org, you my friend are ignorant on this issue. No one should get a free home but the citizen should be protected from fraud. In fact we have laws on the books that the banks are breaking daily but the courts are ignoring them because the judges salaries are partially being paid by the very banks breaking the laws.
There is so much fraud in the banking\mortgage industry it will make your head spin. We all have been affected negatively by this in more ways than one. Take some time and learn about what is really going on. Look at the big picture.
Yes, no one should get a free home including the banks. Most foreign investors were made whole by TARP funds. The banks sold the mortgages for a profit but continued to service them. The domestic investors were made whole through AIG, Freddie and Fanny but guess what the servicers are able to foreclose on the property, in other words steal the home then re-sell it at a loss(lowering their profits and tax obligations) all with a clouded title. Who is insuring these clouded title? The new title insurance being funded by the very banks who received bailouts.
Most of these sub-prime mortgages had PMI insurance on the as well. Who received the PMI payout?
Yes no one should get a free house but banks shouldn’t be able to either. The banks should not be above the law but they are.
I believe the plunder has destroyed this great nation. Unfortunately, I doubt we will rise out of this in our lifetime.
What would you say if a home owner had the money to sue without ever being late with a payment, own said lawsuit, and was dismissed of the mortgage responsibilities.
Would you feel this homeowner did not deserve the free home he just was awarded?
LOL, just keep, telling yourself that silly crap, BS degree class of 75; majors, accounting, real estate, minor industrial engineering. And like the fellow I was talking/ posting to, I think the x has my funny looking robe, but I think she went up a notch and did the doctoral thing, like my nephew.
It never ceases to amaze me what the sinners will use to justify their sins. "It's okay if I default because the banks are greedy." Whatever helps you sleep at night, sinner.
No one should get a free home but the citizen should be protected from fraud.
Agreed. Did the bank commit fraud when they send out an appraiser that they know will give an overly optimistic appraisal?
Uhuh. And FDIC also picks up the tab on the loss for certain institutions.
"But who lost? That would be the taxpayers who lost. The taxpayers lost the discounted value of the loan in sale to One West Bank. That was about $169,500 less than the loan value. And, the FDIC also covered 95% of the lost from the original value of the note. The loss was $131,000 plus foreclosure costs for a total loss of about $141,000. That makes the total loss to the taxpayers was about $300,000."
Ain't that cute?
