Posted on 07/17/2017 4:46:53 PM PDT by Libloather
This is part of a vast left-wing (corrupt democrat) conspiracy to defraud the taxpayers. Just another Marxist wealth redistribution scheme.
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If these were government sponsored or owned loans that would be true ,, these loans are (supposedly) owned by a private company , however they have been sold and resold with no actual bill of sale for the note being purchased , the supposed owner cannot show ownership... but they likely will collect on 95% of the loans anyway as they will get default judgements in court ... The flipside is that if they cannot prove ownership and still get a judgement against the supposed borrower they are open to lawsuits for wrongful this and that.. basically FRAUD suits and with their track record they will pay out millions on each suit that is later challenged.
The loan resellers and buyers should have learned from the subprime mortgage debacle. Caveat Emptor!
I think they did. That’s the problem.
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Sure did ,, the ceo of the venture capital firm was previously associated with FHLMC ,, he saw that the banks were being allowed to skate without documentary proof and thought he could pull the same scam... at least he is bright enough to see it imploding on HIS firm and to attempt to minimize the future damage.
And the democrats are chomping at the bit to “forgive” all the student loan debt have the taxpayers pickup the losses.
Many people have lost their homes due to confusion as to the actual owner of their debt.
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That is the crux of the matter ,, I know 100% who wrote my note and the ownership path it took because it has been documented in discovery in other lawsuits,, the party attempting to collect is not a beneficial owner or representing a beneficial owner therefore I MUST FIGHT THEM IN COURT or the real owner may come back to collect.
Diana ,
If you bought a nice shiny Corvette at your local Chevy dealer and financed through GMAC ,, and you were sued by Ford Motor Credit because you weren’t making payments to them ... would you start making payments to Ford or would you demand that they show they now own the note? GMAC still wants to get their monthly too...
What part of “private” loans did you not understand? How does this have anything to do with Obama?
And the democrats are chomping at the bit to “forgive” all the student loan debt have the taxpayers pickup the losses.
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Yes of course ,, but they cannot forgive privately owned debt , just the federally sourced or insured debt.
No, it’s about banks and other lenders being sloppy, and transferring loans around with poor record keeping. These are private loans.
Nope.
I’m Debt Free and retired at 55. You DO NOT take on ANY kind of debt in Good Faith without UNDERSTANDING that you NEED to repay it!
Mortgages, Car Loans, Student Loans, Credit Cards, Gasoline Cards, etc. IT’S ALL DEBT. YOU borrowed it at the largess of your Creditors. Pay it the feck back!
That is all. :)
The USG has built digital data farms to survive EMP strikes and each of the DOD services, along with other agencies have constructed what I will only call an unspecified number. Having said that, banking data and library (of congress/books) are critical infrastructure. Banking data cannot get lost, period. Nor can the Library of Congress, the US Patient Office, nor military or intel info.
Didn’t even read the article, did you. This has nothing to do with the Government. These are private loans, packaged and sold. And yes, private institutions would “lose” borrowers information like that. Are you younger than 10? You don’t remember what happened with mortgages around 2007 - 2008?
I’d love to see an internet business set up to service the home mortgage market where many small lenders could pool their money together and make a home loan to a reputable borrower!
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I would love to start a Mortgage Servicing company that actually just does plain vanilla servicing but DOES IT VERY WELL. No BS on customer service calls, accurate accounting, just run it “by the book” .... all the servicers are gaming the system running up fees , giving business to affiliated subsidiaries ... Borrowers should have the ability to choose their servicer ,, many of the bad ones would go out of business overnight.
I bet the IRS could tell you what Loan Data changed hands based on tax records.
Is this the modern equivalent of all those courthouses burning down in the South during Reconstruction?
YOU borrowed it at the largess of your Creditors. Pay it the feck back!
That is all. :)
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So you would pay FMCC and GMAC, good to know , I’ll send you an invoice. Look at it from the borrowers side ,, you take out a student loan with company 123 ,, your loan gets passed around through company after company for years ... every time the interest rates go up your note becomes more valuable and so company 456 , the third company to “own” your note finally sells it to company 789... you have not been notified of even one of these transfers and company 789 is a stranger to you.. they cannot prove they own your note as the paperwork is still with company 234 (they don’t know where it is) ,, you pay off 789 ... Now next year some accountant finds your paperwork at company 234 and they have no idea why you’re not paying them ,, they take you to court and have the paperwork... YOU PAY THEM TOO.
It’s a good idea, but it’s also a sign of the corruption in the system that an honest, fair and efficient processor would not be able to survive. There’s just too much money being made by dishonest processors and lenders (that is allowed by the courts) that an honest player can’t compete.
A contract requires a “wet ink” signature to be valid, no ticky no laundry.
I bet the IRS could tell you what Loan Data changed hands based on tax records.
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Actually no they couldn’t as there is acknowleged fraud in virtually all the REMIC’s created from 1998-2008 , The IRS has given the wall street banks a “pass” on the fraud in a private letter, no records exist...
If you meant on these student loans the answer is still “no” as this company seems to have purchased loans in huge baskets and individual notes cannot be broken out from the whole. And if any of the notes were in default when supposedly purchased then the current owner has no claim as they bought something with a zero value.
The banks don’t pay taxes silly rabbit... that’s for the little people.
..... Just kidding ... It's all paid for ...
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