Skip to comments.Activists Uncover Foreclosure Scandal
Posted on 10/22/2010 3:58:52 PM PDT by Chunga85
Activists Uncover Foreclosure Scandal
Shattered Dreams: Regular folks discover irregularities
(Excerpt) Read more at video.foxnews.com ...
Pelosi and Obama said, the MOST TRANSPARENT and corruption administration ever.
By Ariana Eunjung Cha, Washington Post Staff Writer
Thursday, October 21, 2010; 12:27 AM
ping on/off...just say the word.
I have trouble getting worked up over this one. The people were foreclosed on because they hadn’t payed their mortgage payments. Perhaps this moved them out of their house faster than if their paperwork was clogged up in the works, but they didn’t get evicted from their homes because of some paperwork mess-up. They got evicted from their homes because they couldn’t pay the payments they owed to fulfill a contract they had signed.
In other words on one hand you had one of the supposedly dumb rubes the politicians think we are, and on the other hand a mind-bogglingly complicated Wall Street scam but the "lowly" woman kicked WS right between the nads.
"The highest office in the land is American Citizen."--Truman?
She’s clearly not one of the burnished, elite ‘power people’ on Wall Street or in DC.
And that’s why she discovered it: she wasn’t looking to cover it up.
How about that for a "Stimulus Plan"?
You’ll get worked up if the government bails out the bankers again as a result of the various investors in these securities supposedly backed by mortgages cram the securities back down into the bankers’ throats.
I FULLY expect that any money in these cases will disproportionately go to Trial Lawyers, and the smaller leftovers (or coupons redeemable for a discount on payments) will go to the ACTUAL victims.
The issue is not the forclosure and legal technicalities.
The issue is the ability of the “lender” (holder of the note) to be able to legally convey clear title to subsequent property owners. If the title is flawed (as many are, especially MERCed notes) title companies are going to be very reluctant to issue a title policy. No title policy in many cases, no loan.
In his Sept 24 ruling, Maine District Court Judge Keith Powers ordered mortgage financier Fannie Mae (FNMA.OB) to cover some attorney's fees of Nicolle Bradbury, a borrower defending against foreclosure, because of GMAC's misconduct as its servicing agent, a date-stamped copy of the ruling shows.
"The experience of this case reveals that, despite the Florida court's order, GMAC's flagrant disregard apparently persists," Powers wrote. "It is well past the time for such practices to end."
"The Court agrees with defendant, and finds to its satisfaction that the Stephan affidavit was submitted in bad faith," Powers added.
John Aromando, a lawyer for Fannie Mae and GMAC, did not immediately return a request for comment.
You DO understand that the FNMA will pay with TAXPAYER funds, right?
The fraudulent property appraisers will be fraudulently protected by the fraudulent underwriters.
The fraudulent title insurers will be fraudulently protected by the fraudulent originators.
The fraudulent GSEs will use our tax dollars as a fraudulent backstop for fraudulent Wall Street behavior.
Then the fraudulent GSEs will use our tax dollars to pay their fraudulent attorneys.
If it's possible to get the message through the fraudulent media it's hard not to reach the conclusion our entire economy is based on fraud.
If I told you I had all the answers I would be making a fraudulent claim.
The fraudulent foreclosure mills and their fraudulent attorneys who've engaged in fraudulent foreclosures may have no escape. I guess that's the only silver lining in this fraudulent cloud.
When this story FIRST broke, I stated that this is all about the Trial Lawyers, and a way to cash in on even MORE taxpayer fleecing.
I have seen several reports where the homeowner is current on payments, is falling on hard times, then request a loan modification like HAMP. The homeowner is told by the bank that the only way they can get the loan mod is if they miss payments. So the homeowner obliges. The bank then begins the HAMP paperwork AND THE FORECLOSURE PROCESS at the same time.
What follows is quite disturbing, the bank never processes the HAMP request and then another department at the bank forecloses.
Also have seen where someone buys a foreclosure for cash and then is foreclosed on because a different lender is claiming to own the home.
You do understand that fannie/freddie have liabilities in excess of SIX TRILLION DOLLARS on mortgages....IT IS ALL TAXPAYER MONEY!
Both Federal Guarantee schemes for mortgages were used to "assure banks that loan risks were covered", using, of course, the Taxpayers' liability/obligation.
As with EVERYTHING that fools think "the Federal Government provides"; it's just signing us (Taxpayers) all up for paying for committmments to benefit friends/constituencies.
When the "poor" were not being loaned money for mortgages (due to their poor credit, inability to pay, etc.), Bill Clinton's bunch decided that welfare checks, no job, no other income, etc., were NOT good enough to deny approval of loan-worthiness, and loans were made to non-qualified (economically) buyers (inability to pay), but socio-economic groups that would always vote Democrat, and they never paid their mortgages thereafter, and we'll be stuck with this bill. The benefit to Bankers was that they were assured they'd make money in the scheme without risk, AND, they could expand their businesses by loaning to a larger base of borrowers.
This type of fleecing goes on in all areas, whether it's the settlements of Class Actions, to reward Trial Lawyers (such as the Tobacco Settlement), or for Unions (such as the Auto Bailouts for the UAW Pension Funds), etc., etc.
The Taxpayer is ALWAYS put on the hook, using popular phrases and contorted claims of "benefit" to The People, to take the tax money and pay off favored Lobbyist interests.
The Constitution has no provisions (INTENDED) to do this raping and pillaging of The People, but by placement of Judges (former Trial Lawyers, etc.) in positions that can skew the meaning of the Constitution, or invent interpretations to suit the Agenda, we are continually at risk for the consequences.
THAT (destruction of the Framers' Intent/U.S. Constitution) is the core of the Tea Party movement.....get out of our wallets, get out of our daily lives, and get back to the LIMITED GOVERNMENT that the Constitution provided.
Fred said, “I have seen several reports where the homeowner is current on payments, is falling on hard times, then request a loan modification like HAMP. The homeowner is told by the bank that the only way they can get the loan mod is if they miss payments. So the homeowner obliges. The bank then begins the HAMP paperwork AND THE FORECLOSURE PROCESS at the same time.”
If that is the case then I feel even less pity for the homeowner because they are knowingly breaking the terms of their mortgage contract when they are still capable of making the payments. The bank can tell you that’s the only way to get the loan, but that doesn’t mean you have to mindlessly follow along and take such a gamble.
I just get sick of people throwing their personal responsibility out the door and then blaming everything on the evil bankers.
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