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Old    Doug H (doug2)      Join Date: Jan 2004       02-23-2011, 6:27 PM Reply   
Un-****ing believable!!

http://online.wsj.com/article/SB1000...LEFTTopStories


I guess this lady was right-

Old    Ron T (Laker1234)      Join Date: Mar 2010       02-23-2011, 8:36 PM Reply   
Unfortuantely, people like her are all most of the democrats care about.
Old    Jeremy (wake77)      Join Date: Jan 2009       02-24-2011, 3:44 AM Reply   
^That's not true. Most people with that mindset aren't even registered to vote. There is a difference between supporting a candidate and actually going and casting a vote for that candidate.
Old    Big D (bigdtx)      Join Date: Feb 2005       02-24-2011, 6:43 AM Reply   
Considering that most of the the loans in question were fraudulent and the banks knew it, I think it's appropriate that they be responsible for their fraud rather than passing it off to somebody else - like the government. The banks would rather the gov't just give them money to cover the losses - that happened once - won't happen again.

And the winners in this deal are the cities. If banks foreclose the homeowner moves into a rental or apt. The neighborhood values drop and the cities lose tax revenue.
Old    Shawndoggy (shawndoggy)      Join Date: Nov 2009       02-24-2011, 7:26 AM Reply   
Quote:
Originally Posted by bigdtx View Post
And the winners in this deal are the cities. If banks foreclose the homeowner moves into a rental or apt. The neighborhood values drop and the cities lose tax revenue.
And the neighbors with equity in their homes....
Old    Paul (psudy)      Join Date: Dec 2003       02-24-2011, 7:29 AM Reply   
"Considering that most of the the loans in question were fraudulent and the banks knew it"

Care to back that up with some facts?
Old    Shawndoggy (shawndoggy)      Join Date: Nov 2009       02-24-2011, 7:34 AM Reply   
btw, here in Nevada federal dollars are already being used disproportionately. Nevada has 1% of the country's population but 5% of federally backed home loan losses are happening here. Hold people responsible? Ha! Here (again, Nevada) the banks have six month to sue after a foreclosure sale occurs. If they don't sue within that window, the bank is barred from pursuing the deficiency. It's the rare case where a bank does pursue the deficiency. So it's not like we are "holding borrowers responsible" now.

And "most of these loans" were NOT fraudulent. I talk to defaulting borrowers every day. Many of them can afford to pay (25% in Nevada if a recent realtors' association report is to be believed), but they've made the business decision to not wait around for 20 years until they are above water again. These borrowers borrowed at market rates from 2004-07 and are walking away from a market that has declined by 50-70% (yes, really, 70% in some instances in Nevada).
Old    Big D (bigdtx)      Join Date: Feb 2005       02-24-2011, 8:03 AM Reply   
Care to back that up with some facts?

Have you been watching the news for the past 3 years? Geezus.
Old    Doug H (doug2)      Join Date: Jan 2004       02-24-2011, 8:10 AM Reply   
This sends up a huge red flag for me personally. My rental in Edmond is lost somewhere in the MERS mess. If you haven't been following this story, it is because the MSM refuses to cover it.

To make a long story short, the banks created a clearing house for mortgages and notes, Mortgage Electronic Registration System (MERS). This process lets the banks transfer/package/sell Residential Mortgage Back Securities (RMBS) without paying the local county recorder any transfer filing fees. By avoiding this basic legal requirement some will argue that the title chain has been broken. In addition, having separated the promissory note from the mortgage by the selling of RMBS and nothing is recorded, many (including me) wonder who owns the note & why am I paying such and such servicer. It becomes an issue when the servicer tries to foreclose and can't show legal standing to do so. So the banks tried backdated transfers, out of state notarizations on different dates, etc after the foreclosure process had already started, hence the term "Fraudclosure."

Then this happened-

http://www.bloomberg.com/news/2011-0...udge-says.html

MERS reaction- "Don't mention us, until we tell you to."

http://www.scribd.com/doc/49024862/M...cement-2011-01

Saw this just this morning-
Title chain law in AZ-

http://www.bloomberg.com/news/2011-0...e-history.html

What concerns me is that this is actually a bank supported effort to get "wet ink" signatures on new notes and mortgages to cure title defects that they CREATED. Bond holders get made whole again, banks get government paid write-downs (after the trillions the Fed already gave them) and people are still living in houses they could never afford.

Obamao, the great compromiser, leaves the tax payer and honest homeowners holding the bag.

***I'm no lawyer and this is only my take on what is happening...
Old    Paul (psudy)      Join Date: Dec 2003       02-24-2011, 8:10 AM Reply   
Quote:
Originally Posted by bigdtx View Post
Care to back that up with some facts?

Have you been watching the news for the past 3 years? Geezus.
Thats what I thought.

Just more of the BS. "those evil banks forced us to go look at houses, find one I really wanted, fill out an application and go through the approval process to buy a house they KNEW! would be upside down in the next two years! Why should I be responsible to pay a debt I agreed to pay!"
Old    Brett Yates (polarbill)      Join Date: Jun 2003       02-24-2011, 8:48 AM Reply   
People that are in forclosure or have filed for bankruptcy should be allowed to vote.
Old    Brett Yates (polarbill)      Join Date: Jun 2003       02-24-2011, 9:07 AM Reply   
Quote:
Originally Posted by polarbill View Post
People that are in forclosure or have filed for bankruptcy should be allowed to vote.
Oops, that should read "shouldn't be allowed to vote".
Old    Big D (bigdtx)      Join Date: Feb 2005       02-24-2011, 3:23 PM Reply   
http://www.bloomberg.com/news/2011-0...ecurities.html
http://articles.ocregister.com/2007-...loan-funding-s
http://www.cbsnews.com/stories/2010/...n7160199.shtml

But I'm just sayin'

LOL - I actually watched Redline - OMFG....

Last edited by bigdtx; 02-24-2011 at 3:27 PM.
Old    SamIngram            02-24-2011, 4:03 PM Reply   
Quote:
Originally Posted by doug2 View Post
This sends up a huge red flag for me personally. My rental in Edmond is lost somewhere in the MERS mess. If you haven't been following this story, it is because the MSM refuses to cover it.

To make a long story short, the banks created a clearing house for mortgages and notes, Mortgage Electronic Registration System (MERS). This process lets the banks transfer/package/sell Residential Mortgage Back Securities (RMBS) without paying the local county recorder any transfer filing fees. By avoiding this basic legal requirement some will argue that the title chain has been broken. In addition, having separated the promissory note from the mortgage by the selling of RMBS and nothing is recorded, many (including me) wonder who owns the note & why am I paying such and such servicer. It becomes an issue when the servicer tries to foreclose and can't show legal standing to do so. So the banks tried backdated transfers, out of state notarizations on different dates, etc after the foreclosure process had already started, hence the term "Fraudclosure."

Then this happened-

http://www.bloomberg.com/news/2011-0...udge-says.html

MERS reaction- "Don't mention us, until we tell you to."

http://www.scribd.com/doc/49024862/M...cement-2011-01

Saw this just this morning-
Title chain law in AZ-

http://www.bloomberg.com/news/2011-0...e-history.html

What concerns me is that this is actually a bank supported effort to get "wet ink" signatures on new notes and mortgages to cure title defects that they CREATED. Bond holders get made whole again, banks get government paid write-downs (after the trillions the Fed already gave them) and people are still living in houses they could never afford.

Obamao, the great compromiser, leaves the tax payer and honest homeowners holding the bag.

***I'm no lawyer and this is only my take on what is happening...

I would bet that less than 1% of all the homes with loans on them in Arizona have mortgages on them... most are Deeds of Trust which the above doesn't apply...
Old    Paul (psudy)      Join Date: Dec 2003       02-25-2011, 7:35 AM Reply   
articles about securities fraud, a single brokerage firm, and one banks handling of modified mortgages. That doesn't come close to backing up your statement that "most mortgage loans are fraudulent."
Old    Paul (psudy)      Join Date: Dec 2003       02-25-2011, 7:41 AM Reply   
Wait a minute. I missed the part in your post that said "loans in question." relating to the modified mortgages in the original article. I still think calling "most" of the fraudulent is a stretch, but there was, no doubt, some pretty shady lenders popping up all over the country. These brokers got to work by a whole different set of standards than most banks. I still think that even if they didn't have to prove their income, the people signing the paperwork should know what they can and can't afford though.

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