Posted on 10/08/2010 3:28:48 PM PDT by Palter
Haven’t tried it; don’t anticipate a lot of success even if I do try it.
Do believe, though, that if standard contract law were followed, that should be the case.
Standard disclaimer - IANAL.
And if the banks made loans to people unlikely to pay them, the banks are entitled to be screwed. Plus, if they can’t find the proper paperwork, they don’t get to foreclose. After all, they wouldn’t cut you a break, if you didn’t follow the proper procedure.
Interesting site, thank you!
These are not minor clerical errors. The statutory timeperiod to reconsile problems on these loans have passed and therefore are fatally defective.
But it gets worse. Having defrauded who knows how many home loans with no clear titles, the Goldman Sachs have taken those loans, bundled them as CDOs, claimed they were securitized, and sold them to your retirement fund. A minor clerical problem..I think not. This 'mess' is so tangled that it cannot be untangled as the law is written now.
So Goldman Sachs (We took the money selling defective CDOs). Goldman Sachs (We didn't know of the clerical error)..they could not help but know....it had to be engineered. Goldman Sachs (We did not even look to check even though the law requires it). These are the smartest people in the world, they tell us, and they are that incompetent...I don't think so. They are that nefarious and evil and morally corrupt as well as criminally liable. They should be tried, convicted, and jailed for the remainder of their lives. It is worse than any 7-11 store robery. They have done it millions of times. and each time more than a street thug would get if he robbed a 7-11 store. They have taken down the banking system with thier vacuous imorality. They are common theives which conducted difficult to understand theft. If Americans knew the depth of this criminality those banks would not exist. As it is the taxpayers are going to pay off their theft, and they will live like kings, having made sport of decent peoples work produt.
During the go-go years 2002-2005, character was completely irrelevant.
Why?
Because NO ONE made a loan with the intention of holding the mortgage while it was paid back.
ALL these bad loans were flogged off to a series of third parties within days of being signed.
You want to see character count for something again? Require the originator of a loan to hold the paper for five years.
Please watch this ,, it’s long (38 mins) but well worth it ,, oral arguments in fromt of the Mass. Supreme Court ,, a major bank blunders through trying to explain the indecipherable and then the lawyer for the homeowner clobbers him with clear concise fact for 25 minutes. This gets to the heart of the matter. The banks that created this mess are going down HARD... http://www.suffolk.edu/sjc/archive/2010/SJC_10694.html
Here’s a great clip ,, FUNNY! http://www.thedailyshow.com/watch/thu-october-7-2010/mortgage-bankers-association-strategic-default
Up to 40 States Plan Inquiry Into Foreclosure Data
Eric Holder is gonna lead the federal inquiry. The inquiry should not be made 'into foreclosure data' but into fraudulent lender practices. Get ready people. You heard it here first.
Foreclosure Velocity and House Prices
Click image to learn more . . .
REMIC kick in the nuts bump.
In many cases, we are now learning that the AAA-rated MBS instruments were sold off to investors first, then the bank went around frantically scrounging for any illegal alien who could sign his name in English to take out the mortgages to back it up.
Thx for the ping.
PFFP ping
Senators seek halt to foreclosures - Reid fighting for his political life
BofA stops foreclosures in all 50 states
Obama sends foreclosure docs bill back to Congress (pocket veto)
Exclusive Bombshell of Foreclosure Fraud – Full Deposition of TAMMIE LOU KAPUSTA
Minnesota attorney general asks lenders to halt foreclosures
Can this monumental mortgage foreclosure train wreck be salvaged?
LISTEN TO THIS TERRIFING 911 CALL- BANK BREAKING DOWN A DOOR!
I got just what you need. Lender Processing Services’ DOCX Document Fabrication Price Sheet
Watching this is HIGH entertainment. The SC justices keep hammering him with questions to get down to EXACT details, and you can see that the counsel for the plaintiff is in way, way over his head on the mechanics of securitization and the paper trail that SHOULD have resulted.... but doesn’t exist.
The justices are asking very reasonable questions. “Where is this written? On which document?” and so forth.
The most hilarious thing is the whole “confirmatory assignment” which the justices point out could exist only AFTER an assignment has been done, and after the written document showing the assignment has been done.
The banking industry is so screwed. They have created a paper trail that is so complicated that lawyers and judges cannot follow it. Lawyers and judges, who are professionals used to shuffling and tracing a LOT of paper....
The whole “assignment in blank” thing is the crux of the issue. The real assignment is done “in blank” (not naming an assignee) and they fill in the name in the “pooling and servicing agreement” - which is NOT recorded anywhere. Then he calls the assignments in blank “confirmatory” assignments.
They’re so screwed. I think that the banks are about to be hoisted upon their own petards.
Own goal for the bankers.
REMIC kick in the nuts bump.
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You said it ,, those wall street bonuses are going to look REAL skimpy when they have to pay 10 years of back taxes with penalties on the rape of the American people they perpetrated... might even be enough to “unbankrupt” the majority of the states.
Real Estate Fraud bump for later.......
This was just this week.
WOW, this “non-assignment” assignment has happened to us. Now, I understand. Somewhere along the way OUR mortgage, that we put a 20% down on, AND have been paying with no late fees, was “Assigned” without a recording OR notice to us. THAT is how BofA thought they could ‘assign” us to Fannie. Then in Fannie’s own letter tells us it is NOT recorded. But there is no record in our county of ANY linkage between our first mortgage holder and BofA.
wow.
And our servicer is just as clueless.
We most likely DO NOT HAVE CLEAR TITLE!!!
What do you think will happen? When will the decision be made?
One of the judges seemed very sympathetic with the realtors. She seemed to care about HOW this will play out across the nation, 200 years of common law be damned.
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