation at the outcome based appraisal, resulting in a great incentive for alleged lenders to ensure a default takes place. At that time, multiple parties will receive - in full - insurance money from AIG or Ambac.
These obligations were placed in pools that contained obligations that were declared to be in default. Not all were in default but the trust was closed down and enabled the unjust enrichment of many by the insurance payoffs (which we all know by now were dumped in the lap of the taxpayers with approval by Fannie and Freddie).
"Foreclosuregate" is not simply a matter that stems from sheer volume. All of these documents are being forged because some alleged lender has to step up to the plate and prove they were damaged by someone else's failure to pay. To do so would expose said alleged lender to the revelation of who exactly is looking for a free house.
Adding insult to injury, Wall Street insiders knew all about this scheme (considering they created it) and placed bets that all would fail at the end of the day causing further unjust enrichment to one side of a bad contract.
There is a little 58 page book entitled the "Declaration of Independence and the Constitution of the United States of America". Hold it dear...it may be our only way out.
That was truly an excellent post!
Richard M. Bowen, former chief underwriter for Citigroups (nyse:C) consumer-lending group, said he warned his superiors of concerns that some types of loans in securities didnt conform with representations and warranties in 2006 and 2007.
In mid-2006, I discovered that over 60 percent of these mortgages purchased and sold were defective, Bowen testified on April 7 before the Financial Crisis Inquiry Commission created by Congress. Defective mortgages increased during 2007 to over 80 percent of production.
In addition this Fraud affected lots of other people who are not the so called Dead Beats and what term is there for the bankers fraud I never see one you would think from many of the reactions they are completely innocent and nothing could be further from the truth.
There will be lawsuits and rightfully so this affected people’s retirement incomes that had 401k’s in hedge funds and pension plans that lost lot’s of money. And how about the individual investor’s who took a huge loss because they were sold fraudulent products?
There are plenty of people that this hurt that were not involved in foreclosure directly. All of us are also involved because these banks sold trillions of dollars of crap to fannie/freddie and they are publicly sponsored entities as well so we end up picking up a large bill as taxpayers.
B U M P
B U M P
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