[davelj]

[quote=briansd1]Let’s look at it another way.

As Binyamin Appelbaum of the NY Times said, the banks have from the beginning insisted on the letter of the law — they can continue to pay huge bonuses because employment contracts are binding.

Now, homeowners are saying that there is a legal process for foreclosing on collateral. The banks should follow the procedures and produce the documents to prove that they have the right to the collateral.

Is that too much to ask?[/quote]

Personally, I don’t think it’s too much to ask. The servicers should execute their duties within the confines of the law. And, at last, that’s what they’re going to be compelled to do. But… let’s not pretend that it’s “their” (the foreclosed “homeowner’s”) home and that foreclosure is some injustice that they have some right to avoid. That’s ridiculous. The victimhood is a bit much. Avoiding foreclosure is really simple: pay your mortgage. I wonder how many of these folks are paying their mortgage payment into escrow while all of these details are worked out? Yeah… that’s what I thought.

[davelj]

[quote=briansd1]Let’s look at it another way.

As Binyamin Appelbaum of the NY Times said, the banks have from the beginning insisted on the letter of the law — they can continue to pay huge bonuses because employment contracts are binding.

Now, homeowners are saying that there is a legal process for foreclosing on collateral. The banks should follow the procedures and produce the documents to prove that they have the right to the collateral.

Is that too much to ask?[/quote]

Personally, I don’t think it’s too much to ask. The servicers should execute their duties within the confines of the law. And, at last, that’s what they’re going to be compelled to do. But… let’s not pretend that it’s “their” (the foreclosed “homeowner’s”) home and that foreclosure is some injustice that they have some right to avoid. That’s ridiculous. The victimhood is a bit much. Avoiding foreclosure is really simple: pay your mortgage. I wonder how many of these folks are paying their mortgage payment into escrow while all of these details are worked out? Yeah… that’s what I thought.

[davelj]

[quote=briansd1]Let’s look at it another way.

As Binyamin Appelbaum of the NY Times said, the banks have from the beginning insisted on the letter of the law — they can continue to pay huge bonuses because employment contracts are binding.

Now, homeowners are saying that there is a legal process for foreclosing on collateral. The banks should follow the procedures and produce the documents to prove that they have the right to the collateral.

Is that too much to ask?[/quote]

Personally, I don’t think it’s too much to ask. The servicers should execute their duties within the confines of the law. And, at last, that’s what they’re going to be compelled to do. But… let’s not pretend that it’s “their” (the foreclosed “homeowner’s”) home and that foreclosure is some injustice that they have some right to avoid. That’s ridiculous. The victimhood is a bit much. Avoiding foreclosure is really simple: pay your mortgage. I wonder how many of these folks are paying their mortgage payment into escrow while all of these details are worked out? Yeah… that’s what I thought.

[davelj]

[quote=briansd1]Let’s look at it another way.

As Binyamin Appelbaum of the NY Times said, the banks have from the beginning insisted on the letter of the law — they can continue to pay huge bonuses because employment contracts are binding.

Now, homeowners are saying that there is a legal process for foreclosing on collateral. The banks should follow the procedures and produce the documents to prove that they have the right to the collateral.

Is that too much to ask?[/quote]

Personally, I don’t think it’s too much to ask. The servicers should execute their duties within the confines of the law. And, at last, that’s what they’re going to be compelled to do. But… let’s not pretend that it’s “their” (the foreclosed “homeowner’s”) home and that foreclosure is some injustice that they have some right to avoid. That’s ridiculous. The victimhood is a bit much. Avoiding foreclosure is really simple: pay your mortgage. I wonder how many of these folks are paying their mortgage payment into escrow while all of these details are worked out? Yeah… that’s what I thought.

[davelj]

[quote=dbapig][quote=davelj][quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.[/quote]

If you stretch that a bit, US isn’t our nation but other nationss that hold our debt… Just saying…[/quote]

That is incorrect. US Government Bills, Notes and Bonds are unsecured (aside from the “full faith and credit” of the US Government – which is not tangible). A mortgage is a secured debt collateralized by a tangible asset (property).

I would refer to the nations that hold our debt as subordinated stakeholders. But not owners.

[davelj]

[quote=dbapig][quote=davelj][quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.[/quote]

If you stretch that a bit, US isn’t our nation but other nationss that hold our debt… Just saying…[/quote]

That is incorrect. US Government Bills, Notes and Bonds are unsecured (aside from the “full faith and credit” of the US Government – which is not tangible). A mortgage is a secured debt collateralized by a tangible asset (property).

I would refer to the nations that hold our debt as subordinated stakeholders. But not owners.

[davelj]

[quote=dbapig][quote=davelj][quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.[/quote]

If you stretch that a bit, US isn’t our nation but other nationss that hold our debt… Just saying…[/quote]

That is incorrect. US Government Bills, Notes and Bonds are unsecured (aside from the “full faith and credit” of the US Government – which is not tangible). A mortgage is a secured debt collateralized by a tangible asset (property).

I would refer to the nations that hold our debt as subordinated stakeholders. But not owners.

[davelj]

[quote=dbapig][quote=davelj][quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.[/quote]

If you stretch that a bit, US isn’t our nation but other nationss that hold our debt… Just saying…[/quote]

That is incorrect. US Government Bills, Notes and Bonds are unsecured (aside from the “full faith and credit” of the US Government – which is not tangible). A mortgage is a secured debt collateralized by a tangible asset (property).

I would refer to the nations that hold our debt as subordinated stakeholders. But not owners.

[davelj]

[quote=dbapig][quote=davelj][quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.[/quote]

If you stretch that a bit, US isn’t our nation but other nationss that hold our debt… Just saying…[/quote]

That is incorrect. US Government Bills, Notes and Bonds are unsecured (aside from the “full faith and credit” of the US Government – which is not tangible). A mortgage is a secured debt collateralized by a tangible asset (property).

I would refer to the nations that hold our debt as subordinated stakeholders. But not owners.

[davelj]

[quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.

[davelj]

[quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.

[davelj]

[quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.

[davelj]

[quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.

[davelj]

[quote=flu]http://finance.yahoo.com/news/BofA-halts-foreclosure-sales-apf-977158216.html?x=0&sec=topStories&pos=3&asset=&ccode=

lol…Senator dodd’s quote:

“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]

“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.

Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.

[davelj]

We always knew that both the irresponsible lenders and their irresponsible borrowers were responsible for this mess (choose your own personal weighting).

Now we see further confirmation of how incestuous this relationship is. Irresponsible servicers (the largest owned by irresponsible banks) cut corners to foreclose on irresponsible borrowers and now the latter are suing the former. It’s actually pretty hysterical in a way. I mean, the borrowers are supposed to get foreclosed on – they’re not paying and they certainly don’t deserve to stay in the property. But because the servicers haven’t gone about foreclosing on them in a completely technically legal manner (robo-signing and god knows what else), the borrowers have some flimsy, and ultimately unenforceable, claim on the property.

Anyhow, this just delays the inevitable. All of these deadbeats will ultimately be removed from their residences (or get modifications). But the servicers are going to take it in the arse in terms of additional expense and hassle. And inventory will continue to be kept off the market, with the predictable impact on prices.

[Author]

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