What evidence do you have the banks were not following the law?
The judge is playing tyrant by forcing his narrow minded views
I wisdh I had one of those black robes...I wanna play God too...
Have you read the article?
I work in the Industry, BOA is the WORST for not following the laws or anything else.
I’ve posted this plenty of times before but I’ll drag it out again just for you...
Wall Street will not get this Genie back in the bottle!
I guess now would be a good time to shoot the greedy homeowners.
It’s crystal clear. From the very beginning the homeowners have gamed the system. They started by tricking the property appraiser (lender’s agent) into submitting an outcome-based appraisal.
Then, millions of homeowners shrewdly conned the “lenders” into dismissing all agency and fiduciary responsibility in the underwriting process....going so far as to force the “lenders” into forging documents.
Then, the greedy homeowners forced the “lenders” to securitize the loan in such a fashion as to bifurcate the mortgage from the note.
On top of that, the homeowners secretly cooked up the concept of “Credit Default Swaps” and forced the “lenders” to insure the collateral at the full (outcome based) value 30X over.
Having successfully pulled the wool over everyone’s eyes - these irresponsible homeowners showered themselves with well deserved bonuses.
Realizing they were too big to fail, these irresponsible, reckless homeowners lined the pockets of legislators and received enormous sums of taxpayer bailouts.
The result of these cunning maneuvers by the fraudulent homeowner scheme has them sitting fat and happy in the cat birds seat. Yup, that’s how they did it. And they’re getting away with it.
Savings drained - check, 401ks all gone - check. Kicked out of their homes - check. “Lenders” made whole many times over via Credit Default Swaps - check. Homeowners foreclosed and “lender” buys back property for pennies on the dollar - check.
Follow the money and you’ll find the culprit. It’s about time we hold these homeowners accountable.
Good call. The website below is sponsored by a well-healed, politically connected, PR machine of greedy volunteers...and contains detailed information on how the collusion on Main Street has ripped off Wall Street.
Don’t look though...it’s just spam.
http://www.foreclosurehamlet.org
Did you read the article? I don’t think people should get to keep a house just because B of A sold the loan, the party that bought the loan as part of the package is the party with the interest in the property.
What happens if someone othr than B of A actually owns the property and later attempts to foreclose like happened recently in Florida when two lenders attempted to foreclose on the same property?
In other words, B of A has no standing.
The evidence is pretty plain. The law is that the banks will have a office in Utah so the people can negotiate face to face. B of A says they don’t have to because federal law trumps state law. They got funds to negotiate with homeowners, they don’t want to so they think they can take OUR money and just kick people out. Read the article
The judge is playing Obama’s game of “big bad bankers”. Don’t get me wrong - BofA is a horrible bank with a bad tack record regarding honesty and general business practices.
But that being said - arbitrarily halting all foreclosures is wrong-headed. I guarantee there are many very real defaulted loans that need to be foreclosed on. This judge is completely tying this banks hands.
Can someone here explain the situation? I do not understand why BOA can not foreclose if payments have not been made. But I must claim ignorance to the situation.
The judge is merely following the law. Did you read the article?
Did you read the article? Assuming the article is truthful, BOA is refusing to obey the state law.
The following is the basis of the motion in front of the judge:
“The second part of the motion, Barlow filed, claims that neither the lender, nor MERS*, nor Bank of America, nor any other Defendant, has any remaining interest in the mortgage Promissory Note. The note has been bundled with other notes and sold as mortgage-backed securities or otherwise assigned and split from the Trust Deed. When the note is split from the trust deed, “the note becomes, as a practical matter, unsecured.” Restatement (Third) of Property (Mortgages) § 5.4 cmt. a (1997). A person or entity only holding the trust deed suffers no default because only the Note holder is entitled to payment. Basically, “[t]he security is worthless in the hands of anyone except a person who has the right to enforce the obligation; it cannot be foreclosed or otherwise enforced.” Real Estate Finance Law (Fourth) § 5.27 (2002).”
Can THEY Prove Up A Note if asked?