Posted on 05/30/2010 9:11:37 AM PDT by Chunga85
STOP SANCTIONING ABUSES AND IMPROPER PRACTICES IN COURTROOMS ACROSS THE COUNTRY
More liberalism that is infecting the free market and our once great society like a cancer.
I hope you are not suggesting that following the LAW is the equivalent of “more liberalism”.
Following that line of thought, one could argue that breaking the LAW is the equivalent of “more conservatism”??????
“spoken like someone who has signed a contract without getting his own legal review and then whines about getting burned”
Spoken like a naive simpleton.
“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.”
yeah, thats why the heads of the big banks like countrywide made millions in shady deals and then ran away scott free leaving the taxpayer to pay the bill.
“Bad contracts are legal, but they wouldnt exist if stupid people didnt sign them.”
Not all bad contracts are legal and not all people who sign them are stupid. But then perhaps they just don’t know everything like yourself.
“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. “
Well said
“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. “
Well said
‘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.’
uH, wouldn’t that be they ‘lobbied’ congress to rewrite the rules in their favor?
“those FHA loans are still being handed out with inflated appraisals. “
What inflated appraisals?
Details?
Inflated appraisals are used as the basis for AIG’s Credit Default Swaps.
Insure the bogus, inflated value of the collateral 30 times over at 100 percent value and...whack...Grand Slam!
Now that’s capitalism (perverted to an extreme)for ya!
http://www.foreclosurehamlet.org
Go apply for an FHA loan and see if you get an “inflated” appraisal.
Since we’ve thrown $10 Trillion dollars at fixing a $1 Trillion problem that gig is pretty much up.
The builder used the inflated price of the new home to cover the overage on the old home. The bank had made two loans of 30K over actual value based on fraudulent appraisals.
Appraisers were put in a tough position. Supposedly, appraisers are independent of the banks, BUT, if an appraiser did not come back with the appraisal the bank and the purchaser wanted, they would quit using them and find an appraiser that would come back with the correct numbers to fit the financial scheme. Since the appraiser assumed no liability for an improper appraisal, it made good business sense to give the parties the numbers they wanted.
The door has been shut on any of that now. Banks are very risk averse now; and are looking very closely at everything now.
In some cases huge amounts of time are spent on areas of loans, that having nothing to do with credit quality. Lenders fear giving the investors (FHA, FNMA, FHKMC) a reason to demand a loan be bought back back.
If a loan goes bad; and page 6 of 6 of bank statement is missing (and that page is blank), that is an out to get the loan originator to buy the loan back.
FHKMC=FHLMC
My comment was directed at liberal actions that demonize the free market, not those that want the law of the land upheld.
PAY YOUR MORTGAGE OR MOVE OUT INTO THE STREET!!!!!!!!!!!!!!!!!!!!
Ok, I think the bottom line is...should anyone “get a house for free”?
And are we willing to entertain the possibility that the big financial players are indeed getting millions of “free houses”?
These big players got the bailouts, they got the bonuses, and are in the process of vigorously getting the collateral then following up with deficiency judgments and garnished wages.
The investigations (or witch-hunts if that’s your flavor) ARE mounting from both the left and right.
Investigations or witch-hunts - either way - amount to mostly grandstanding by the legislature while their lobbyist bedmates cheer them on.
Correct me if a am wrong but a Democratic Republic is driven from the bottom up. It is noteworthy that Pro Se defendants are turning into Pro Se PLAINTIFFS. And winning.
For anyone who doesn’t know what “Pro Se Litigant” means: “for himself” “on one’s own behalf” - A person who represents himself in court alone without the help of a lawyer is said to appear “Pro Se”.
“Lenders” do NOT want evidentiary hearings or jury trials that’s for sure. Because when they do they are losing more and more cases. To be more accurate, right before a jury trial, a generous settlement is made with iron-clad non-disclosure language.
Every case they lose sets precedent and incentive for further litigation. From my view the deadbeat homeowners are the only ones getting a haircut here and it doesn’t seem right.
Get government out of the housing market and the market will work. Banks should not be bailed out and homeowners who cannot pay should be evicted if the deed holder so desires. If banks are not bailed out, then sound business practices will follow.
Sadly, banks were bailed out -- but two wrongs do not make a right.
“Sadly, banks were bailed out — but two wrongs do not make a right.”
1 wrong and 1 right beats 2 wrongs.
;-)
Have a happy and safe Memorial Day!
I check the local MLS daily as I have a broker’s license. The FHA loans are closing higher than coventional or other types of loans often enough to be a concern, IMO.
Cash buyers also sometimes over pay since there is no appraisal required, but I’m seeing a pattern with FHA that is concerning.
All real estate is local, this may not be the case elsewhere. I just hope the closing costs are not being rolled into those loans & the appraisal massaged to cover it.
What I don’t know is if appraisers are still checking the “declining market” box in this area right now or hanging their hats on the small & short lived (my prediction) clunker uptick.
I’d be interested to know if any other RE professionals are seeing the same thing in other parts of the country.
Btw, before the crash they really ran wild. Appraisers understood that if they hoped to get more work, they had better hit the magic number.
The govt took some of the discretion away from individual lenders as to what appraisers to use but people who want to game the system usually find a way.
As long as prices were going up, no harm was supposedly done & they all slept just fine at night.
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