Comments on: Mortgage paperwork mess: Next housing shock?
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- It's a rotten crime and it should be treated that way. You know, if the govenment went after all the bankers, wallstreet, etc. etc.. I don't think we'd have enough jail rooms. It just seems funny, what these people have gotten away with in front of all of us and we let them go, how stupid are we..........
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- Listen, even in normal times (and these are not) the paperwork associated with a simple home mortgage is horrendous. When my husband and I bought our house in 1981, the paperwork ran about 5 or 6 pages. When our son bought his home in 2006 he has an inch thick pile to sign and/or initial - and I'm sure even if he had read every word he would not have understood much of it. He was lucky, his loan is local, not with a megabank. I suggest that we pass and enforce a plain English law for mortgage documents, that a 5th grader could understand. AND the bank where you apply for a loan and approves it is ultimately responsible for it, whether or not they slice/dice/pass it on to half dozen other financial entities. THEY are the ones on the hook, not the borrower, if there's "lost" paperwork or a problem with anything other than timely payments from the borrower.
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- After watching 60 minutes last night, I thought how mis-directed the DOJ really is. This is the kind of criminal activity that needs to be intensely investigated by the government. This is a huge scandal and not a set of simple mistakes. When is Eric Holder going to do his job and protect all of these poor people ????
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- The amazing thing about this article and the tone from the public, bankers and realtors is the loss of understanding about the "value" of these homes. This was the most massive BUBBLE the world has ever seen. That means all these homes were never worth it in the first place and they SHOULD PLUMMET once the system begins to correct itself. Period. The only thing that happened was the repeal of Glass-Steagall and the implementation of Gramm-Leach-Billey. These two destroyed the conservative stability that established the "value" of real estate. Wall Street greed wanted massive financial profits with a Fannie and Freddie safety net for when the bottom fell out and that is exactly what they got. There is no substitute for honesty and hard work to earn something. Pity is they took the entire country along for the ride. Thanks a lot !@@holes!
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- Kinda makes what Bernie "Madeoff with my Money" took look like chicken feed. And we deregulized them folks dosen't that make us look like chumps!!And when I say "We" I mean the incompetant BooBs we elected in the past present and probably the future as well.
Also if they can not prove that they own it what then??? - Reply to this comment
- The missing phrase here is "Criminal Activity" and everyone is afraid of that term but it is accurate.
This is EXACTLY like the behavior back when this crash started and the phrase was "Too big to fail" meaning a company was too big to be allowed to fail. This is the cover up behavior we are seeing now. The government, media and 'officials' are afraid to let this all come out in the open and admit that a MASSIVE CRIMINAL situation exists today.
Let's put it this way - If the everyday person lied on their loan application, the bank would have due recourse to foreclose, deny the loan etc. The individual would most likely be threatened with arrest if the bank/mortgage company, had any proof that the action of the applicant was an effort to deliberately mislead or misrepresent the facts to the bank/mortgage company. NOW isn't this exactly what the banks and mortgage companies are doing?
They are trying to cover up the FACT they they conducted their business outside of the laws of this country. They had papers forged by farming out the work in an attempt to provide a degree of protection from the FACT that they broke laws now are attempting to cover it up with more lies and crimes.
THAT is pure CRIMINAL BEHAVIOR.
The response of the media is just like it has been with ILLEGAL IMMIGRANTS - the media now calls them "Undocumented immigrants" to avoid outright the outright statement that these are Illegal immigrants.
Exactly the same scam folks and it's time to get the pitchforks and have a bonfire and we aren't talking about a witch hunt here these are criminals stealing from the people of this country day after day. - Reply to this comment
- "Banks can't find ownership documents..." Since the average home mortgage note holding has the potential to change hands from company to company quite a few times these days, that's not at all surprising...
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- So why the heck aren't the docs. arrested for breaking the law? This is discouraging. Isn't this forgery?
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- Perhaps criminal? Since when is forging a real estate document NOT a criminal offense? And why aren't the banks and notaries being prosecuted? Notaries take an OATH to verify identity. If I did any of this, I'd be in prison. Why the f*** aren't they? Not only do these opportunistic parasites take our tax dollars because of their greed and inability to invest responsibily, now they get our homes through fraud, undermine 300 years of property ownership documentation and send the entire economy into a tailspin, causing even more job loss and foreclosures? This is the BS of which revolutions are made, which is that to which people resort when they have no hope. I hope there's a special place in hell for these slimy pr***s right next to the tobacco executives, who perjured themselves before Congress, the politicians who failed to prosecute them for same (maybe athletes should make bigger campaign contributions), and every last attorney general who lets this sh** slide. All of the banks are screaming for deregulation and want to police themselves - THIS is why they have to be regulated and watched like the petulant, irresponsible children they are. And THIS is why the Republicans CANNOT be allowed to dismantle the consumer-protection laws and the agencies charged with enforcing same. None of these idiots seem to understand that, when the middle class goes, they go with it.
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- I hope you will continue to investigate ALL the "Legal Praictices" of the TBTF BANKS.... There are "Sweat Shops" for all aspects of the Short Sale / asset management/foreclosure process.
It's a shame that million/billions of Good Hard Working Families, have been taken advantage of...they have lost everything...savings,employment,homes,pride in themselves...both the mental, financial & physical...in this Mega Banking Mess...
Yet no one in Banking/Wall Street/Credit Rating/AGI...etc...have been indicted on FRAUD Charges!! This is the Biggest White Collar Crime in History!!
The Banking, Wall Street...COE's...etc...are all still making High Salaries & Bonus...while the middle class has been wipe out....No one in DC cares...they are only conserned about getting re-elected....Lobbyist run this country.
I say No Lobbyist Campaign Contribution, No Lobbyist under the table funds, DC wants an Expert..get a real one..not a Lobbyist. Our Representatives should get the same Medical as our Enlisted Service Members, No pay for life, they must pay into the same Social Security Fund as the rest of us & they should have to Represent ALL AMERICANS..not just the rich & powerful. - Reply to this comment
