Banks lose important ruling on foreclosures

[bearishgurl]

[quote=beatrix]Agree that the loan originating and servicing industries have repeatedly gamed the system…as illustrated by (lest anyone forget):
1) manipulating compensation to brokers to escape disclosure requirements in ways that cost consumers;
2) herding consumers into misleading, negative amortization mortgage schemes (not referring here to real estate speculators, but those who were induced to take mortages they did not understand);
3) either knowingly or with gross negligence selling or approving mortgage loans based on inflated appraisals, assuming ever-rising prices, and accepting documentation showing no income, or worse, blatantly falsified information;
4) fostering, and basing entire business models on, the sell-first, fill-later and spin-gold-from-dross environment in mortgage securitization; and
5) either knowingly or with gross negligence causing the rating agencies to misapprehend the risks associated with the mortgages which formed the basis of the securities[/quote]

Great post, beatrix. You hit on all of it!

[CA renter]

[quote=SK in CV][quote=CA renter]
What seems to be missing in all this rhetoric is the fact that most of these FBs have defaulted on their loans, in one way or another. The paperwork glitches need to be fixed, but that should not mean that idiot speculators get to have “free” houses.[/quote]

What about idiot speculators who made bad loans and didn’t take the very simple steps required to protect the security interest in those loans?[/quote]

Believe me, I’m not at all defending the speculators on the lending side. What I’m saying is that the FBs are NOT “victims” in any way, if they didn’t pay their mortgages. (f***ed borrowers — from a blog with that name from the bubble days http://anotherfuckedborrower.blogspot.com/2005/12/lets-play-should-i-buyor-wait.html).

Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.

[CA renter]

[quote=SK in CV][quote=CA renter]
What seems to be missing in all this rhetoric is the fact that most of these FBs have defaulted on their loans, in one way or another. The paperwork glitches need to be fixed, but that should not mean that idiot speculators get to have “free” houses.[/quote]

What about idiot speculators who made bad loans and didn’t take the very simple steps required to protect the security interest in those loans?[/quote]

Believe me, I’m not at all defending the speculators on the lending side. What I’m saying is that the FBs are NOT “victims” in any way, if they didn’t pay their mortgages. (f***ed borrowers — from a blog with that name from the bubble days http://anotherfuckedborrower.blogspot.com/2005/12/lets-play-should-i-buyor-wait.html).

Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.

[CA renter]

[quote=SK in CV][quote=CA renter]
What seems to be missing in all this rhetoric is the fact that most of these FBs have defaulted on their loans, in one way or another. The paperwork glitches need to be fixed, but that should not mean that idiot speculators get to have “free” houses.[/quote]

What about idiot speculators who made bad loans and didn’t take the very simple steps required to protect the security interest in those loans?[/quote]

Believe me, I’m not at all defending the speculators on the lending side. What I’m saying is that the FBs are NOT “victims” in any way, if they didn’t pay their mortgages. (f***ed borrowers — from a blog with that name from the bubble days http://anotherfuckedborrower.blogspot.com/2005/12/lets-play-should-i-buyor-wait.html).

Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.

[CA renter]

[quote=SK in CV][quote=CA renter]
What seems to be missing in all this rhetoric is the fact that most of these FBs have defaulted on their loans, in one way or another. The paperwork glitches need to be fixed, but that should not mean that idiot speculators get to have “free” houses.[/quote]

What about idiot speculators who made bad loans and didn’t take the very simple steps required to protect the security interest in those loans?[/quote]

Believe me, I’m not at all defending the speculators on the lending side. What I’m saying is that the FBs are NOT “victims” in any way, if they didn’t pay their mortgages. (f***ed borrowers — from a blog with that name from the bubble days http://anotherfuckedborrower.blogspot.com/2005/12/lets-play-should-i-buyor-wait.html).

Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.

[CA renter]

[quote=SK in CV][quote=CA renter]
What seems to be missing in all this rhetoric is the fact that most of these FBs have defaulted on their loans, in one way or another. The paperwork glitches need to be fixed, but that should not mean that idiot speculators get to have “free” houses.[/quote]

What about idiot speculators who made bad loans and didn’t take the very simple steps required to protect the security interest in those loans?[/quote]

Believe me, I’m not at all defending the speculators on the lending side. What I’m saying is that the FBs are NOT “victims” in any way, if they didn’t pay their mortgages. (f***ed borrowers — from a blog with that name from the bubble days http://anotherfuckedborrower.blogspot.com/2005/12/lets-play-should-i-buyor-wait.html).

Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.

[SK in CV]

[quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?

[SK in CV]

[quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?

[SK in CV]

[quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?

[SK in CV]

[quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?

[SK in CV]

[quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?

[CA renter]

[quote=SK in CV][quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?[/quote]

How many houses have been foreclosed on where they “shouldn’t have” foreclosed? I know there is a case (maybe a handful) where banks foreclosed on houses where the owner had no mortgage, or was paying the mortgage as agreed; but the vast majority of foreclosures happen because the borrowers aren’t paying their mortgages as agreed. They have no reason to expect a “free” house, just because the lender might not have filed/transfered the paperwork properly.

[CA renter]

[quote=SK in CV][quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?[/quote]

How many houses have been foreclosed on where they “shouldn’t have” foreclosed? I know there is a case (maybe a handful) where banks foreclosed on houses where the owner had no mortgage, or was paying the mortgage as agreed; but the vast majority of foreclosures happen because the borrowers aren’t paying their mortgages as agreed. They have no reason to expect a “free” house, just because the lender might not have filed/transfered the paperwork properly.

[CA renter]

[quote=SK in CV][quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?[/quote]

How many houses have been foreclosed on where they “shouldn’t have” foreclosed? I know there is a case (maybe a handful) where banks foreclosed on houses where the owner had no mortgage, or was paying the mortgage as agreed; but the vast majority of foreclosures happen because the borrowers aren’t paying their mortgages as agreed. They have no reason to expect a “free” house, just because the lender might not have filed/transfered the paperwork properly.

[CA renter]

[quote=SK in CV][quote=CA renter]
Just because the lenders might have technical issues related to the notes, it does not mean these borrowers get free houses.[/quote]

Is that what this is about? Lenders should be able to run rough-shod over the system that they agreed to, ignore laws, blatantly break laws, commit purjury, foreclose on thousands of homes that they shouldn’t, and worse, just so that a few people might not get free houses?[/quote]

How many houses have been foreclosed on where they “shouldn’t have” foreclosed? I know there is a case (maybe a handful) where banks foreclosed on houses where the owner had no mortgage, or was paying the mortgage as agreed; but the vast majority of foreclosures happen because the borrowers aren’t paying their mortgages as agreed. They have no reason to expect a “free” house, just because the lender might not have filed/transfered the paperwork properly.

[Author]

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