Does this resemble your work environment?

[BSmack]

No. You taking full responsibility for your financial shortfalls and suggesting everyone else to do the same is a far cry from most unemployed libtards who are looking for the government to develop a program to bail them out.

And what about all those insanely rich investment bankers who were looking for handouts?

Seriously, you have the political maturity level of a 13 year old. Grow up.

[Screw_Michigan]

The GOP's PR campaign as the party of "personal responsibility" was the biggest crock of shit ever created in the history of mankind.

[mvscal]

The bottom line is that people, whether or not the bank can find their note, are still in default. They should not be able to walk away from that mistake Scot-free because of a clerical error.

Perjury and fraud aren't clerical errors. It is a criminal conspiracy.

[poptart]

I remember Bushice

Was run.

[BSmack]

The bottom line is that people, whether or not the bank can find their note, are still in default. They should not be able to walk away from that mistake Scot-free because of a clerical error.

Perjury and fraud aren't clerical errors. It is a criminal conspiracy.

To the extent that the lending institutions have violated laws, they should be punished. That doesn't remove the obligation of the homeowner.

[mvscal]

To the extent that the lending institutions have violated laws, they should be punished. That doesn't remove the obligation of the homeowner.

The obligation of the homeowner to whom? Some of these mortages were assigned to three different agencies. That isn't clerical error. Disappearing paperwork, fraudulent allonges etc. go directly to the heart of the criminal corruption surrounding mortgage backed securities.

A lot of these people never should have loaned money in the first place but the banks didn't give a fuck because they could 86 the paperwork, bundle them off to another agency who also didn't give a fuck because their losses were covered by totally unregulated default swaps.

The "obligation of the homeowner" isn't even a fart in a tornado at this point. I suggest you take the time to actually read the links I provided earlier to start educating yourself on the issue.

[Go Coogs']

A lot of these people never should have loaned money in the first place but the banks didn't give a fuck because they could 86 the paperwork, bundle them off to another agency who also didn't give a fuck because their losses were covered by totally unregulated default swaps.

Again, what does this have to do with the responsibility of paying your note?

What are you saying, mv, that just because the banks were dishing out loans they had no business handing out, the buyer should keep their house and just stop paying their note until said corporate criminals produce the original contract?

The bank lost the paperwork. So what? You still have an obligation to pay for the money they loaned you.

[mvscal]

What are you saying, mv, that just because the banks were dishing out loans they had no business handing out, the buyer should keep their house and just stop paying their note until said corporate criminals produce the original contract?

That is the law, you stupid asshole. You cannot foreclose on a property without being able to produce clear title to that property.

So what if they lost the paperwork?!? OK. How about I foreclose on your house (yes, people who kept up with their payments have been foreclosed)? I mean who really gives a fuck that I can't prove that I own that property? No big deal, right?

Idiot.

[BSmack]

The obligation of the homeowner to whom? Some of these mortages were assigned to three different agencies. That isn't clerical error. Disappearing paperwork, fraudulent allonges etc. go directly to the heart of the criminal corruption surrounding mortgage backed securities.

A lot of these people never should have loaned money in the first place but the banks didn't give a fuck because they could 86 the paperwork, bundle them off to another agency who also didn't give a fuck because their losses were covered by totally unregulated default swaps. The "obligation of the homeowner" isn't even a fart in a tornado at this point. I suggest you take the time to actually read the links I provided earlier to start educating yourself on the issue.

I'm not saying the banks are squeaky clean by a long shot. But if you're going to tell me that the majority of foreclosures in this country are fraudulent, I'll need to see some proof.

[mvscal]

I'm not saying the banks are squeaky clean by a long shot. But if you're going to tell me that the majority of foreclosures in this country are fraudulent, I'll need to see some proof.

I did. Three out of five mortages in the country are "held" by MERS. Educate yourself. The information is out there, though you won't find in the MSM who are pushing the story as "merely shoddy paperwork."

You need to dig deeper than that and it goes far beyond foreclosures. The foreclosures just brought the situation to light. This was the biggest swindle in history.

[BSmack]

I'm not saying the banks are squeaky clean by a long shot. But if you're going to tell me that the majority of foreclosures in this country are fraudulent, I'll need to see some proof.

I did. Three out of five mortages in the country are "held" by MERS. Educate yourself. The information is out there, though you won't find in the MSM who are pushing the story as "merely shoddy paperwork."

You need to dig deeper than that and it goes far beyond foreclosures. The foreclosures just brought the situation to light. This was the biggest swindle in history.

Just simply saying "Three out of five mortages in the country are "held" by MERS" does not constitute proof. The issue between MERS and the county recorders is interesting, but it does not mean that a majority (or even substantial number) of homes that are being foreclosed upon are happening to borrowers who have maintained their payments.

[Screw_Michigan]

it does not mean that a majority (or even substantial number) of homes that are being foreclosed upon are happening to borrowers who have maintained their payments.

So you're OK with even one person who has maintained their payments being foreclosed on?

[Derron]

What are you saying, mv, that just because the banks were dishing out loans they had no business handing out, the buyer should keep their house and just stop paying their note until said corporate criminals produce the original contract?

The bank lost the paperwork. So what? You still have an obligation to pay for the money they loaned you.

Pretty much a basic tenant of contract law,and one that is usually explained quite well in any Business Law college class. In order to enforce the contract, you need to produce the original document, to prove your legal claim to the amount owned. And yes, you have an obligation to pay the money owed, you just want to make sure that whom you are paying it to, has a legal right to enforce that contract, and possession of the signed original along with any assignment documents, would probably document that enforcement right.

Absent those documents, tell them to go pound sand. As a contractor, if I lacked the original signed contract to try and enforce it, the courts would tell me to stick it in my ass and to come back with the original signed document. And this is a tactic that is more often used to forestall foreclosure, not one that someone just comes up with as a justification to stop paying a mortgage for that reason alone.

[BSmack]

it does not mean that a majority (or even substantial number) of homes that are being foreclosed upon are happening to borrowers who have maintained their payments.

So you're OK with even one person who has maintained their payments being foreclosed on?

No I'm not. But I'm also not comfortable with people buying homes they can't afford under terms they couldn't understand. It is thanks to those people that we are in the mess we are in now.

[Screw_Michigan]

http://www.rollingstone.com/politics/ne ... how_page=0

Why does stuff like this matter? Because when the banks put these pools together, they were telling their investors that they were putting their money into tidy collections of real, performing home loans. But frequently, the loans in the trust were complete shit. Or sometimes, the banks didn't even have all the loans they said they had. But the banks sold the securities based on these pools of mortgages as AAA-rated gold anyway.

In short, all of this was a scam — and that's why so many of these mortgages lack a true paper trail. Had these transfers been done legally, the actual mortgage note and detailed information about all of these transactions would have been passed from entity to entity each time the mortgage was sold. But in actual practice, the banks were often committing securities fraud (because many of the mortgages did not match the information in the prospectuses given to investors) and tax fraud (because the way the mortgages were collected and serviced often violated the strict procedures governing such investments). Having unloaded this diseased cargo onto their unsuspecting customers, the banks had no incentive to waste money keeping "proper" documentation of all these dubious transactions.

[mvscal]

But I'm also not comfortable with people buying homes they can't afford under terms they couldn't understand. It is thanks to those people that we are in the mess we are in now.

They couldn't have done it without these people:



http://online.wsj.com/article/SB122290574391296381.html

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

http://politics.usnews.com/opinion/blog ... uddle.html

Great take, you stupid faggot. And this was the Chairman of the House Financial Services Committee talking. He also was just re-elected by people dumber than he is.

[War Wagon]

But I'm also not comfortable with people buying homes they can't afford under terms they couldn't understand. It is thanks to those people that we are in the mess we are in now.

What about people who refinanced existing loans, taking out what in reality was non-existant equity? And now they're underwater due to phony, falsely inflated appraisals.

I suppose it's their fault for believing their home was worth double it's real market value, but so are the shitstain mortgage companies and appraisers who suckered them into that bet and approved the fucking loan.

[Cuda]

it does not mean that a majority (or even substantial number) of homes that are being foreclosed upon are happening to borrowers who have maintained their payments.

So you're OK with even one person who has maintained their payments being foreclosed on?

Find one and then we'll talk