Nice try… (laughing my @$$ off… Not with you of course but at you) but Obama had nothing to do with the Bush administration’s mortgage abortion. :p:mrgreen::roll:
all this means is more short sales…things will still move and this will not be that big of a deal. The news is making more of a big deal than what this really is…most agents I have talled to this week are like so what…mite make a little more work on there end but things will still move and sell bottom line…the next 30 days may be a little slower than norm…
What should happen is the lenders, not the servicers or pretender-lenders, should give principle reductions to fair market value which is the only feasible loan modification.
The half-*** loan mods that are being done are guaranteeing that there will be more defaults, just as the original loans did.
ABC News reports on banks breaking into people’s homes.
Big story on ABC news <http://act.boldprogressives.org/go/1923?akid=2264.297615.jU9G-I&t=1>
Rep. Alan Grayson demands a freeze on foreclosures until this illegal activity by banks is stopped. Click here to support Rep. Grayson’s call. <http://act.boldprogressives.org/go/1923?akid=2264.297615.jU9G-I&t=2>
Jim:
Did you hear about Nancy Jacobini?
She was recently alone in her Orlando home when a strange man started breaking into her house. She hid and called 911.
Turns out, it was her bank – JP Morgan Chase – illegally breaking down her door when Nancy was not even in foreclosure.
Nancy is a constituent of Rep. Alan Grayson, who says there is a “wave of foreclosure fraud sweeping the country.” Grayson just sent a letter to federal regulators calling on them to use their power to freeze foreclosures until this fraud by banks is investigated and stopped.
Can you join Rep. Grayson’s call for a foreclosure freeze? Click here to add your name – then, tell your friends. <http://act.boldprogressives.org/go/1923?akid=2264.297615.jU9G-I&t=3>
The new Financial Stability Oversight Council has the power to freeze foreclosures, and a Harvard professor tells Bloomberg News: “There’s no reason that the federal government couldn’t be stepping in here.”
We’ll give your signature and thousands of others to Rep. Grayson to help him persuade regulators to act now. Sign the petition here – then pass this email to others. <http://act.boldprogressives.org/go/1923?akid=2264.297615.jU9G-I&t=4>
Why are families across the nation – some of whom don’t even have a mortgage – having their homes broken into by banks?
Because in their haste to issue predatory loans several years ago, big banks cut corners, fabricated legal paperwork, sold that phony paperwork to other banks, and completely lost track of which homes they have a legitimate interest in – according to news reports.
Now, families like Nancy’s are suffering the consequences.
Attorneys general from all 50 states are investigating. Rep. Grayson calls it “foreclosure fraud on a massive scale, including foreclosures on people without mortgages or who are on time with their payments.” He adds, “It’s long past time to halt this blatantly illegally activity.” Amen.
Join Grayson’s call for a foreclosure freeze – click here. <http://act.boldprogressives.org/go/1923?akid=2264.297615.jU9G-I&t=5>
Then, please pass this email to your friends.
Thanks for being a bold progressive.
– Stephanie Taylor, Adam Green, Julia Rosen, Forrest Brown, and the PCCC team
I have to say, that is one of the
more ignorant posts I have ever seen of yours.
Laying the blame for this mess on on person is just stupid.
Obama’s fault, Right? Sure, sure… :roll:
I am smart enough not to name an individuals but the list is long and from both partys.
Obama is currently making it worse but not standing for the rule of law and letting the banks survive on government handouts while the economy rots.
Like it or not the history books will record that the US housing decline & mortgage debacle happened during the Bush administration, sometimes the truth is bitter & hard to swallow but denial is not an option.
Bush bush bush.
You are a broken record.
This bubble was being blown long before Bush was in office.
Did he perpetuate it?
Ya betcha
Is Obama doing any better?
Actually, this whole thing started in the 80’s with the CRA Community Reinvestment Act. I had a friend who was an attorney for a major bank in the NYC area. They wanted to expand but were stopped by the FED because they did not have a sufficient % of loans in “red lined” areas.
He was given a checkbook, fill in the blank mortgage papers, a car and armed escort. Basically he went to churches and small businesses in the area and asked them if they wanted a mortgage. The checks were written on the spot and the papers filled out withouot any hope of ever being repaid. The bank viewed it as the cost of business for expanding.
About 5 years ago Fannie and Freddie were told to expand the affordability of home ownereship to all people. ( read between the lines here) This expansion was DIRECTLY related to pressure from, Barney Frank, Chris Dodd and Chuck Schumer. If you want to name names they are the people responsible for this mess.
We the people can choose to let this go on to all our detriment or we can demand that existing law be followed.
Do you want to live in a banana Republic or an honest one?
Turns out the reason for foreclosure gate isn’t that the people who caused foreclosure-gate didn’t have enough time to read all of the documents - it’s that they had no idea what they were reading.
Banks hired foreclosure and loan officers that were former employees of Burger King, factories, and hair salons when they were hit with a wave of foreclosures in 2007.
A piece in the New York Times today reveals that many of bank employees reading and signing foreclosure documents barely knew what a mortgage was.
You won’t believe the things these uneducated bank employees admitted.
“I don’t know the ins and outs of the loan,” a Goldman Sachs employee, who worked at Litton Loan Servicing, said in a deposition last year. “I’m not a loan officer.”
The kicker: he was a loan officer.
And some admitted they knew they were lying when they signed foreclosure documents, according to CTV News.
A former JPMorgan executive called these workers the “Burger King kids.” In essence they are employees who banks rushed to hire for their loan servicing arms starting in 2007 even though they had only a high school education, because the banks were faced with a startling rise in foreclosures and they were desperate for warm bodies to “read” the documents.
Of course since then, many of them have admitted they did not read foreclosure documents, hence the banks’ halting foreclosures and causing the scandal that has been termed “foreclosure-gate.”
Now we know that they did not have time to read the documents, because there were too many, and they weren’t qualified to read and sign the documents.
Handcuffs and perp walks are in order.
This must happen or this country is done.
More good news:
Most people are still focused on the issue of the behavior of individual mortgage holders and the people handling their paperwork, but the BIG problem is that the underlying structure of the loans puts the investment banks (once again) at risk, see for example:
The bankers and the lack of regulation using existing law caused this.
The bankers sold derivatives based on these under preforming mortgages.
Guess who bought them?
Foreign entities, pension funds and municipalities to name a few.
Now that they have been found to be worthless what will happen to all those pensions?
Ka boom!
It was run like a ponzi scheme.
Almost everyone lost.
Excuse me for saying Obama and not Democrat, It is confusing for me.
Anyway “Lovable village idiot” that was funny coming from such a fine inspiring spam industry leader such as yourself.
Translated into spam man
What is it with you and these blinders you refuse to take off? :roll::mrgreen:
Frank is confused. What a surprise. Spam is a legal term Frank, it is important for you to know that. There are laws that make spamming illegal. Your unwise, yet very public accusation, however, is duly noted.
Appears to be a ethics violation where Frank directly attacked your business on the public side of the message board to do your business harm, I’d ask for a retraction and an apology. The board provides places where Franks nonsense is allowed and this ain’t it.