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New Florida Attorney General Report on Fraudclosures Presented to the Senate Banking and Insurance Committee
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I am confused - maybe someone here can help in clearing this up for me. Not sure about what the Mass. court case said about when the banksters must name the bank or investor to whom a mortgage will be assigned. Must they be named at the time a closing takes place and/or just be named in the recording office?
Commercial RE is the other problem.
CMBS.
Roflcopter Ben has to buy them all out and or hyperinflate,or its game over.
We saw just the start with RMBS.CMBS has yet to even show up.
Buy Silver/Gold ppl,while you can,and the discount is still there.
Just a stunt to avoid the tsunami-like wall of foreclosures about to crash everything in sight from reaching the light of day,until they get another war rolling,or something equivalent.
Thats not to say there is no fraud,it was always there to begin with.But nice timing indeed.ARM mortgage rate increase readjustments peaked at more than 40$ Billion in October 2010 (just for that month).
Being a title insuror these days must be interesting; OR NOT
If continued exposure of the large-scale mortgage fraud is allowed to progress through the courts, then the title insurers will be stuck in the middle. They'll have the choice of litigating against the TBTF Ponzi institutions (which costs money) or settling with home purchasers with defective title (which costs money.)
What do you think the odds of them prevailing in a case against a TBTF? Even if they were to "win" the case, do you ever think they'd be able to collect? With the massive potential volume of claims, how many of the insurers will simply close their doors and walk away? Your title insurance is only as good as your title insurer.
Big picture people, big picture. This is just lawyers making money and if you know No Mas, you know what I have said about this forclosure non-event:
Banks will make money
Lawyers will make more money
Mortgage holders in default will be kicked to the curb and run to section 8
And no one, I mean no one of any note will be punished.
Just one more bug on the windshield of the banker's Bentley as he heads to the airport to catch his GV to paradise.
GV=Gulfstream 5, yes?
Slide 1: The problem today
Slide 2:Things are fucked up
Slide 3: Deliquency and Foreclosure 2006 -2010
Slide 4: Good News, Flattening Out, The New Norm
Slide 5: What to do?
Slide 6: Order New Window Dressings, but, maybe do nothing
Slide 7: Foreclosure Process a Total Clusterfuck, Oh Well
Slide 8: U.S. Bank v Ibanez - Massachushit Supreme Court - Jan 07, 2011
We are no longer the knights that say nee
Slide 9: Assignment of Mortgage
Sloppy paper work, flawed processes, Honest mistakes
Slide 10: What Can Be Done?
Re-write the laws so that all is right with the world. Continue to do God's work
See, even 3rd and 4th tier lawyers can do God's work.
I went to the local AG to report my forged signature on my note. They told me they will "monitor" the company. Consumer protection division my ass.
The local DA didn't help and so far the couple of attorneys I talked to don't grasp the seriousness of the matter. They ask "have you been harmed?" I tell them, my signature is fraudulent on the note, there is no paper trail, there are no assignments at the courthouse, I don't know if my payments are being properly applied, there is a cloud on my title because of this, and I can get no answers from the service. I don't want to wait several years for someone to show up and say I don't own my home or I paid the wrong person to find out. It's very frustrating.
I did find out from one attorney that he had gone to a CE seminar last year and one of the topics they talked about was how to foreclose on people without having proper documentaion. They are actually teaching this stuff and giving continuing ed credit for it! It surely explains why the majority of the law profession and the courts are so unresponsive.
Very interesting. Thanks for sharing that.
I would phrase the question to them differently, in terms that they can understand. Something like "how would you like to make a lot of money by suing people?"
Explain to them all they have to do is to find some people who have been foreclosed upon, and who had MERS involved. Become their attorney, and offer to split any money recovered with them as per the usual outrageous fees (30+%). Then sue the existing homeowner.
Either that homeowner will bring in their title insurance company, or have to defend themselves, which will involve tens of thousands of dollars.
This ought to get the attention of any attorney with a pulse, and even wake up a few who don't have one.
I think for that idea to work, I would need to find a blood sucking attorney who doesn't mind suing someone who just bought their home and were also innocent dupes in the process. I was hoping to find someone who would look at this and think "ka ching" I can sue a big bank for clouding title, forging signatures, etc. But, it seems like they have been conditioned to say "oh, well, it's not that big a deal" or maybe "they're a big corporation, I can't go after them." I think, like you mentioned, a title company with an insurance policy would be easier pickings. I personally just don't want to create problems for innocent bystanders, I'd rather stick it to the big banks.
I think a point could be made by foreclosing on famous people (Senators and Congressman as their names aren't particularly recognizable or parents of movie stars). Get some young gun lawyers (a la James O'Keefe of Acorn fame) to fake a whole bunch of foreclosure paperwork (a la Bank of America and Wells Fargo). I understand that even Obama has 2 MERS impaired mortgages.
If the banks can't show that they have clear title in order to foreclose then how does a homeowner know that the the payments he is sending in every month are going to the right party. How do you know that when you have paid off your mortgage that the title will be accepted as a clear title?
How do we know the Universe is infinite?
NO MATTER WHAT THE SERVICERS MIGHT SAY
that just about sums it up
Oh well. I would expect more from AGs. I could have assembled this POS slide show myself. More signs it seems of people being afraid to rock the boat. Easier to write fluff... documents with no teeth... even if the state laws on the matter are crystal clear.
1) There will be mortgage "forgiveness" for bankers and mortgage servicers for their "mistakes".
They can't get the paperwork right. That is why they are resorting to forgery and back dating.
Judging by the quality of these slides, I would not be expecting a solution from the authors.
well, i hope they enjoyed their time there and got pictures for their moms. as we all know, the Committee will spend every waking hour now trying to figure out how to slide this all under the rug.
the people in Florida just don't get it, do they? someone should go down there and explain that the rules of law do NOT apply to the major banks......those rules are for the peasantry ONLY>
and make sure that they get it before they try to tie up the committee with more silly testimony.
One big question is what impact will this have on the Housing market?
I can see it slowing down the current Notice of Default efforts. But will it slow down the impact of the Banks bringing the current Shadow Inventory onto the market? That's the real question, especially this Spring.
If the Banks hold off on bringing new homes onto the market this Spring, then housing prices will probably go up during the peak selling season, due to the current low inventory.
Anyone care to speculate?
The housing market is screwed for the next 10 years ...at least.
why would they be so very careless with so very much money?
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