Posted on 10/06/2010 5:35:15 AM PDT by Chunga85
Yesterday, Texas Attorney General Greg Abbott asked 27 lenders and loan service companies to freeze foreclosures in the state over concerns about the accuracy of foreclosure documents.
Abbott asked that evictions of families living in foreclosed homes be halted as well.
(Excerpt) Read more at moneywatch.bnet.com ...
Attorney General Greg Abbott has an (R) next to his name.
I remember a book back in the early ‘70’s called “The Velvet Monkeywrench”. Seems like this is an example of that: a bureaucrat or other interested party simply tosses up fog in order to derail a process that has been ongoing and is well-established on the alleged grounds that there’s something fishy in the process. Enviros have been the biggest users but it appears the tactics has wider application, sad to say.
You are off the mark in this case. There is real concern that banks all over the country have been a little quick on the trigger in foreclosing and evicting. False information in some documents have been found and that is the reason for this.
Good for Gregg Abbot.
He has some interesting bed fellows. Hard to watch this idiot but some times necessary.
Hehttp://www.youtube.com/watch?v=ruEeuskrAE0&feature=player_embedded
Why don't they freeze the ability of idiots buying houses they can't afford?
Ask... as in has no legal authority to compel.
what he is really asking for is a headline... and he got it.
It was a request, not an order. It’s also something the lenders were going to do anyway.
The borrowers income could have easily been confirmed by the required IRS Form 4056-T before closing.
So you throw the constitution in the toilet because you have a "real concern" that banks are a little "quick on the trigger"?
And you call yourself a "conservative"?
I call you a Statist.
Agreed
However, banks were strong armed into provided these loans, knowing full well they wouldn't be repaid. That's one of the major reasons we're in this mess to begin with.
Wow. You need to look into this matter a little further before you go shooting your mouth off. This is an extremely serious problem.
Thousands upon thousands of foreclosures around the country may have occurred with improper, possibly forged, paperwork. The banks may not even have had proper ownership of the titles to foreclose in the first place.
If you purchased a property that was in foreclosure and do not hold title insurance with YOU as the beneficiary (not the bank who is the beneficiary unless you bought a 3rd party policy), you may not actually own your property.
Get the problem now?
Title companies which couldn’t care less about homeowners( that’s their function, nothing personal ) have in some cases refused to issue title insurance. Why? Because the titles are.....not clear. ( Insurance companies don’t like insuring things without known risk ).
So, we have finance institutions and government together( who would of thought? ) again.
My prediction? Obama backs up titles, just like the freekin President of the US, like some hack used car lot guy( sorry guys for comparing you to the president ) backed up the shocks on your Government Motors/Union Tug car.
snip>
I WANT ALL OF AMERICA TO WATCH THE ATTACHED NEWS STORY AND LISTEN TO ALL TEN MINUTES OF THE ATTACHED 911 PHONE CALL.
HEAR THE TERROR IN THIS WOMAN’S VOICE.
THIS WOMAN WAS NOT IN FORECLOSURE.
THIS WOMAN’S HOME WAS IN PERFECT, PRISTINE CONDITION. SHE WAS RELAXING COMFORTABLY ON HER COUCH WHEN A BURGLAR CAME KICKING DOWN HER DOOR.
IT WAS A BURGLAR HIRED BY THE BANK BREAKING DOWN HER DOOR.
snip>
I admit I am not a Constitutional lawyer but what in the Hell are you talking about?
And you call yourself a "conservative"?
I haven't called myself anything.
I call you a Statist.
Who cares?
Sorry, but it is no excuse for throwing the constitution in the toilet.
Thousands upon thousands of foreclosures around the country may have occurred with improper, possibly forged, paperwork.
Yeah and thousands upon thousands of the people who are being foreclosed on lied about their income in order to qualify for houses they could not afford. Maybe the AG should just presume that everyone who is behind in their mortgages filled out fraudulent loan applications and then they should be thrown out of their homes even before the foreclosure process has begun. Maybe everyone who bought a house on "stated income" should be deemed a "squatter". How does it feel to wear the shoe on the other foot?
The banks may not even have had proper ownership of the titles to foreclose in the first place.
Constitutionally that is for the COURTS to decide, not for some Political Hack like Greg Abbott.
If you purchased a property that was in foreclosure and do not hold title insurance with YOU as the beneficiary (not the bank who is the beneficiary unless you bought a 3rd party policy), you may not actually own your property.
Well that sounds like YOUR problem, not the State's.
Get the problem now?
The problem is that whenever there's a problem, statists like you look to the State to overreact and use the power of the State to take over entire industries.
You're on the wrong forum here, Mr. Statist.
It was a request that the 27 companies in Texas halt the process until Oct. 15 giving them time to assure the state they were following state foreclosure laws. Foreclosures have been halted in 23 other states already. Apparently the foreclosure process has had some annomolies with regards to state laws. Get it correct and proceed is all that is being asked.
Regardless of the repo, the laws have to be followed. Just as many banks and other finance players have a proven rep of playing fast and lose in issuing morgages, the same thing is occuring in forclosing.
Seriouly, how many lenders, agents, lawyers, fiduciary issuers/players of the mortgage build up were arrested or charged? I can not think of one.
So, they, and that mindset is still there, only reverse.
Remember, every in on the foreclosure procedure makes money on each and every one, and like anything else, is incentivized to cut corners if there is no effective corner to prevent them.
So, what do you think is the rule here? Money or law? Two different words.
( I support the liquidation and return of assets to the market, btw )
They already do. We live in a classical, textbook fascists country. It's no different here than in Mussolini's Italy or Germany.
Under what Constitutional Authority does the Attorney General of the State of Texas have to order a halt to ALL foreclosures?
This is the question we as conservatives should ask of all politicians every time they take some kind of state action or they try to pass some piece of legislation.
You're response is like that of Nancy Pelosi when the reporter asked her to tell him what provision of the Constitution allowed Congress to pass their health care law. Her response was "You're kidding aren't you?"
Well most of the Freepers who are all giddy about Abbott's action here are reacting the same way when people like me ask them to explain the Constitutional authority that Abbott is invoking for this sledge hammer approach to a perceived problem.
So go to the Constitution and tell me how Abbott has the power to do this?
You are a weak person who cannot admit that he was woefully wrong. You haven’t the foggiest idea what you are talking about and you are making yourself look like a fool.
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