T1B

Go Coogs' wrote: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.

BSmack wrote: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.

BSmack wrote:I remember Bushice

mvscal wrote:

BSmack wrote: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.

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

mvscal wrote:

BSmack wrote: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.

Go Coogs' wrote: 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?

mvscal wrote: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.

BSmack wrote: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 wrote:

BSmack wrote: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 wrote: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.

Go Coogs' wrote:
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.

Screw_Michigan wrote:

BSmack wrote: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?

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.

BSmack wrote: 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.

"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

BSmack wrote: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 wrote:

BSmack wrote: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?