The note holder companies were made whole by the bailouts and trillions of tax dollars taken from the tax-payers.
Lenders would be stupid to make loans in California and investors would be stupid to partake in that commie ball of wax. When money dries up and poverty goes up, California will change.
California’s large bloc of voters, third world transplants, know nothing about American wealth and freedom. They are re-creating what they know - oppression, poverty and corruption of home, sweet home at the behest of American socialists.
Everything about lending in California is nuts.
Four time we have tried to refinance our second home in the last two years.
Four times we started the process only to have “something” come up that ended it.
Last one, one week before signing the bank said “oh yea, we have decided to make the loan to ratio 70& instead of 80% so you no longer qualify, unless you want to bring money to the table”.
We are done. I am at the point to just walk away, oh we wont of course but ahhhhhhh!!!!!!!
All the changes come from stupid idiotic California meddling and constant rule chnages.
“Robo-signing is a victimless event.”
No, it is not. Robo-signing has resulted in numerous false and wrongful foreclosure seizures of homes that were not in default and in some cases, like in Naples FL, the home was owned free and clear. Robo-signing also violates the Notary laws of several states that require such papers to be notarized to prove the identity of the person signing the documents, and how do you do that when the signer is a machine?
While I generally do not care for liberal legislation the banks had this coming to them. After trillions of dollars in bailouts and debt forgiveness from the taxpayers they turn around and persecute the people who owe them money?
If the bankers had acted like Christians and treated people the same way THEY wanted to be treated then this would not have happened.
Matthew 18:21-35
New International Version (NIV)
The Parable of the Unmerciful Servant
21 Then Peter came to Jesus and asked, “Lord, how many times shall I forgive my brother or sister who sins against me? Up to seven times?”
22 Jesus answered, “I tell you, not seven times, but seventy-seven times.[a]
23 “Therefore, the kingdom of heaven is like a king who wanted to settle accounts with his servants. 24 As he began the settlement, a man who owed him ten thousand bags of gold[b] was brought to him. 25 Since he was not able to pay, the master ordered that he and his wife and his children and all that he had be sold to repay the debt.
26 “At this the servant fell on his knees before him. ‘Be patient with me,’ he begged, ‘and I will pay back everything.’ 27 The servant’s master took pity on him, canceled the debt and let him go.
28 “But when that servant went out, he found one of his fellow servants who owed him a hundred silver coins.[c] He grabbed him and began to choke him. ‘Pay back what you owe me!’ he demanded.
29 “His fellow servant fell to his knees and begged him, ‘Be patient with me, and I will pay it back.’
30 “But he refused. Instead, he went off and had the man thrown into prison until he could pay the debt. 31 When the other servants saw what had happened, they were outraged and went and told their master everything that had happened.
32 “Then the master called the servant in. ‘You wicked servant,’ he said, ‘I canceled all that debt of yours because you begged me to. 33 Shouldn’t you have had mercy on your fellow servant just as I had on you?’ 34 In anger his master handed him over to the jailers to be tortured, until he should pay back all he owed.
35 “This is how my heavenly Father will treat each of you unless you forgive your brother or sister from your heart.”
I continue to scratch by head in bewilderment wondering why any business (or bank) would want to do business in Mexifornia.
the author completly botches the article. The author does include the fradulent valuations in the discussion.
Banks were hyper inflating the values to have substance to their promissory not sales. Bundlers knew so many loans were destined for default. Buyers were represented that the collateral would cover any default.
where are the bankers under arrest? perp walks?