big banks at risk in foreclosure fraud

[patb]

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/13/AR2010101307597.html?hpid=topnews&sid=ST2010101307749

For more than a decade, big lenders sold millions of mortgages around the globe at lightning speed without properly transferring the physical documents that prove who legally owned the loans.

Now, some of the pension systems, hedge funds and other investors that took big losses on the loans are seeking to use this flaw to force banks to compensate them or even invalidate the mortgage trades themselves.

Their collective actions, if successful, could blow a hole through the balance sheets of big banks and raise fundamental questions about the financial system, financial analysts and a lawmaker said.

[BigGovernmentIsGood]

I imagine that most Piggs will be on the side of the criminal banksters in this massive fraud. After all, they’ll reason ‘hey, if you’re not paying your mortgage you deserve to get foreclosed upon.’

Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.

Of course, by the time that happens, the U.S. will be completely controlled by criminal bankstering interests and there will be no one left to defend people who have been faithfully paying their mortgage to criminal bankster A when they technically should have been paying criminal bankster B.

I’m glad my family lives in a rental. I’ll let others deal with the nightmare of ‘owning a home’ in this environment of massive bankster fraud.

[BigGovernmentIsGood]

I imagine that most Piggs will be on the side of the criminal banksters in this massive fraud. After all, they’ll reason ‘hey, if you’re not paying your mortgage you deserve to get foreclosed upon.’

Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.

Of course, by the time that happens, the U.S. will be completely controlled by criminal bankstering interests and there will be no one left to defend people who have been faithfully paying their mortgage to criminal bankster A when they technically should have been paying criminal bankster B.

I’m glad my family lives in a rental. I’ll let others deal with the nightmare of ‘owning a home’ in this environment of massive bankster fraud.

[BigGovernmentIsGood]

I imagine that most Piggs will be on the side of the criminal banksters in this massive fraud. After all, they’ll reason ‘hey, if you’re not paying your mortgage you deserve to get foreclosed upon.’

Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.

Of course, by the time that happens, the U.S. will be completely controlled by criminal bankstering interests and there will be no one left to defend people who have been faithfully paying their mortgage to criminal bankster A when they technically should have been paying criminal bankster B.

I’m glad my family lives in a rental. I’ll let others deal with the nightmare of ‘owning a home’ in this environment of massive bankster fraud.

[BigGovernmentIsGood]

I imagine that most Piggs will be on the side of the criminal banksters in this massive fraud. After all, they’ll reason ‘hey, if you’re not paying your mortgage you deserve to get foreclosed upon.’

Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.

Of course, by the time that happens, the U.S. will be completely controlled by criminal bankstering interests and there will be no one left to defend people who have been faithfully paying their mortgage to criminal bankster A when they technically should have been paying criminal bankster B.

I’m glad my family lives in a rental. I’ll let others deal with the nightmare of ‘owning a home’ in this environment of massive bankster fraud.

[BigGovernmentIsGood]

I imagine that most Piggs will be on the side of the criminal banksters in this massive fraud. After all, they’ll reason ‘hey, if you’re not paying your mortgage you deserve to get foreclosed upon.’

Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.

Of course, by the time that happens, the U.S. will be completely controlled by criminal bankstering interests and there will be no one left to defend people who have been faithfully paying their mortgage to criminal bankster A when they technically should have been paying criminal bankster B.

I’m glad my family lives in a rental. I’ll let others deal with the nightmare of ‘owning a home’ in this environment of massive bankster fraud.

[Rich Toscano]

So, let me get this straight…. you are saying that this scenario:

[quote=BigGovernmentIsGood]
Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.
[/quote]

…is something that most Piggs would approve of?

Sounds like another one of your trolls…

[Rich Toscano]

So, let me get this straight…. you are saying that this scenario:

[quote=BigGovernmentIsGood]
Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.
[/quote]

…is something that most Piggs would approve of?

Sounds like another one of your trolls…

[Rich Toscano]

So, let me get this straight…. you are saying that this scenario:

[quote=BigGovernmentIsGood]
Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.
[/quote]

…is something that most Piggs would approve of?

Sounds like another one of your trolls…

[Rich Toscano]

So, let me get this straight…. you are saying that this scenario:

[quote=BigGovernmentIsGood]
Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.
[/quote]

…is something that most Piggs would approve of?

Sounds like another one of your trolls…

[Rich Toscano]

So, let me get this straight…. you are saying that this scenario:

[quote=BigGovernmentIsGood]
Of course, what they don’t realize is that responsible people will get burned too. Imagine a homeowner that has been paying their mortgage faithfully and on time for several years to criminal bankster A. Criminal bankster B then shows up and says, hey, I actually hold the note, you haven’t been paying me and I’m going to foreclose.
[/quote]

…is something that most Piggs would approve of?

Sounds like another one of your trolls…

[scaredyclassic]

he doesn’t mean approve ofthat particular scenario, so much as find a means to justify the general ineptness of the system generally.

i think it’s pretty clear the “approval” portion refers to the article generally and the quotation portion is not the portion to be approved of.

and bgig is probably right. I think probably some piggs, maybe even me, would find a way to justify banker behaviors in the article , because at heart, we’re kind of conservative and believe in markets and systems with just a few tweaks here n there. Securitization of mortgages is certainly a good thing in my view and while I wouldnt defend it to the death, I’d certainly take a stab at defending it, even in the face of all the systemic problems.

But goddamnit, it’s articles like this that again freak me out and make me feel like a major tard for offering big money on houses.

what KIND OF MORORN bids over HALF A MILLION on a dump in the INLAND EMPIRE when the entire FINANCIAL SYSTEM is about to be BLOWN APART by some CRAPPY LITTLE JUDGE in the MIDDLE OF NOWHERE with a few ADVERSE RULINGS??????

what si the US supreme court going to have to come in at the 11th hour with abush v gore type decision to hodl the us economic system in place with duct tape and spit?

[scaredyclassic]

he doesn’t mean approve ofthat particular scenario, so much as find a means to justify the general ineptness of the system generally.

i think it’s pretty clear the “approval” portion refers to the article generally and the quotation portion is not the portion to be approved of.

and bgig is probably right. I think probably some piggs, maybe even me, would find a way to justify banker behaviors in the article , because at heart, we’re kind of conservative and believe in markets and systems with just a few tweaks here n there. Securitization of mortgages is certainly a good thing in my view and while I wouldnt defend it to the death, I’d certainly take a stab at defending it, even in the face of all the systemic problems.

But goddamnit, it’s articles like this that again freak me out and make me feel like a major tard for offering big money on houses.

what KIND OF MORORN bids over HALF A MILLION on a dump in the INLAND EMPIRE when the entire FINANCIAL SYSTEM is about to be BLOWN APART by some CRAPPY LITTLE JUDGE in the MIDDLE OF NOWHERE with a few ADVERSE RULINGS??????

what si the US supreme court going to have to come in at the 11th hour with abush v gore type decision to hodl the us economic system in place with duct tape and spit?

[scaredyclassic]

he doesn’t mean approve ofthat particular scenario, so much as find a means to justify the general ineptness of the system generally.

i think it’s pretty clear the “approval” portion refers to the article generally and the quotation portion is not the portion to be approved of.

and bgig is probably right. I think probably some piggs, maybe even me, would find a way to justify banker behaviors in the article , because at heart, we’re kind of conservative and believe in markets and systems with just a few tweaks here n there. Securitization of mortgages is certainly a good thing in my view and while I wouldnt defend it to the death, I’d certainly take a stab at defending it, even in the face of all the systemic problems.

But goddamnit, it’s articles like this that again freak me out and make me feel like a major tard for offering big money on houses.

what KIND OF MORORN bids over HALF A MILLION on a dump in the INLAND EMPIRE when the entire FINANCIAL SYSTEM is about to be BLOWN APART by some CRAPPY LITTLE JUDGE in the MIDDLE OF NOWHERE with a few ADVERSE RULINGS??????

what si the US supreme court going to have to come in at the 11th hour with abush v gore type decision to hodl the us economic system in place with duct tape and spit?

[scaredyclassic]

he doesn’t mean approve ofthat particular scenario, so much as find a means to justify the general ineptness of the system generally.

i think it’s pretty clear the “approval” portion refers to the article generally and the quotation portion is not the portion to be approved of.

and bgig is probably right. I think probably some piggs, maybe even me, would find a way to justify banker behaviors in the article , because at heart, we’re kind of conservative and believe in markets and systems with just a few tweaks here n there. Securitization of mortgages is certainly a good thing in my view and while I wouldnt defend it to the death, I’d certainly take a stab at defending it, even in the face of all the systemic problems.

But goddamnit, it’s articles like this that again freak me out and make me feel like a major tard for offering big money on houses.

what KIND OF MORORN bids over HALF A MILLION on a dump in the INLAND EMPIRE when the entire FINANCIAL SYSTEM is about to be BLOWN APART by some CRAPPY LITTLE JUDGE in the MIDDLE OF NOWHERE with a few ADVERSE RULINGS??????

what si the US supreme court going to have to come in at the 11th hour with abush v gore type decision to hodl the us economic system in place with duct tape and spit?

[Author]

Posts