there was no fraud against the homeowner - the bank that held the note,and was expecting payments, did not get the title rights transferred to it by the letter of the law. That bank tried to foreclose when the payments stopped coming.
There is an entity (not the people living in the house) that will transfer correct title to the note holder, as soon as they straighten out the paperwork.
If the bank cant get the title and the right to foreclose - then they sell the note back to the title holder - and they foreclose. the delinquent homeowner will end up out of the property.
If the home values the homes were assessed at were somewhat aligned with the values the homes have and will have for the next twenty years there was no fraud.
I and many others, however have asserted for over a decade now that the assessment system was corrupted - and that eventually the real estate house of cards would collapse.
If, as we have been asserting all this time the real estate values are down and staying down then yes, there absolutely was fraud against the home owners. We aren't prophets and don't have psychic powers - which would be the only way the Banks and appraisors were not defrauding the public against out warnings all these years.
So what is it, Triple?
If home prices don't go back up - or are you going to try to say those of us who were warning America with our little presentations and pictures and charts were psychics?
You don't have a third option.
there was no fraud against the homeowner
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Homes aren’t a “want” a place to live is a need ... in my area the monsoon of cash thrown at the market had average 4/2/2 houses that used to sell for $110 going for $300+ , in my area that is approx 7x the average salary ,, WAY OUT OF BOUNDS ... and it was all driven by the fact that a Mexican with no SS or history could walk into a WAMU , claim a 150k salary and buy his cousins house for triple what it was worth and they would split the take and go back to Tijuana. There were no houses to rent back then ,, all the apartments went condo .. and those condo’s have crashed from 250K down to 30k...
We’re not talking about buying the latest tennis shoes or whatever new thing Apple just intro’d ... People really had no choice but to pay up... this went on for 5 years ,, it wasn’t a “blip” you could wait out.