Anyway, They lost in land court, appealed to the Supreme Court, and and got smacked down hard. No further appeal, case closed, stick a fork in it. Dead. Deceased.
Posted on 01/07/2011 2:38:16 PM PST by ninonitti
Back in the distant past during the S & L crash there used to be workout departments in banks. All that has changed since mortgages were packaged, blended and sold as AAA investments. So long workouts - hello foreclosures.
These "servicers" want to get out as fast as possible so they're not sued by the "owners" of these now worthless not so hot potatoes.
I think the question is who are the bigger scumbags? The folks who walk up to the Fed's PPIP or TALF windows peddling the same crap in new odor proof bags. Or individuals who got in over their heads.
The fight is on.
duties of property and contract...
Good question. Watch this video and you tell me.
Not in Illinois. The lenders recourse is limited by law to the recovery of the property.
This ruling will create utter chaos. The court made this retroactive. This means that if you are living in a house bought a foreclosure sale, the former deadbeat owner can come back and sue YOU for foreclosure!
Taxpayers mainly :(
It’s ridiculous the banks created loans that were only sustainable if the housing market perpetually inflated. They threw out good lending practices because they were greedy that’s why they were known as Liar’s Loans. In the past you were only able to get a home loan with money down, income verification, good credit and only a small amount of other debt.
Do you recall the hundred’s of offers you would get in the mail offering to refinance your home? I know lot’s of people who were encouraged to buy more then they could afford. I remember my own daughter was buying her first home and I had to talk long and hard to her and the son in law in order to talk them out of doing that after the loan officer told them how easy it was. They got a traditional loan and bought what they could afford and still have the home thankfully.
I do think people who took those loans were also at fault but if not for the Banks greed it could not have happened at all. Who should be the wiser the banker or the average Joe? Remember the borrower’s were being told if they can’t refinance it they can sell it and make money?
The Banks let/encouraged/helped people to lie about their income and quickly packaged them up called them AAA and sold them to investors world wide as fast as they could and dumped Trillions on the taxpayers through Fannie/Freddie.
At least the people who bought more then they could afford are suffering their own consequences, i.e. loss of credit, house. For the Banker’s they got to keep all the money they made and got Millions in bonus’s.
You made me look up your silly statement and you are wrong. There is a small clause in the law that says the bank needs to serve you personally to collect on a deficit on the real estate sale. You can bank on the fact that they will always serve the deadbeat debtor personally.
Maybe, if they can find them.
That’s funny. Sad, too. ( You got a blazer with a MLS crest? )
Anyways, the answer to the question is in Hernando de Soto’s ‘The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. ‘
The lie you told about a foreclosure deficient told me all I need to know about you. That is you don’t know much.
Anyway, They lost in land court, appealed to the Supreme Court, and and got smacked down hard. No further appeal, case closed, stick a fork in it. Dead. Deceased.
I had the same thought. This may have a very long lasting effect on real estate.
...they sold these as triple AAA and they owned the rating agencys to boot.
How is it that Moodys et al seem to have taken so little heat in this whole fiasco?
Idiot one does not have anything to do with the other.
No, of course not.
/s
I agree. Just as the occupant must be able to prove ownership, the banks need to prove that they're the mortgage holder, and that the mortgagee is delinquent. This illustrates the perfect reason to keep a physical original of all transactions and records.
I know who owns this one!
.....Who are the scumbags? The banks or the borrowers? Or both?.....
I would argue neither. Both are acting in their oen self interest in the courts. The borrowers have failed to uphold the contract and will ultimately lose unless they can come up with the money. The lenders have used shortcuts acceptable previously but that got out of hand.
The paperwork will be obtained and presented in in the required detail and the foreclosure will go forward.
The real scumbags are the lawyers for the borrowers who drag out the process for their own self interest, lining their own pockets.
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