nationwide foreclosure moratorium!

[davelj]

[quote=jpinpb][quote=gandalf]Just wondering, where’s the outrage re: financial services corporations and the bullshit mortgage securitization racket these criminals ran for more than a decade? Where are the consequences for Wall Street?

…… Just wondering, where are all of the ‘Angry People’ when it comes to banks? Countrywide? AIG? Goldman Sachs?
[/quote]

I think they’re all too busy being up in arms about cops and firemen risking their lives for their exorbitant wages.[/quote]

I think the problem is the ease with which blame can be identified and directly assigned.

The deadbeat homeowners are easy. Living in a house for years on end without making mortgage payments is clearly wrong (albeit technically legal up until foreclosure). If you can’t make the payments, give the keys to the bank and let them sell it to someone else. Don’t fight it through some bogus claim that it’s “yours” and you “deserve” a modification. Move out and let both parties – borrower and lender – move on. So, Joe Deadbeat is easily identified and his actions are transparently wrong. And the issue is easy to understand.

Where the “financiers” (or “banksters”) are concerned, things are more complicated. Sure, there are some easily-identifiable villains: Dick Fuld, Joe Cassano, Stan O’Neal, Angelo Mozilo, and a handful of others. But the rest – that teeming herd of banksters that works just beneath the media radar – are more difficult to identify. And it’s harder to assign specific blame for their actions at an individual level. And that is because for the vast majority of them – as sad as this is – they didn’t actually know they were doing anything wrong. For example, I’m sure that most of the folks in AIG’s Financial Products division were very smart and diligent. They weren’t actually trying to blow up the financial system. But in hindsight we know that very few of them were smart enough to know that their products were flawed and could bring down the financial system in the grander scheme of things. Now, some of this might have been the result of willful ignorance. (It’s hard to convince someone to understand something if their compensation is based on not understanding it.) But I think more of it was just pure ignorance regarding the big picture. And THAT layer of folks has tens of thousands of people throughout Wall Street. So, compared to Joe Deadbeat, not only is it harder to specifically identify that next layer of bankster misfits, what they were/are doing is more difficult to understand to the average person on the street. I would bet that less than 1% of the US Population actually understands the role that John Paulson and Magnetar played in making the whole financial crisis substantially worse than it would have been without them.

Sure, we here at the Pigg bitch about banksters. But to the man on the street, Joe Deadbeat is easier to identify and understand. There is plenty of outrage amongst the populace regarding the financiers… but aside from the obvious villains it’s harder to pin down individuals for specific evil actions.

[Aecetia]

I am wondering what will happen to the people who bought the foreclosures. Will they be booted out? This just keeps getting weirder every day.

[Aecetia]

I am wondering what will happen to the people who bought the foreclosures. Will they be booted out? This just keeps getting weirder every day.

[Aecetia]

I am wondering what will happen to the people who bought the foreclosures. Will they be booted out? This just keeps getting weirder every day.

[Aecetia]

I am wondering what will happen to the people who bought the foreclosures. Will they be booted out? This just keeps getting weirder every day.

[Aecetia]

I am wondering what will happen to the people who bought the foreclosures. Will they be booted out? This just keeps getting weirder every day.

[raty4R]

From my reading, this moritorium is not just about foreclosures and who actually owns the title on the house but, the sloppiness that occured in the foreclosure process, is also comming into question in the loan origination process(don’t know the proper terms becasue I’m not a realtor/loan person)
Investors in MBS are questiong the underwriters(?) and loan insurance companies(?) saying they ‘machine’ stamped the loan approvals. Not properly verifying income, appraisals, comps, etc., resulting in fraudulent loans. These fraudulent loans were packaged into MBS’s and misrepresented as AAA rated. Now the buyers of the MBSs are wanting the banks to take them back.
Interesting times. If only I could figure out how to make money off of this…

[raty4R]

From my reading, this moritorium is not just about foreclosures and who actually owns the title on the house but, the sloppiness that occured in the foreclosure process, is also comming into question in the loan origination process(don’t know the proper terms becasue I’m not a realtor/loan person)
Investors in MBS are questiong the underwriters(?) and loan insurance companies(?) saying they ‘machine’ stamped the loan approvals. Not properly verifying income, appraisals, comps, etc., resulting in fraudulent loans. These fraudulent loans were packaged into MBS’s and misrepresented as AAA rated. Now the buyers of the MBSs are wanting the banks to take them back.
Interesting times. If only I could figure out how to make money off of this…

[raty4R]

From my reading, this moritorium is not just about foreclosures and who actually owns the title on the house but, the sloppiness that occured in the foreclosure process, is also comming into question in the loan origination process(don’t know the proper terms becasue I’m not a realtor/loan person)
Investors in MBS are questiong the underwriters(?) and loan insurance companies(?) saying they ‘machine’ stamped the loan approvals. Not properly verifying income, appraisals, comps, etc., resulting in fraudulent loans. These fraudulent loans were packaged into MBS’s and misrepresented as AAA rated. Now the buyers of the MBSs are wanting the banks to take them back.
Interesting times. If only I could figure out how to make money off of this…

[raty4R]

From my reading, this moritorium is not just about foreclosures and who actually owns the title on the house but, the sloppiness that occured in the foreclosure process, is also comming into question in the loan origination process(don’t know the proper terms becasue I’m not a realtor/loan person)
Investors in MBS are questiong the underwriters(?) and loan insurance companies(?) saying they ‘machine’ stamped the loan approvals. Not properly verifying income, appraisals, comps, etc., resulting in fraudulent loans. These fraudulent loans were packaged into MBS’s and misrepresented as AAA rated. Now the buyers of the MBSs are wanting the banks to take them back.
Interesting times. If only I could figure out how to make money off of this…

[raty4R]

From my reading, this moritorium is not just about foreclosures and who actually owns the title on the house but, the sloppiness that occured in the foreclosure process, is also comming into question in the loan origination process(don’t know the proper terms becasue I’m not a realtor/loan person)
Investors in MBS are questiong the underwriters(?) and loan insurance companies(?) saying they ‘machine’ stamped the loan approvals. Not properly verifying income, appraisals, comps, etc., resulting in fraudulent loans. These fraudulent loans were packaged into MBS’s and misrepresented as AAA rated. Now the buyers of the MBSs are wanting the banks to take them back.
Interesting times. If only I could figure out how to make money off of this…

[Aecetia]

I am sure there are going to be loads of class action law suits targeting various banks, loan agencies and their assorted minions. The real losers or the biggest losers will be the tax payers who bailed out the banks.

[Aecetia]

I am sure there are going to be loads of class action law suits targeting various banks, loan agencies and their assorted minions. The real losers or the biggest losers will be the tax payers who bailed out the banks.

[Aecetia]

I am sure there are going to be loads of class action law suits targeting various banks, loan agencies and their assorted minions. The real losers or the biggest losers will be the tax payers who bailed out the banks.

[Aecetia]

I am sure there are going to be loads of class action law suits targeting various banks, loan agencies and their assorted minions. The real losers or the biggest losers will be the tax payers who bailed out the banks.

[Author]

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