Judge James L. Shumate
It wlll be interesting to see how this turns out.
Posted on 06/06/2010 6:42:28 AM PDT by Chunga85
Since when do banks have to follow laws?!?
http://www.foreclosurehamlet.org
B of A does not cooperate on mortgage adjustments, because they don’t have to.
B of A
Wells Fargo
Friend to the illegal immigrant
Enemy of the people.
The TOP ‘no adjustment for you’ bank...Citi!
What evidence do you have the banks were not following the law?
The judge is playing tyrant by forcing his narrow minded views
I wisdh I had one of those black robes...I wanna play God too...
I wouldn’t doubt it.
Judge James L. Shumate
It wlll be interesting to see how this turns out.
Have you read the article?
Congratulations taxpayer. Aren’t you glad now that you rewarded BACs moral hazard with a bailout instead of going bankrupt as they deserved?
To be honest with you, the judge might be a left wing prick, but if he hurts B of Mexico,I mean B of A I’ll deal with “strange bedfellows “
LOL!
Exactly, I have dealt with one of these banks and they could care less all they want is your property. Even with excellent credit they are not interested.
The Judge felt so strong about the case before him, he issued the preliminary injunction order without a hearing halting the foreclosure process.
So if I had to guess, I'd say the judge was grandstanding to help the "little people".
Proudly posting from the headline for a very very long time
Agree. I’ve been trying to get reasonable adjustments with these banks and some of them are just impossible. Deutche Bank is one that should be on the list. There is a servicing company that handles these for many banks, America Servicing Company, a subsidiary of Wells Fargo, that is just appalling.
The Bank of America is going to try to trump the state's rights position with the well-worn "federal government uber alles" commerce clause gambit.
I support the judge and admire his courage.
So Judicial activision is bad cept when it’s something you like. Good grief.
I work in the Industry, BOA is the WORST for not following the laws or anything else.
I’ve posted this plenty of times before but I’ll drag it out again just for you...
Wall Street will not get this Genie back in the bottle!
I guess now would be a good time to shoot the greedy homeowners.
It’s crystal clear. From the very beginning the homeowners have gamed the system. They started by tricking the property appraiser (lender’s agent) into submitting an outcome-based appraisal.
Then, millions of homeowners shrewdly conned the “lenders” into dismissing all agency and fiduciary responsibility in the underwriting process....going so far as to force the “lenders” into forging documents.
Then, the greedy homeowners forced the “lenders” to securitize the loan in such a fashion as to bifurcate the mortgage from the note.
On top of that, the homeowners secretly cooked up the concept of “Credit Default Swaps” and forced the “lenders” to insure the collateral at the full (outcome based) value 30X over.
Having successfully pulled the wool over everyone’s eyes - these irresponsible homeowners showered themselves with well deserved bonuses.
Realizing they were too big to fail, these irresponsible, reckless homeowners lined the pockets of legislators and received enormous sums of taxpayer bailouts.
The result of these cunning maneuvers by the fraudulent homeowner scheme has them sitting fat and happy in the cat birds seat. Yup, that’s how they did it. And they’re getting away with it.
Savings drained - check, 401ks all gone - check. Kicked out of their homes - check. “Lenders” made whole many times over via Credit Default Swaps - check. Homeowners foreclosed and “lender” buys back property for pennies on the dollar - check.
Follow the money and you’ll find the culprit. It’s about time we hold these homeowners accountable.
Good call. The website below is sponsored by a well-healed, politically connected, PR machine of greedy volunteers...and contains detailed information on how the collusion on Main Street has ripped off Wall Street.
Don’t look though...it’s just spam.
http://www.foreclosurehamlet.org
Did you read the article? I don’t think people should get to keep a house just because B of A sold the loan, the party that bought the loan as part of the package is the party with the interest in the property.
What happens if someone othr than B of A actually owns the property and later attempts to foreclose like happened recently in Florida when two lenders attempted to foreclose on the same property?
In other words, B of A has no standing.
What ever happened to the notion that when you sign a contract, that contract is binding?
Where does it say that if the economy goes in the toilet you can adjust the contract?
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