Posted on 11/12/2010 6:04:54 AM PST by em2vn
The expected litigation frenzy against mortgage lenders that used "robo-signing" tactics — mass signing and approval of foreclosure documents without verification — has launched, with class actions in Florida and Maine and a lawsuit by Ohio's attorney general filed this month, all against GMAC Mortgage.
Other purported class actions involving robo-signing have been filed in federal courts in Indiana, Kentucky, Maryland and New Jersey in recent weeks. Lawyers expect many more to follow
(Excerpt) Read more at law.com ...
Why?
This is a blatant attempt by government and affordable housing groups to force banks/investors to make loan modifications that make no economic sense.
Fall for the Leftist trap.
One person tell me how you are harmed by mortgage assignment.
Mortgage assignment has been around since BEFORE the Great Depression and the creation of the FHA and Fannie Mae. So NOW everyone is upset?
OK, the volume overwhelmed the system. So, you want mayhem, squatters and the Left to really screw taxpayers?
WHO DO YOU THINK WILL PAY FOR THIS? US!!!!!!
It is a good thing because perjury should be punished.
Note-destruction has led to many evils: perjury in curing the document set, note affidavits being taken out on the wrong house and foreclosure attempts on people who don't even hold mortgages (seriously).
Mortgage-payers are asking themselves: does the bank hold the note on my mortgage? Why am I paying the bank if they don't hold the note - I won't gain clear title?
The only way to resolve ownership is to go through the courts. And - of course - make sure no-one bails the fracking banks out this time.
Anyone who has bought a home in the last ten years who has paid their mortage payments in the expectation that they will own their home at the end of their mortage when it is fully paid has been harmed, because the mortgage industry has probably destroyed their chain of assignments. Who will give them a title to their home if no one holds the title?
If the bank can't produce title at closing, you're screwed.
Hah hah!
Just remember that the next time you apply for a mortgage; or do any other financial transaction.
“What do you mean I have to sign 129 more forms; what else do you want from me?”
When you throw a temper tantrum because your transaction can't be completed; just remember why.
Cheering on lawyers as they attack private industry is never a good thing.
For every lawsuit; there will be another fee, or another form to sign next time.
They created a whole system for themselves which made their lives so much easier, but their system isn't legal.
What is happening to the ‘dead beats’ is just the tip of the iceberg. It's when honest homeowners pay off their mortgages that is when the ‘chickens come home to roost’.
And if anyone thinks what the banks have done hasn't screwed up the deeds ask your self why then have the Title Insurers stop insuring titles until the banks promised to make good any losses and ask yourself in the future how will you be able to guarantee that there are no problems with your deed that there isn't somewhere a Investment group that shows they have a lein on your deed?
Not a good thing. It will tie up closings in the court ad infinitum. Folks will be afraid to purchase foreclosures (which is estimated to be between 25-40 percent of the closings)...so the real estate market collapses more. The class action suits are brought by ambulance chasers who’ve converted to class action type in order to cash in on the situation (they’re the ones that will make out bigtime.) And it won’t be long before you’ll start seeing notices in the paper or on TV looking for clients who have been foreclosed on.
I posted an article a few days ago about a guy that left the state, didn’t notify anyone, was served papers...which he says never got to him, came back after two years and is trying to reclaim the house saying the “process” involved was defective. Now the folks that bought the house and fixed it up, if he wins, see no money except their original purchase price (that’s what title ins covers) and will have to “eat” whatever fix up expense they put into the house, unless they also want to sue to recoup their costs, and then they’ll have legal expenses in order to hire a lawyer.
Decide you want to sell your home, well before you embark you’d better start the title search months in advance because if your bank doesn’t have it...how can you sell the home.
And the problems, IMO, go on and on and on.
It is a good thing for everyone except those who did the right thing, lived within their means and paid their bills.
Lying, squatting, and breaking promises should be punished, then, too. But let’s start at the greatest harm first and work downwards. Rather than let corrupt lawyers milk the corrupt legal system.
What a bunch of baloney. Start citing real cases instead of blathering about your paranoia.
Silly you! The ‘laws’ are for the little folk......
“Ambulance chasers.” You nailed it. They have been the driving force on this nothingburger since day one, and they are exploiting the insane and their fears.
They need a “robo-judge” to sign off on these things.
Then explain why stock traders shouldn’t be more worried. Their investments are usually larger, the ownership is traded by the minute if not the second, and not a single signature is given, not even a robosigned one. And yet you are worried about tracking something that is traded, what, every 3 months, a year, a decade?
Do you still drive an oxen team because a motorized buggy is too newfangled?
IMO, the first thing the judge should establish is whether the mortgage is in arrears. If someone is contesting the Foreclosure simply ask them to produce a payment history.
Once it is established they are in default TO WHOMEVER owns the mortgage, place the contested asset under the custody of a receiver and evict the dead beat. The receiver can propose to rent the property back to them, under court approval, and if they default on rental, they are in contempt of court...evict. Meantime, out of the rental, escrow taxes and insurance, pay yourself a management fee, escrow the difference and try to determine who the rightful owner is under the conservatory.
The banks are not in any rush to have these foreclosures go through because from what I understand, the authorities are allowing them to keep the mortgages on their books at full value. Once they are foreclosed and the property sold, they know they will take a hit.
Thank you for bringing that up plenty of us have lost money because these banks packaged and sold BAD mortgages. So now on top of having to foot the bill as a taxpayer for the bailouts we lost again on the fraudulent packaging of these loans by the banks.
In addition isn’t it supposed to be Justice for all? Shouldn’t the citizen be guaranteed their day in court? What about the states that were screwed out of the fee’s they normally get for recording the deeds? By using MERS these crooked banks paid them selves and the mortgages were not properly filed.
We own our home but as a result of the fraud by these banks we lost anyway through taxes and investments. Let’s don’t forget who these banks backed for president zero.
No one need really worry about those banks he will pay them back by protecting them.
ALERT: Casus Belli - Ex-Post-Facto Law!
http://market-ticker.org/akcs-www?post=171940
When really they should be doing perp walks for the fraud on investors, failure to pay fee’s to the states and for sticking taxpayers with the bills and so many other reasons!
snippet
1. The mortgage market. As I reported recently in this Daily Finance story, the private market for mortgage-backed securities is dead. Now that we all understand the entire mortgage is not just riddled with fraud and misrepresentation of risk, but it is entirely dependent on fraud and misrepresentation of risk to function, no one is willing to touch any of this debt—except if it is guaranteed by the Federal government (and thus by its taxpayers).
Now that the systemic fraud and misrepresentation of risk have been exposed, the $10 trillion mortgage market has ceased to function except as a dumping ground where private players can dump 100% of their losses on the taxpayers (profits were privatized, losses are socialized).
2. Foreclosures and our Banana Republic system of “law”. There are two sets of laws (and two sets of books) in status quo America: one set of laws for “too big to fail” banks and Wall Street, and one for the rest of us peons.
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