Most likely these are the same people that you & your ilk say shouldn’t vote either, its very easy to see where you are coming from. :roll:
Shut up joey runt.
Adults are having a real discussion.
Crawl back under your rock as your post proves you add nothing to the discussion.:roll:
Removing moral hazard is exactly what the banks did. They are robots for lack of a better term.
These banks loaned money to individuals who they knew couldn’t pay it back. Predatory lending is the term for that.
After the loan has been sold and paid off and you go into default because your adjustable rate mortgage has adjusted to 10% from 4%, the same bank forecloses on you using falsified documents.
As if that isn’t bad enough, after you lose your home and think everything is over, you get sued again for a deficiency judgment, which is the difference between what you owed and what the home sold at auction for.
And to top it all off, now that you have lost everything, because the bank that sued you wasn’t the “holder in due course” as required by all state laws via the UCC, the actual holder of the note sues you for the note amount.
Morals? Banks and morals shouldn’t be mentioned in the same sentence!
As to who should or should not own a home, everyone is entitled to own a home providing they can prove that they can afford it. That is what the qualifying process is for. Had it been done properly, a lot of people would still be renting.
Why not call in your band of ESOP henchmen in and really do something about it? maybe they can shut me up… Oh thats right, you are no longer a member of that select group, tossed out on your @$$ I remember, too bad for you, free speech reigns, guess you’ll have to get over it now. 
mikey dealing with idiots like you is like being pecked to death by ducks. :mrgreen:
The problem goes much deeper than anyone can possibly imagine. MERS is the tip of the iceberg. Bottom line is that the banks have lost the original notes.
Yep. Electronically recorded versions of the notes cannot count as proof of their existence due to available technology whereby an 8-year old can scan a signature onto virtually any document which exists. Absent of the actual indentiture from the pen onto the paper, no proof exists that the person agreed to the terms on the mortgage document. The banks dont have the proof. They try to use a lost note affadavit as proof, which the courts are starting to throw out. In some cases, banks buying and selling these instruments, switching servicing companies, and any other reason has resulted in the docs actually being LOST forever, with no record of where the original went. Banks want the world to believe them, because they are so honest and would never lie…
When the note exists, the plot thickens depending on the position of the one foreclosing. For instance, many of these foreclosures are done so by a foreclosure mill on behalf of the Trustee for an Asset-Backed Securities contract, known as a Pooling and Servicing Agreement. Along with that comes a formal Prospectus, whereby the investor is told that his investment is at risk because a majority of the mortgagees will not be able to pay their mortgages. Yep. The verbiage is typically right there.
BUT… the very instrumentality used by the bank, or “Trustee” of the “investors” (what a joke) has rules which were never followed. In many instances, the rules state that the note needed to be transfered from A to B to C to D. However, in several so-called contested cases, it was revealed that ownership went directly from A to D, which is in conflict with the terms of the PSA. MAny times there are no intervening assignments, which invalidates the rights inder the PSA. The banks argue that the person being foreclosed on has no standing to bring this up, as it affects the investors. The other side argues that the PSA is automatically included, as it is the very INSTRUMENT that the bank uses to foreclose on them. Valid point. It’s like what came first… the chicken or the egg.
Then, along comes firms like National Title Clearing. Google Crystal Moore and Brian Bly to learn more. Its the biggest scam going. People claiming they are vice presidents of banks, and haviing a notary swear to it; then switching roles the next day.
Federal judges started to unwravel this. Now it comes to the state levels. The banks have little to prove they actually hold the notes. On Long Island, a judge got so mad at the bank thet he threw the bank out and wiped out the mortgage. His actions were upheld on appeal.
As far as MERS is concerned, there is now case law in NY State which proves that MERS can bifurcate the mortgage from the deed. In other words a person owns the property, and the mortgage may be valid, but is not secured by real property. This means the mortgage may be discharged in a simple bankruptcy.
I dont feel bad for the banks.
And yes, forclosure sales have already been reversed in Mass. In those cases, the new owners were evicted and the original owners took posession of the property free and clear. The foreclosure owner was forced to sue the bank for their money back.
Read about this all over the place. Google “Produce the Note”. To get an idea of what a foreclosure mill is, look up Steven Baum. Finally, Google “Asset Backed Securities + Foreclosure”
Go read the definition of “moral hazad” it’s not what you may think.
The banks need to be held accountable but no one can convince me that a free house is the solution.
If you allow that happen everyone will want to join the party.
You sniveling little runt.
Get a life.:roll:
Here in Florida MERS sidestepped the requirement of recording the mortgage at the county level which means that the mortgage really doesn’t exist.
Good to see that some folks are getting back their homes.
Actually Joe, the Banks didn’t lose the note. They were intentionally destroyed. There are several depositions that state this.
There will also be more foreclosure sales reversed.
When I book an inspection, I ask if it is a foreclosure. Then I find out who owned the property and who foreclosed on it.
Then I look at the assignment that was used and after that, I inform my Clients to make sure that all the i’s are dotted and t’s are crossed regarding their title insurance. They very well may need it.
Rest assured internet warrior you wouldn’t sat that to my face. :mrgreen:
This is long overdue.
Hopefully we can all get to the bottom of this mess and put the appropriate bankers in jail.
Many of their actions were intentional and aided and abetted by the government regulators, the Fed and willing politicians.
Wrong again.
Call me
715-441-2386
They won’t be in them long.
Everyone should!
It is a hard fight, but, if you have an attorney who knows what to do, it will be worth it. Also, if enough of these cases are won, the banks will straighten out their acts…hopefully.
Something else for you, Florida is a judicial foreclosure State, one of 23. In a non-judicial procedure, a notice is sent and sixty days later, your home is sold bypassing your legal rights. In those States, you must file an adversarial proceeding and then, the playing field is leveled, so to speak.
And for real fun, Senator Bennett, and that name may sound familiar to us home inspectors, put forth a bill to make Florida a non-judicial foreclosure State.Wonder why?
Take a wild guess as to who were his top 5 campaign contributors.
As a supposed unbiased home inspector I’d like to know who these “many people” are you think shouldn’t be allowed to own homes? So might your customers.
Anyone is “allowed” to own a home.
But they have to pay for it.
It’s a simple concept.
P.S. Try reading instead of imagining.:roll:
Michael contends:
He most certainly was forced to buy an overpriced house. Government intervention in our free market caused a bubble that resulted in every house being overpriced.
Time to push the Citizens United case a step further. Corporations are people, right? Then it is time to jail the CEO and Board of Directors of these banks for the fraud and forged documents signed by the Corporation. And since these documents are many times signed illegally outside the state where the property is located, the RICO statutes should be evoked as well. Send these ba$tards to hardcore prison. No country club jails. Put them in with the worst of the worst. Payback is a B*tch.
> Nick I am going to say this again.
> Our father has blessed you with humility and humbled you to be open and thoughtful in all your views and practices.
Thank you for sharing them with us.
Your insight and kindness in sharing of what you know’‘aided’’ with the direction and input from others.
I also thank them, that is open to our father word or the ability to see the truth will hopefully aim the direction of HI industry and the world as whole one day.
I personally am thanking you and the ‘‘others that have aided’’ for giving me the information I need to be a better HI.
You hit the mail on the head of the post that I am reading.‘‘to me’’.
> I to believe the American public has to stand up and start demanding truth and openness from their government.
> I pray ‘‘as I do’’ for the people to see through the squabbling over power will stop, and the direction will be focused on the people again as it once was by their fore fathers whom set an example that the whole world was in envy of,
Instead of the focus being placed on corporate power and greed of the shareholders.
Have a good day and and Thanks again from one that is always happy to learn from humility.
Nick,
He didn’t have to buy at all.:roll::roll: