big banks at risk in foreclosure fraud

[Rich Toscano]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

First of all, I am not in the school of thought that thinks that coddling the oversized, parasitic financial industry somehow HELPS the rest of society in anything but the shortest of terms. That said, I am not suggesting the dire scenario you outline above. The banks can be punished (fined? people going to jail?) for breaking the law without necessarily undoing every single MBS transaction that ever happened.

I spoke to my real estate lawyer friend on Tues and his opinion was that you have a certain amount of time to appeal a foreclosure (60 days in CA), and if you haven’t done so by then, you are out of luck. So he doesn’t think this is going to undo every foreclosure or title transfer in history like some people do (though he acknowledges that the class action guys might find some way to end run around this).

[scaredyclassic]

I’ll check the law but I would bet a 60 day limitation would not apply in the case of fraud or maybe the 60 days would run from where the fraud is discovered but in any event this has gotta conflict with some federal law.

[scaredyclassic]

I’ll check the law but I would bet a 60 day limitation would not apply in the case of fraud or maybe the 60 days would run from where the fraud is discovered but in any event this has gotta conflict with some federal law.

[scaredyclassic]

I’ll check the law but I would bet a 60 day limitation would not apply in the case of fraud or maybe the 60 days would run from where the fraud is discovered but in any event this has gotta conflict with some federal law.

[scaredyclassic]

I’ll check the law but I would bet a 60 day limitation would not apply in the case of fraud or maybe the 60 days would run from where the fraud is discovered but in any event this has gotta conflict with some federal law.

[scaredyclassic]

I’ll check the law but I would bet a 60 day limitation would not apply in the case of fraud or maybe the 60 days would run from where the fraud is discovered but in any event this has gotta conflict with some federal law.

[jstoesz]

Maybe I am missing something obvious, but I don’t really understand what all the big deal is. Is anyone seriously disputing the ownership of these mortgages? Did the banks intentionally defraud investors by claiming ownership of something they never paid for, or is this just a case of cutting the corner when securitizing loans.

If there is intentional fraud and a dispute of ownership, then I think, Walter, you are right on…the end of the world (mortgage world, but pretty much everything will fall into that gaping hole). But if this is just some sort of robo-singing crap paperwork job, I don’t see how congress can’t fix it with the stroke of a pen. Funny how they can all agree on things when it comes to the welfare of the banks.

[jstoesz]

Maybe I am missing something obvious, but I don’t really understand what all the big deal is. Is anyone seriously disputing the ownership of these mortgages? Did the banks intentionally defraud investors by claiming ownership of something they never paid for, or is this just a case of cutting the corner when securitizing loans.

If there is intentional fraud and a dispute of ownership, then I think, Walter, you are right on…the end of the world (mortgage world, but pretty much everything will fall into that gaping hole). But if this is just some sort of robo-singing crap paperwork job, I don’t see how congress can’t fix it with the stroke of a pen. Funny how they can all agree on things when it comes to the welfare of the banks.

[jstoesz]

Maybe I am missing something obvious, but I don’t really understand what all the big deal is. Is anyone seriously disputing the ownership of these mortgages? Did the banks intentionally defraud investors by claiming ownership of something they never paid for, or is this just a case of cutting the corner when securitizing loans.

If there is intentional fraud and a dispute of ownership, then I think, Walter, you are right on…the end of the world (mortgage world, but pretty much everything will fall into that gaping hole). But if this is just some sort of robo-singing crap paperwork job, I don’t see how congress can’t fix it with the stroke of a pen. Funny how they can all agree on things when it comes to the welfare of the banks.

[jstoesz]

Maybe I am missing something obvious, but I don’t really understand what all the big deal is. Is anyone seriously disputing the ownership of these mortgages? Did the banks intentionally defraud investors by claiming ownership of something they never paid for, or is this just a case of cutting the corner when securitizing loans.

If there is intentional fraud and a dispute of ownership, then I think, Walter, you are right on…the end of the world (mortgage world, but pretty much everything will fall into that gaping hole). But if this is just some sort of robo-singing crap paperwork job, I don’t see how congress can’t fix it with the stroke of a pen. Funny how they can all agree on things when it comes to the welfare of the banks.

[jstoesz]

Maybe I am missing something obvious, but I don’t really understand what all the big deal is. Is anyone seriously disputing the ownership of these mortgages? Did the banks intentionally defraud investors by claiming ownership of something they never paid for, or is this just a case of cutting the corner when securitizing loans.

If there is intentional fraud and a dispute of ownership, then I think, Walter, you are right on…the end of the world (mortgage world, but pretty much everything will fall into that gaping hole). But if this is just some sort of robo-singing crap paperwork job, I don’t see how congress can’t fix it with the stroke of a pen. Funny how they can all agree on things when it comes to the welfare of the banks.

[briansd1]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

I have to agree with walter on this.

If there is any justice then the contracts are void.

I think that most of us would agree that if we are sold a defective product, we can return it for our money back. And if the seller never delivers the product, then he needs to refund the money.

Same concept with financial products, and even more so if the paperwork was sloppy.

[briansd1]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

I have to agree with walter on this.

If there is any justice then the contracts are void.

I think that most of us would agree that if we are sold a defective product, we can return it for our money back. And if the seller never delivers the product, then he needs to refund the money.

Same concept with financial products, and even more so if the paperwork was sloppy.

[briansd1]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

I have to agree with walter on this.

If there is any justice then the contracts are void.

I think that most of us would agree that if we are sold a defective product, we can return it for our money back. And if the seller never delivers the product, then he needs to refund the money.

Same concept with financial products, and even more so if the paperwork was sloppy.

[briansd1]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

I have to agree with walter on this.

If there is any justice then the contracts are void.

I think that most of us would agree that if we are sold a defective product, we can return it for our money back. And if the seller never delivers the product, then he needs to refund the money.

Same concept with financial products, and even more so if the paperwork was sloppy.

[Author]

Posts