Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Millions of home owners sending monthly payments to wrong bank
Examiner.com ^ | 10/20/10 | Gil Guignat

Posted on 10/20/2010 3:37:02 PM PDT by GilGil

Just because you have been making your mortgage payments on time and have great credit does not mean that you are not in default.

Tens of millions of mortgage holders are making their mortgage payments to banks that cannot prove they own the mortgages to their homes. This is now a fact. Think about this for a minute.

The odds are that the monthly payment you are making to your bank is being cashed by a bank that cannot prove ownership of your mortgage. This means that you are making payments to a bank that does not have the authority to give you back your home should you want to pay it off. It also means that all the mortgage payments you have made have not gone to paying off your home.

As of now there is no way of getting back your home since the bank does not own you mortgage. If you think you can bury your head in the sand on this one, you cannot.

(Excerpt) Read more at examiner.com ...


TOPICS: Business/Economy; Government
KEYWORDS: derivatives; forclosure; mortgage; obama
Navigation: use the links below to view more comments.
first 1-5051-58 next last
The point here is that because banks do not know where original documents are, and mortgages have been flipped so many times, the banks cannot prove they have any authority over your mortgage. This means they cannot show they have the right to collect pauments or to foreclose or to take the lien off your house if you paid it off. What an unbelievable mess. Here in Phoenix we are now starting to see lawsuits by home owners in good standing demanding the bank holding their mortgage prove they actually own the mortgage. Keep in mind there are tens of millions of homeowners in good standing drowning in this disaster.
1 posted on 10/20/2010 3:37:08 PM PDT by GilGil
[ Post Reply | Private Reply | View Replies]

To: GilGil
Hello? I pay my money to the bank that loaned me the money to pay off my previous loan.

ML/NJ

2 posted on 10/20/2010 3:40:29 PM PDT by ml/nj
[ Post Reply | Private Reply | To 1 | View Replies]

To: GilGil

I’ll have to run this past my husband, this is confusing even me.


3 posted on 10/20/2010 3:42:17 PM PDT by brytlea (Jesus loves me, this I know.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GilGil

Bookmark.


4 posted on 10/20/2010 3:42:38 PM PDT by SuzyQue (Remember to think.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GilGil

Stop paying, the bastards will get the note lickity split. If you are paying on-time they will let it slide. Nobody cares what filing cabinet the actual title and note is in. It isn’t real hard to track down.


5 posted on 10/20/2010 3:43:08 PM PDT by central_va (I won't be reconstructed, and I do not give a damn.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GilGil

http://www.cnbc.com/id/39745284


6 posted on 10/20/2010 3:44:53 PM PDT by anniegetyourgun
[ Post Reply | Private Reply | To 1 | View Replies]

To: GilGil

Homeowners are being scammed because they have no clue who is the note holder.


7 posted on 10/20/2010 3:48:27 PM PDT by taxtruth
[ Post Reply | Private Reply | To 1 | View Replies]

To: ml/nj

Hello? I did this. I refinanced. Clicked the wrong mortgage payment in Quicken. When I got a late payment notice, I was shocked. Figured it out. Called the previous mortgage holder, sat on hold sweating....

I had my mortgage payment back in 24 hrs.

Bankers aren’t so bad.


8 posted on 10/20/2010 3:50:29 PM PDT by y6162
[ Post Reply | Private Reply | To 2 | View Replies]

To: central_va

*Stop paying, the bastards will get the note lickity split. *

THAT is really AWFUL advice!!

Besides, that is what the fraudclosure gate is all about. They don’t have the paper work to show you, so they pay fees for mills to CREATE them for the courts.

One of the tricks these foreclosure mills do, is wait for you to stop paying and then proceed with the foreclosure. Or not post your payment on time, and then foreclose. Or pretend to modify your loan, and then when they decide that you don’t qualify, foreclose because you paid a lower payment for months, and foreclose on you.

The have been selling these “investments” making their bonuses, selling these foreclosed homes to each other, pennies on the dollar, and making quick bucks, AND they got TARP money, OUR money!!!!!

How many times have they made money off of the same mortgage?????


9 posted on 10/20/2010 3:53:52 PM PDT by TruthConquers (Delendae sunt publicae scholae)
[ Post Reply | Private Reply | To 5 | View Replies]

To: central_va

Except that a few weeks ago a class action lawsuit was filed in Kentucky by 100,000 home owners in foreclosure. The bank cannot come up with the original docs and therefore the bank cannot foreclose. Two years ago in Kansas the same type of lawsuit was filed. The federal judge asked to see the original docs. The bank could not come up with them. The rule is that they must show the original signed docs. The judge said:” no docs, no foreclosure.” The home owners have now filed to vacate the foreclosures.

This problem is so huge, that you don’t quite get it yet. It is beyond ridiculous. Class actions are mushrooming all over the nation. After the elctions, the bottom will fall out for all to see.


10 posted on 10/20/2010 3:57:13 PM PDT by GilGil
[ Post Reply | Private Reply | To 5 | View Replies]

To: central_va

Except that a few weeks ago a class action lawsuit was filed in Kentucky by 100,000 home owners in foreclosure. The bank cannot come up with the original docs and therefore the bank cannot foreclose. Two years ago in Kansas the same type of lawsuit was filed. The federal judge asked to see the original docs. The bank could not come up with them. The rule is that they must show the original signed docs. The judge said:” no docs, no foreclosure.” The home owners have now filed to vacate the foreclosures.

This problem is so huge, that you don’t quite get it yet. It is beyond ridiculous. Class actions are mushrooming all over the nation. After the elections, the bottom will fall out for all to see.


11 posted on 10/20/2010 3:57:24 PM PDT by GilGil
[ Post Reply | Private Reply | To 5 | View Replies]

To: GilGil

This is the dirty little secret of the banks.....

My loans on my homes were through BoA....in late 2000, they sold my mortgage to another bank, they informed me and BoA remained the servicing bank. The notes have been re-sold several times since. In short, my payments still went to BoA.

The entity I now owe the money to is the entity that physically has possesion of the original note I signed.

That entity is the one that can foreclose on my homes. I no longer know who that is....

In theory, I could continue to pay BoA yet have another bank institute legal claim....I’d be screwed....

What’s really interesting is that the original loan documents may no longer exist, lost with only copies existing.

In that case, I now legally own the homes since no bank can exert a original unsatisfied loan......

This is a real mess even for homeowners who pay their mortagages on time due to shoddy bank pratices....


12 posted on 10/20/2010 3:58:02 PM PDT by nevergore ("It could be that the purpose of my life is simply to serve as a warning to others.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: y6162
"When I got a late payment notice, I was shocked. Figured it out. Called the previous mortgage holder, sat on hold sweating...."

Every day thousands of corporations let their bills go past due. Most eventually pay up, but their corporate officers don't spend a lot of time anguishing and sweating over it. It's all part of doing business.

Ah, but with consumers and the all-powerful, all-knowing credit agencies we are now one late payment away from a debilitating credit score.

USA: Land of the Free and Home of the Brave? Hardly.

13 posted on 10/20/2010 3:58:14 PM PDT by who_would_fardels_bear (These fragments I have shored against my ruins)
[ Post Reply | Private Reply | To 8 | View Replies]

To: GilGil
After the elections, the bottom will fall out for all to see.

Yeah like the stock market hitting bottom...

14 posted on 10/20/2010 4:00:30 PM PDT by central_va (I won't be reconstructed, and I do not give a damn.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: who_would_fardels_bear

Worst than that..the mortgage is in my wife’s name.

She’d cut my balls off if I hurt her credit rating.


15 posted on 10/20/2010 4:01:09 PM PDT by y6162
[ Post Reply | Private Reply | To 13 | View Replies]

To: GilGil

My mortgage hasn’t been sold to the secondary market. It’s been JPMorgan Chase since day one.


16 posted on 10/20/2010 4:03:07 PM PDT by SandyInSeattle (When life gives you lemons, throw them back and demand chocolate.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: nevergore
"BoA remained the servicing bank"

This is a very important point. Many people think that because they are still sending payments to the same servicing agent, that servicing agent still owns the mortgage.

This is often not the case.

Unfortunately so many laws have been broken that congress is most likely going to pass a law to wave a magic wand and make everything right.

Foreign countries will sign agreements to handle international mortgages. Banks will get together behind closed doors and do the deals necessary to assign all of the mortgages.

And once again we will be told by the media that it was all done for our own good.

17 posted on 10/20/2010 4:03:52 PM PDT by who_would_fardels_bear (These fragments I have shored against my ruins)
[ Post Reply | Private Reply | To 12 | View Replies]

To: SeaDragon

Per our discussion last week.


18 posted on 10/20/2010 4:05:15 PM PDT by RikaStrom (Pray for Obama - Psalm 109:8 "Let his days be few; and let another take his place of leadership.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: nevergore

You understand this precisely. That is exactly the problem.


19 posted on 10/20/2010 4:06:15 PM PDT by GilGil
[ Post Reply | Private Reply | To 12 | View Replies]

To: SandyInSeattle
My mortgage hasn’t been sold to the secondary market. It’s been JPMorgan Chase since day one.

Too bad. You can't participate in the great mortgage relief lottery. You're screwed...


20 posted on 10/20/2010 4:07:26 PM PDT by central_va (I won't be reconstructed, and I do not give a damn.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: SandyInSeattle

that is utterly meaningless.

Chase may still have, and probably HAS sold the promissory note and mortgage on the default swap market. They just kept the servicing rights.


21 posted on 10/20/2010 4:09:27 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
[ Post Reply | Private Reply | To 16 | View Replies]

To: central_va

You got that right. My mistake, actually being diligent with my bills.


22 posted on 10/20/2010 4:10:06 PM PDT by SandyInSeattle (When life gives you lemons, throw them back and demand chocolate.)
[ Post Reply | Private Reply | To 20 | View Replies]

To: GilGil
Oh, we know who our mortgage payments are going to. BofA, they hold the loan and REFUSE to refinance us to a lower rate. No other agency will touch us because once we say that BofA owns the mortgage they say they can't help us.

The last time we talked to BofA they "advised" us to stop paying.

23 posted on 10/20/2010 4:11:13 PM PDT by Vicki (Washington State where anyone can vote .... illegals, non-residents, dead people, dogs, felons)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GilGil
A good lesson for people when they shop for a mortgage. I have been making loans for people for 8 years, and this has never been any issue for anyone I have worked with.
That's because my company services the loans we make. I have heard many of these stories from people who thought they would save a few dollars on closing costs, or get 1/8 lower rate.

I always tell people that a mortgage is not a commodity. It matters a lot who you deal with.
Many more people today realize that.

24 posted on 10/20/2010 4:11:18 PM PDT by HereInTheHeartland (You know it's bad for them when Obama's #1 enemy is the Chamber of Commerce)
[ Post Reply | Private Reply | To 1 | View Replies]

To: longtermmemmory
Chase may still have, and probably HAS sold the promissory note and mortgage on the default swap market. They just kept the servicing rights.

No, they didn't. Chase owns it completely.

I have had mortgages before with other companies that immediately flipped it to some unheard of outfit before I even made my first payment, but Chase hasn't done that.

25 posted on 10/20/2010 4:12:38 PM PDT by SandyInSeattle (When life gives you lemons, throw them back and demand chocolate.)
[ Post Reply | Private Reply | To 21 | View Replies]

To: who_would_fardels_bear

Except that the pensions that have bought these mortgages and other investment houses like Pimco are filing RICO lawsuits for fraud by the banks.

In other words the banks are being sued for selling mortgage derivatives that had no underlying assets. The Congrss cannot paper this over and there are tens of trillions of dollars in losses.

Fraud is fraud and there is nothing the Congrss will do. Under RICO the courts will award the plaintiffs for damges and lost assets. It is blatant.


26 posted on 10/20/2010 4:14:02 PM PDT by GilGil
[ Post Reply | Private Reply | To 17 | View Replies]

To: central_va

“You can’t participate in the great mortgage relief lottery. You’re screwed...”

Yeah, same here. My credit union holds my note.


27 posted on 10/20/2010 4:16:29 PM PDT by rickb308 (Nothing good ever came from someone yelling "Allah Snackbar")
[ Post Reply | Private Reply | To 20 | View Replies]

To: SandyInSeattle

how do you actually KNOW that? do you work for chase?


28 posted on 10/20/2010 4:23:44 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
[ Post Reply | Private Reply | To 25 | View Replies]

To: who_would_fardels_bear

“Unfortunately so many laws have been broken that ...”

What would be a few of the laws broken?

Links, documentation?


29 posted on 10/20/2010 4:24:31 PM PDT by truth_seeker
[ Post Reply | Private Reply | To 17 | View Replies]

To: GilGil

my bank just recently sold the my note to Freddie or Fannie..I forget.

The bank told me they remain as the servicer of the loan.

“If” they were hired to service the loan, can’t they collect payments ?


30 posted on 10/20/2010 4:25:00 PM PDT by stylin19a (Never buy a putter until you first get a chance to throw it)
[ Post Reply | Private Reply | To 1 | View Replies]

To: longtermmemmory

OMG. I stand corrected.

When I got my mortage, I was told that Chase did not sell their mortgages on the secondary market. I just called and asked them, and the nice man told me that the investor on my mortgage is... drum roll... Fannie Mae.

I will now go jump off a bridge.


31 posted on 10/20/2010 4:32:49 PM PDT by SandyInSeattle (When life gives you lemons, throw them back and demand chocolate.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: GilGil

My orginal motgage was with World Savings

which was bought out by Wachovia

which was bought out by Wells Fargo

I refinaced with Wells Fargo (pulled $$ to replace sewer)

mortgage immediately transferred to Freddie Mac.

wonder where the original papers are? ( I have my copies)


32 posted on 10/20/2010 4:32:50 PM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: GilGil

when we were researching our mortgage seven years ago, the guy who helped us with our loan emphasized that they only sold 2% of their loans. It didn’t make that big an impression on us then, but now, that’s definitely a must in our book.


33 posted on 10/20/2010 4:32:54 PM PDT by mockingbyrd (Remember in November.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dynachrome

motgage = mortgage


34 posted on 10/20/2010 4:33:19 PM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
[ Post Reply | Private Reply | To 32 | View Replies]

To: SandyInSeattle

I have a friend that went into bankrupty after losing his job. When his bankrupty attorney checked out the mortgage for his case ,he found out that Chase never recorded the original contract. NO mortgage contract no, no mortgage. The court dismissed the mortgage as a unsecured loan.


35 posted on 10/20/2010 4:46:38 PM PDT by omegadawn (qualified)
[ Post Reply | Private Reply | To 16 | View Replies]

To: brytlea

They are saying that the mortgage wasn’t transferred correctly and the paperwork isn’t in order. It is mostly hype as it will come to nothing in 99.9% of the cases.


36 posted on 10/20/2010 4:48:30 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: GilGil

It isn’t a rule is the law. The two docs must stay together otherwise the title suffers bifurcation and well... it’s an F-ing mess.

It don’t matter if the Fed does QE2, QE3 or more. It’s only going to get worse.


37 posted on 10/20/2010 4:52:06 PM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: GilGil

Ok, I’ve been reading all these comments long enough to know there are some shenanigans going on here. I know the canister this cake mix (technicality) came out of and I will tell you this, (1) If you have your mortgage with a big bank and are paying your payment to that bank, thank your Creator and do everything humanly possible to keep your standing Grade A. (2) You can be sure the system knows every bean it should get and where that bean is. (3) If any of you think for one second of committing fraud with these bean counters you are too simple or too immature to have a mortgage in the first place and you and your property will soon part ways.

It may not seem like it right now but Grade A’s and that includes those who communicate with their lender and make arrangements when times are tougher will have value like fine gold, doing the right thing, upholding your end of the agreement.


38 posted on 10/20/2010 4:54:42 PM PDT by forest153 ("There's a snake in my boot!")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants

I figured it was hype.


39 posted on 10/20/2010 4:58:12 PM PDT by brytlea (Jesus loves me, this I know.)
[ Post Reply | Private Reply | To 36 | View Replies]

To: SandyInSeattle

Yeah. When we bought in 07 we made a point of NOT going with Bank of America because we had them on our other mortgage. Not having a clue about what was brewing we went to Countrywide. They had a local office and the girl that helped us was a sweetheart. Still ended up with BofA as a the servicer and Freddie Mac as the investor.

There’s a whole lot of people out there that have no clue who the payments actually go to.

Hello from the Olympic peninsula.


40 posted on 10/20/2010 5:08:35 PM PDT by moehoward
[ Post Reply | Private Reply | To 31 | View Replies]

To: truth_seeker
My understanding is that when the title is transferred in some cases there needs to be a physical signature, and it can't just be an electronic transfer.

So every time that happened that would be a violation of the law.

Also in some cases when title is transferred there is a transfer fee that needs to be paid to a state or local entity. My understanding is that many of these transfers that occured electronically were done without fees being paid.

I also understand that a lot of the foreclosure paperwork was done by people who were not legally qualifed to do so, and was done without a notary public when in some cases a notary was needed.

Multiply those violations by the tens or hundreds of thousands of times that they occured and you have a tidal wave of illegality.

41 posted on 10/20/2010 5:18:26 PM PDT by who_would_fardels_bear (These fragments I have shored against my ruins)
[ Post Reply | Private Reply | To 29 | View Replies]

To: who_would_fardels_bear

If the original mortgage-holder has sold the loan, but nobody has notified the “home owner”, how can he be held responsible for sending the payment to the wrong company?


42 posted on 10/20/2010 5:31:20 PM PDT by gitmo ( The democRats drew first blood. It's our turn now.)
[ Post Reply | Private Reply | To 17 | View Replies]

To: SandyInSeattle

“My mortgage hasn’t been sold to the secondary market. It’s been JPMorgan Chase since day one.”

Actually, look into Mortgage Backed Securites and you will find that not to be true.


43 posted on 10/20/2010 6:31:31 PM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: gitmo
I believe that the banks have more to worry about in the long run than the homeowner. The homeowner should expect the company servicing his loan to act in good faith and pass on the payments (minus any fee) to the mortgage owner.

If the servicing company is not doing this properly then the servicing company is the one that should ultimately be out of pocket.

However, the servicing company might argue otherwise and the homeowner would have to go to court to prove otherwise.

If the banks can keep these cases separated then they can prevail by strength of their legal resources. However, if an enterprising law firm could turn a bunch of similar cases into a class action then the tide could turn in favor of the homeowners.

44 posted on 10/20/2010 6:44:05 PM PDT by who_would_fardels_bear (These fragments I have shored against my ruins)
[ Post Reply | Private Reply | To 42 | View Replies]

To: forest153
Total BS!I went though this nightmare after never being late and could never find the holder of the note.I ended up in court with an attorney for the fee of 5k to find out WHO! the note holder was!Finally,my loan ended up in a Chinese bank that wasn't even documented in the loan.I'm out 5k and I'm still in the process of proving I even paid the payments on a lousy 30k equity loan on a 250k property.
45 posted on 10/20/2010 8:22:54 PM PDT by taxtruth
[ Post Reply | Private Reply | To 38 | View Replies]

To: stylin19a

Yes! they will collect the payment nut the point is that they most likely do not have the authority to foreclose because they cannot come up with the original loan docs.


46 posted on 10/20/2010 11:17:00 PM PDT by GilGil
[ Post Reply | Private Reply | To 30 | View Replies]

To: forest153

The point here is that there are class action law suits popping up everywhere. A few weeks ago a class action in Kentucky was filed on behalf of 100,000 foreclosed on pruperty owners.

This lawsuit is pursuing RICO law which us used against organized crime looking for a pattern of fraudulent activity. The bank in this suit has committed fraud most likely with all 100,000 home owners by intentionally filing false documents to be able to froeclose.

There are some 20,000,000 foreclosed property and the odds are all will go into class actions.

The losses are in the trillions and the damages are in the trillions. As this goes forward many banks will be crushed with these lawsuits, but more importantly so will the home owners in good standing.

How? Property values will keep going down as it is revealed in court that the values of these homes are half of what the banks stated. Goreclosed properties are seeing their oners stay in there for years because the banks son’t have time to deal with them. How is that for property values. You make tens of thousands of dollars in mortgage payments every year while the guy next door pays nothing for years until the class action is settled.

It does not take a genius to understand that the overall real esate market will collapse until this is all worked out somehow. I’m guessing it will take another 7 years.

And once again, home owners in good standing have to wonder if the bank they are making payments to can prove ownerdhip of their mortgages. This is a very, very serious question. If the bank cannot prove ownership, then home owners are sending payments to a bank that does not own their mortgages. This is fact that this situation now exists.


47 posted on 10/20/2010 11:33:35 PM PDT by GilGil
[ Post Reply | Private Reply | To 38 | View Replies]

To: taxtruth

Total BS! What’s BS? The comments in the article or what I said? Son, you got to narrow your focus a little more with me.

But I could have saved you 5k. You have documentation on your payments? Send a copy to which you made your payments to. Now I won’t tell you that there won’t be some time, teeth grinding frustration, and copy machine—plus postage expenditures. You would get a lot of back and forth, maybe a letter saying things that would scare a rooster out of his socks but you got your documentation so don’t let them see you sweat. And should you find yourself standing before the man like you did, represent yourself and show his or her honor your documentation; payments made and said bank received, a log of who you spoke to, the time you spent, postage—including that final certified letter showing your paid documentation and said letter received or not. If you just answer the honorable’s questions and not use their courtroom as a platform—be respectful in dress and a little humble in attitude, in the climate we are in right now in our country, I would pay good money to sit in the ‘gallery’ on this one.

I’m going to give you some two edged wisdom here: when you appear before a judge with an advocate, the judge sees the advocate. Don’t misunderstand me, a gifted advocate is worth their weight in gold and I’m not about taking anything off their table. But this is a very uncomplicated situation; you paid and the lender said you did not and the lender has entered their claim in suit (hopefully, the court is convenient to you).

Now a necessary or unnecessary irritation of our complex society is you will most likely have to produce all this to your local credit bureau (now is somewhere between taxes and death).

Think about this, you have gone through this and you now know more than a lot of other people; knowledge and experience always make you stronger.

Taxtruth, I hear the ‘mumblers’ out ‘there’ and I will tell ‘all’ that this is the United States of America and her charter, the Constitution, is standing strong (in relation to all things in our country—including the judicial). And the more stuff some folks stack on that bridge to the Constitution, making the path more complicated and perilous that we just about need an advocate to lead us through to get to it, the Constitution is still there. And precious as she is there are a lot of folks who go over every inch of her 24/7 looking for a crack somewhere. And now days there are some who put her on like a latest fashion and berate our blessed country, bang hard working people on the head, frighten the innocent, and keep folks walking around on their knees.

I don’t think our previous generations made the sacrifices they made so some whiney mumblers with agendas could walk in, lie and deceive folks into believing this is not the blessed and best place in our world in order to muddy the water, and then take what they don’t even want.

I guess that’s about all. I need to put some things together for GilGil.

All the best,
forest153


48 posted on 10/21/2010 10:31:35 AM PDT by forest153 ("There's a snake in my boot!")
[ Post Reply | Private Reply | To 45 | View Replies]

To: GilGil

GilGil

I apologize for just now sending you a response. I had to jump off Free Republic to study some stuff happening in Russia.

Well GilGil, first I’m going to take you honestly, that all you wrote fell out of your brain—are your own thoughts. Now you have said a lot of things and some are pretty serious so I also must consider you are pretty concerned about all this. And you would not have posted this on Free Republic lest you be one of those who are getting some very perverted pleasure in seeing our country get a pounding then spreading worry to a lot of very sincere people.

Second, I’m going to have to find some papers (from Fall of 2008 and Spring of 2009) so don’t give up on me. I didn’t start with the Internet until the summer of 08 and didn’t know how to ‘save’ in folders until my daughter came home on holiday (Christmas 08). So I have enough stacks of paper around to give book larvae acid reflux. I think you will find these interesting.

If you do have a minute, jump back on your article and read what I posted to ‘Taxtruth’ on #48 for a warm-up.


49 posted on 10/21/2010 11:11:05 AM PDT by forest153 ("There's a snake in my boot!")
[ Post Reply | Private Reply | To 47 | View Replies]

To: forest153

Oh! My. You still don’t get it.

There are over 20 million foreclosures almost all of which are held by institutions that cannot prove ownership. This is a fact.

This is going to result in trillions of losses. The Fed has no other option but to print to infinity.

The effect on real esate is another 50% drop.

The fact is that homeowners in good standing are most likely making payments to institutions that cannot prove ownership. Wait another 6-12 months and all will reveal itself. In the meantime, people making payments have no idea whom they are going to.

Next year will be a bloodbath for the economy specifically because of this problem. As far as the Constitution goes we have the First and Second amendment left and not much more.

As I said, no need to argue about this. Facts will speak for themselves. Those owners in good standing are getting the screwing of a lifetime. That is fact.


50 posted on 10/21/2010 1:41:04 PM PDT by GilGil
[ Post Reply | Private Reply | To 48 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-58 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson