Posted on 05/30/2010 9:11:37 AM PDT by Chunga85
The beautiful thing about this site is pro se advocates, normal every day people, sophisticated foreclosure defense attorneys, journalists and attorneys who are just dipping their toes into the foreclosure defense water are all viewing the information contained on this site. We’re all learning new, confusing, mind-blowing, scary things about foreclosure.
Part of what we’re all struggling to do is wrap our arms around just how deep and complex this whole mortgage and foreclosure mess is. Sure you have judges who still say, “They haven’t paid their mortgage, they should get out.” But increasingly, judges and all of us are starting to recognize just how convoluted, shady, confusing and potentially fraught with fraud this whole process is.
(Excerpt) Read more at mattweidnerlaw.com ...
The worm is starting to turn.
http://www.foreclosurehamlet.org
It’s going to get much worse—those FHA loans are still being handed out with inflated appraisals. As long as we have high unemployment, we will have a high foreclosure rate:
http://joytiz.com/2010/obamas-housing-clunker/
During a foreclosure proceeding that I was familiar with, it was difficult to determine who actually owned the mortgage. The mortgage was chopped up and resold to several parties, so the ultimate mortgage holder was difficult to determine. A bank still got the house however.
I know it’s great fun to bash lawyers...and I have a few jokes I could tell.
This guy could make a lot more money in a different practice area...but...chooses to defend David vs the The Wall Street Foreclosure Goliath.
these are truly some sad times
If we abandon the rule of LAW - which is the bedrock of this great country - it will be much worse...
Don’t let the machine run us over.
Fight the LAW with the LAW.
http://www.foreclosurehamlet.org
great minds
Sounds interesting and with the number of foreclosures going on, it’s almost a certainty that everyone knows “someone” who is in foreclosure, it would seem ... perhaps a good site to refer to ...
Big banks think the law is what they say it is just as they think the contract only protects them. Its a ponzi scheme.
spoken like someone who has signed a contract without getting his own legal review and then whines about getting burned
Contract law is contract law. As far as I know we do not force people to sign real estate and mortgage contracts by holding guns to their heads.
Bad contracts are legal, but they wouldn’t exist if stupid people didn’t sign them.
“As far as I know we do not force people to sign real estate and mortgage contracts by holding guns to their heads.”
The “guns” you speak of are often hidden deeply in the Pooling and Servicing Agreements. This is not disclosed at closing (or EVER for that matter) and is usually available by subpoena only. “Proprietary information” don’t you know.
If everything is above board why then all these “lost note” counts and the EXTREME resistance by “lenders” - who go to great lengths to avoid divulging this information?
I guess now would be a good time to shoot the greedy homeowners.
It’s crystal clear. From the very beginning the homeowners have gamed the system. They started by tricking the property appraiser (lender’s agent) into submitting an outcome-based appraisal.
Then, millions of homeowners shrewdly conned the “lenders” into dismissing all agency and fiduciary responsibility in the underwriting process....going so far as to force the “lenders” into forging documents.
Then, the greedy homeowners forced the “lenders” to securitize the loan in such a fashion as to bifurcate the mortgage from the note.
On top of that, the homeowners secretly cooked up the concept of “Credit Default Swaps” and forced the “lenders” to insure the collateral at the full (outcome based) value 30X over.
Having successfully pulled the wool over everyone’s eyes - these irresponsible homeowners showered themselves with well deserved bonuses.
Realizing they were too big to fail, these irresponsible, reckless homeowners lined the pockets of legislators and received enormous sums of taxpayer bailouts.
The result of these cunning maneuvers by the fraudulent homeowner scheme has them sitting fat and happy in the cat birds seat. Yup, that’s how they did it. And they’re getting away with it.
Savings drained - check, 401ks all gone - check. Kicked out of their homes - check. “Lenders” made whole many times over via Credit Default Swaps - check. Homeowners foreclosed and “lender” buys back property for pennies on the dollar - check.
Follow the money and you’ll find the culprit. It’s about time we hold these homeowners accountable.
Good call. The website below is sponsored by a well-healed, politically connected, PR machine of greedy volunteers...and contains detailed information on how the collusion on Main Street has ripped off Wall Street.
Don’t look though...it’s just spam.
http://www.foreclosurehamlet.org
bad contracts are legal, stupid naive or people too cheap to hire their own attorneys toponjt out the pitfalls - sign them
I prefer very simple mortgage terms
you pay you stay
you don’t, you won’t
for all else, there is renting
But dont get me started on leases and deadbeats there, too
Oooops....either I did it wrong or embedding video is not allowed.
;-)
Here’s a link...
http://www.youtube.com/watch?v=nZ6lPaiKmwg
Ten minutes long but worth it.
It’s FORECLOSURE OF THE WEEK! A new, exciting, EXTREME Reality Show!
Join in on the laughter! It’s eye-popping fun!
http://www.foreclosurehamlet.org/profiles/blogs/122009-its-foreclosure-of-the
Your site is good , another good one is www.livinglies.wordpress.com
Present economic/debt trends aside, if willing, albeit ignorant, signers ...’obstruct’ the clearing of contracts, then there money people will be reluctant to park capital in the mortgage industry. There for no/less money will come in for new customers to buy houses. There for less buyers, there for continued decline in prices due to many sellers, willing or unfortunate. There for mark to market portfolios degrade...banks get into trouble....rinse, lather, repeat.
These types of shady dealings happen, and the answer is not deregulation. Deregulation has been part of what allowed this to happen. While the insistence by the Feds that banks extend loans to people who had no hope of repaying was a factor, deregulation allowed these toxic mortgages to be divvied up into a mortgage soup and sold as part of a toxic brew. Additionally, Goldman Sachs and other rating firms were turning profits by selling these messes. They rated them as being good debts while betting against them. They sold them to the suckers while they were shorting them.
Too many people on this site see this as a clash between socialism and capitalism. It is not. A crocodile doesn't study philosophy. A crocodile only considers two things; can he eat it and can it hurt him? The thieves move from government to corporation and back again. They do not think in terms of capitalism or socialism. They simply examine the way the currents are going and determine where they can make the biggest killing. Goldman Sachs played a scheme that was guaranteed to crash. When the crash was looming, they simply got Congress to rewrite the rules in their favor.
“Too many people on this site see this as a clash between socialism and capitalism.”
Exactly, Thanks!
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