big banks at risk in foreclosure fraud

[gandalf]

[quote=Rich Toscano](And as context and to emphasize that first point, I think that a huge portion of the financial industry serves only as a giant parasite on the productive economy, and that the financial industry bailout has been/continues to be an economic and moral catastrophe).[/quote]

THIS.

[briansd1]

[quote=jstoesz]How was the product defective or undelivered. I am not disagreeing, I just haven’t seen the case made for this.

They told investors they were selling them mortgage backed securities, and they got mortgage backed securities…[/quote]

Like walter said, maybe the banks didn’t own the notes inside the MBS that they sold.

Say I buy a car from you. You deliver it me and I take possession. I have the Bill Of Sale to prove that I paid you.

But you are unable or refuse to deliver the title to me.

I can sue you to get my money back. Of course I would have to return the car to you.

Of course, I’m an idiot for buying the car from you and trusting you in the first place. But still, you owe me a refund.

Also if you sell me a car that doesn’t perform as you specified that it would, or is a lemon, then I can ask for a refund (unless you sold it “as is” and I agreed).

[briansd1]

[quote=jstoesz]How was the product defective or undelivered. I am not disagreeing, I just haven’t seen the case made for this.

They told investors they were selling them mortgage backed securities, and they got mortgage backed securities…[/quote]

Like walter said, maybe the banks didn’t own the notes inside the MBS that they sold.

Say I buy a car from you. You deliver it me and I take possession. I have the Bill Of Sale to prove that I paid you.

But you are unable or refuse to deliver the title to me.

I can sue you to get my money back. Of course I would have to return the car to you.

Of course, I’m an idiot for buying the car from you and trusting you in the first place. But still, you owe me a refund.

Also if you sell me a car that doesn’t perform as you specified that it would, or is a lemon, then I can ask for a refund (unless you sold it “as is” and I agreed).

[briansd1]

[quote=jstoesz]How was the product defective or undelivered. I am not disagreeing, I just haven’t seen the case made for this.

They told investors they were selling them mortgage backed securities, and they got mortgage backed securities…[/quote]

Like walter said, maybe the banks didn’t own the notes inside the MBS that they sold.

Say I buy a car from you. You deliver it me and I take possession. I have the Bill Of Sale to prove that I paid you.

But you are unable or refuse to deliver the title to me.

I can sue you to get my money back. Of course I would have to return the car to you.

Of course, I’m an idiot for buying the car from you and trusting you in the first place. But still, you owe me a refund.

Also if you sell me a car that doesn’t perform as you specified that it would, or is a lemon, then I can ask for a refund (unless you sold it “as is” and I agreed).

[briansd1]

[quote=jstoesz]How was the product defective or undelivered. I am not disagreeing, I just haven’t seen the case made for this.

They told investors they were selling them mortgage backed securities, and they got mortgage backed securities…[/quote]

Like walter said, maybe the banks didn’t own the notes inside the MBS that they sold.

Say I buy a car from you. You deliver it me and I take possession. I have the Bill Of Sale to prove that I paid you.

But you are unable or refuse to deliver the title to me.

I can sue you to get my money back. Of course I would have to return the car to you.

Of course, I’m an idiot for buying the car from you and trusting you in the first place. But still, you owe me a refund.

Also if you sell me a car that doesn’t perform as you specified that it would, or is a lemon, then I can ask for a refund (unless you sold it “as is” and I agreed).

[briansd1]

[quote=jstoesz]How was the product defective or undelivered. I am not disagreeing, I just haven’t seen the case made for this.

They told investors they were selling them mortgage backed securities, and they got mortgage backed securities…[/quote]

Like walter said, maybe the banks didn’t own the notes inside the MBS that they sold.

Say I buy a car from you. You deliver it me and I take possession. I have the Bill Of Sale to prove that I paid you.

But you are unable or refuse to deliver the title to me.

I can sue you to get my money back. Of course I would have to return the car to you.

Of course, I’m an idiot for buying the car from you and trusting you in the first place. But still, you owe me a refund.

Also if you sell me a car that doesn’t perform as you specified that it would, or is a lemon, then I can ask for a refund (unless you sold it “as is” and I agreed).

[jstoesz]

Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.

[jstoesz]

Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.

[jstoesz]

Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.

[jstoesz]

Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.

[jstoesz]

Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.

[briansd1]

[quote=jstoesz]Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.[/quote]

It could be a paperwork problem. It could not. We don’t know. So, as you said, it will take time to find out.

If I buy the car, I want the title. If the seller can’t produce the title, that’s his problem, not mine (well, it is my problem since I gave him the money).

And if the seller can’t get a replacement title in a timely basis, then I want my money back (at least I can sue for my money back).

[briansd1]

[quote=jstoesz]Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.[/quote]

It could be a paperwork problem. It could not. We don’t know. So, as you said, it will take time to find out.

If I buy the car, I want the title. If the seller can’t produce the title, that’s his problem, not mine (well, it is my problem since I gave him the money).

And if the seller can’t get a replacement title in a timely basis, then I want my money back (at least I can sue for my money back).

[briansd1]

[quote=jstoesz]Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.[/quote]

It could be a paperwork problem. It could not. We don’t know. So, as you said, it will take time to find out.

If I buy the car, I want the title. If the seller can’t produce the title, that’s his problem, not mine (well, it is my problem since I gave him the money).

And if the seller can’t get a replacement title in a timely basis, then I want my money back (at least I can sue for my money back).

[briansd1]

[quote=jstoesz]Brian, isn’t your scenario just a paperwork problem. Now if someone sold you a car they didn’t own, well that’s a different story. But if the title is lost, or destroyed, who cares, get a new one. Pain in the ass yes, but catastrophic no.

So are banks selling something that is actually owned by someone else. Or are they just not passing the mortgage around when they sell it.

Maybe it will take a mountain of litigation to find this out.[/quote]

It could be a paperwork problem. It could not. We don’t know. So, as you said, it will take time to find out.

If I buy the car, I want the title. If the seller can’t produce the title, that’s his problem, not mine (well, it is my problem since I gave him the money).

And if the seller can’t get a replacement title in a timely basis, then I want my money back (at least I can sue for my money back).

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