Posted on 05/03/2011 5:03:07 AM PDT by Kartographer
While you are absolutely correct in your assessment, if you back up the whole issue another notch, you have the perpetrators of the problem, the banks and investment houses. Sure the homeowner has defaulted, but why? He bought a home at the going market price, and thanks to these scumsuckers, half the home’s value has been erased by their actions. There are people who have defaulted due to their personal economic circumstances (they no longer have the money to make their payments), but at least here in California, there are far more folks who have just quit paying because thanks to the banks destroying the marketplace, their home isn’t worth anywhere near what its mortgaged for. Sure, they could go on paying on the place, but that would be stupid because if they pay it off, only the bank will make out. So personally, I want to see the real guilty parties punished, the banks and investment houses.
I would guess you will be just fine!
Don't fall for the hysterical stories out there.
The actual perpetrators of the problem are our own U.S. Congress, led by people like Frank and Schumer, who forced on the banks regulations that required them to make bad loans. The market collapsed when there was no longer any way to hide the fact that these bad loans were in fact bad.
People signed a contract with banks promising to repay the amount borrowed. These contracts did not say that the borrowers would not have to make payments if the value of the home went down, just like banks could not ask to be paid more when the value of homes was skyrocketing. It might be "stupid" to pay on a contract that is no longer profitable, but I doubt the morality of walking away from a contract for this reason.
$nip>
The Court: "Now I know that the, as you just said, counselor, the FDIC is dealing with hundreds or even thousands of these homes, but, the problem is, and I guess it's, at least it's been reported in the mass media, when all these houses are put into little bundles and little packages, individual home owners who do have property rights at stake here get lost in the shuffle or sometimes we could say they get crushed in the shuffle and so it is for that reason and I do not think that Soni is persuasive, but rather the two cases that I cited that the defendant's motion is denied."
WAMU (JPMorgue) Counsel: "Thank you, Judge."
$nip>
It's only an eight page read...but the JPM Counsel knew he was toast by page two. Judge basically dared him to go Federal -- which they did. And lost. And lost again.
Only one court left to appeal to. Think they'll do it?
And just what do you think this "medicine" should be?
What do you mean by, "banks who are walking away from millions in commerical property loans are???"?
Are they ‘Dead Beats’?
Are who dead beats? Why would a bank walk away from a loan after they had already borrowed the money unless there was no way they would be repaid and, in that case, they suffer the complete loss. Borrowers who walk away from a contract do it so they don't have to suffer the complete loss. Completely opposite.
Medicine?
A healthy RX of following the law.
There are at present a good number of companies and banks defaulting on commercial properties are they ‘Dead Beats’?
EXCELLENT example Chunga!
I usually don't use the term "dead beat" when referring to people who don't pay their mortgage but, if a company doesn't make payments on a mortgage they contracted for, I put them in the same category as individuals who don't make payments on a mortgage they contracted for.
Precisely!
Actual part of what happened is banks realized that they could make these loans and make money on the issuing of them and then when the buyers defaulted they get more money from the Government to cover their ‘losses’ and make more moeny in service fees handling the loan and the foreclosure! Nothing but win, win, win for them!!!
There is a website where you can search for your address/name. I cannot find the link I used but I think you can find it here http://www.mersinc.org/
Here is where you can search to see if Fannie has your mortgage:
http://www.fanniemae.com/loanlookup/
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