Skip to comments.U.S. Housing Market Foreclosure-gate Doomsday Revolution Erupts
Posted on 10/20/2010 8:27:12 PM PDT by An Old Man
Foreclosure-gate is heating up and the mad scramble for what's left of $45 trillion in real estate is guaranteed to leave homeowners homeless, pension funds unable to pay their pensions and even some of the biggest banks insolvent. A great housing goat rodeo was created when some of the 65 million mortgages on U.S. homes didn't follow proper legal procedures;
Fraud by homeowners who lied on their loan applications Fraud by banks who didn't follow proper legal procedures around the notarization and processing of mortgage documents Fraud by investment banks who packaged this junk and resold it to unsuspecting pension funds Pension funds promised returns to their pensioners they could never achieve
Lies, lies, lies and more lies. In this jockeying for position, the only thing guaranteed is Leona Helmsley's Law i.e. "Laws and taxes are for the little people". But the little people are starting to fight back in the U.S. and we'll get to that after we do a quick review of the situation at hand and how we got there.
It’s Swahili for “Now I must go post something funny on Free Republic.”
By everyone involved.
At LEAST 100,000 people belong in prison...and that doesn't include any of the buyers.
The end of the world as we know it.
The End Of The World As We Know It.
Interesting article and well-reasoned analysis by the "commentators".
The end of the world as we know it
This is the thread you want to watch.
If This Is True...... KaBOOM
Excellent summary of the situation...
Thanks for the post.
Informative explanation of the problem...who were the Congress critters that passed these atrocious laws to permit this to happen I wonder?
“”If for whatever reason any of these signatures is skipped, then the chain of title is said to be broken. Therefore, legally, the mortgage note is no longer valid. That is, the person who took out the mortgage loan to pay for the house no longer owes the loan, because he no longer knows whom to pay.”
Overall a good article. But I don’t think the statement quoted above is necessarily correct.
The homeowner still owes the unpaid balance on the note but they owe it to the last person to whom the note was endorsed. If that is different than the entity who holds the mortgage, then the note may not be secured by a mortgage. But, except for states with anti-deficiency judgment laws, I can’t think of a reason the endorsed holder of the note could not sue the homeowner for failure to pay the note. It’s just that they could not foreclose to pay the note.
The homeowner may have a right to pay the mortgage payments into court and the various parties who MIGHT be the holder of the note sort out who gets the money. But that would depend on the situation.
And see Patriots: Surviving the Coming Collapse
“The homeowner may have a right to pay the mortgage payments into court and the various parties who MIGHT be the holder of the note sort out who gets the money. But that would depend on the situation.”
Who wins? Lawyers.
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