RACISM!
We don’t have debtor’s prisons. What else can they do, except speed evictions of nonpayers—which would on balance be a good idea?
Sounds like an opportunity for the private sector.
Give me a badge, a gun and piece of the action and I could probably clear a cool million a year bringing these deadbeats to ground.
I am in IT and could probably create a hunter/finder system in pretty short order.
I am sorry if this upsets anyone but I paid my last mortgage off completely as I promised and am paying this one off as I promised.
I have no sympathy for people who promise to pay and then renege (especially when they CAN pay). They are one of the lowest of the low of non-violent criminals.
Is this one of the agencies buying lots of 40 hollow point?
America sure seems to have a lot of gun-toting pseudo-FBI agencies these days.......
A new adventure series for “DOG the Bounty Hunter”
The article discusses loan fraud - applying for a second mortgage without mentioning the first. Not a CPA, but sounds like something that would stick.
Simply defaulting on a loan is not a prosecutable crime.
I would think a couple governors might have a say or two about that
They have guns?
They’re gonna shoot foreclosees?
Cool.
They busted into this man's home, 15 armed up goons, grabbed him by the neck and forced out the door - then woke up his 3 little kids!!!! (imagine the fright) and put THEM in the squad car - and proceeded to search his house. (Any guess as to the mass they made?)
http://michellemalkin.com/2011/06/08/dept-of-education/
And WHY did they do this? They were after his estranged wife, who no longer lived there, because she was behind in her college loans. So, not only this is even worse than Nazi Germany or Communist Russia - they had the wrong house to boot.
The report has been revised to say that a local SWAT team didn’t take part, but rather federal agents with the Office of the Inspector General, a “semi-independent branch of the U.S. Department of Education” that investigates things like student aid fraud. Even still, federal agents barging into private homes when they’re not even sure if the person in question is there?
At least we know what the Department of Education had to buy shotguns for.
Like someone said - just wait until you don't/can't pay for your O'bumblesCare insurance! Why do you think O'BumblesCare provides for hiring - and arming - 16,000 new IRS agents but not a dime for any additional doctors?
We all dam-well better make sure R & R get in or get ready to wear burkas and checkered table cloth turbans.
Well, it needs to be qualified what strategic default is and isn’t.
Just handing over the house to the bank and no longer paying the mortgage is strategic default. The mortgage is a contract, and it holds specifications on what happens for non-payment. So if someone handed over the house to the bank while they were current on the loan, and they vacated the property and the property was in good order when turned over to the bank... the terms of the contract have been met. Now the issue becomes one of whether the state is a “recourse” or “non-recourse” state, and several of the states with the largest strategic default issues (eg, California) are non-recourse states. Once the bank has been given the house and the borrowers have cleared out - then there’s nothing more that the bankers can do.
Staying in the house while not paying, or worse, renting out a home on which the borrowers have defaulted... those are criminal acts. The first varies in several states, but “squatting” comes to mind as a common enough charge.
The second could be conversion, or various other charges, as well as fraud.
I still don’t see these clowns cracking down on the real issue here, which is origination fraud. Mortgage brokers and banks have been originating paper which they knew they’d sell off to Fannie/Freddie where the borrower had no ability to repay. The originators KNEW this, and didn’t care. As long as the borrowers could fog a mirror, they wrote paper.
Federal mortgage police - with guns! Now the government can evict people from the wrong house at gun points. Lots of potential for bad outcomes there.
So they’re going after the mayor?