Replies

Dawn53, Your concerns are valid.

I've been raising this issue for a while now and, by and large, been mocked and ridiculed by the shallow minded "blame the deadbeat homeowner" crowd.

Seems to me it's becoming apparent who the biggest deadbeats are.

Diana Olick CNBC Real Estate Reporter 10/12/2010

Foreclosure Fraud: It's Worse Than You Think

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There has been plenty of pontificating over the ramifications of foreclosure freezes on troubled borrowers, foreclosure buyers and the larger housing market, not to mention lawsuits, investor losses and bank write downs. There has been precious little talk of what the real legal issues are behind the robosigning scandal. Yes, you can't/shouldn't sign documents you never read, but that's just the tip of the iceberg. The real issue is ownership of these loans and who has the right to foreclose. By the way, despite various comments from the Obama administration, foreclosures are governed by state law. There is no real federal jurisdiction.

A source of mine pointed me to a recent conference call Citigroup [C 4.205 0.025 (+0.6%)] had with investors/clients. It featured Adam Levitin, a Georgetown University Law professor who specializes in, among many other financial regulatory issues, mortgage finance. Levitin says the documentation problems involved in the mortgage mess have the potential "to cloud title on not just foreclosed mortgages but on performing mortgages."

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Just announced: 144 Billion shelled out for Wall Street Bonuses! Yippeeee! They broke last year's record!

Wretched Wall Street Bonus Bump!

'Blame the dead beats' is a common refrain on FR. A few of them are wealthy elitists and lifetime GOP member who spout old time' party line' responses. But the party line is changing. The real grass roots GOP is finally waking up.

Most of the naysayers are paid shills who work for mortgage lenders, real estate firms or Wall Street Banks. Also there are disruptors posting here every day. Some are flaming liberals disguised as conservatives. It's a waste of time to argue with them. They are paid to disrupt truth tellers on FR.

There are a few others who are true believers but most of them blame Jimmy Carter's 1977 reforms. They refuse to see that over 20 years passed without any major change in lending standards, late payment collection and foreclosure standards . . .

Until Major Corporate Crooks Like Bozillo Took Over

For insight into the true causes of the mortgage crisis I refer you to stephenjohnbanker's post on this thread He hits the nail squarely on its head.