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Originally posted by sir_chancealot
Oh, look! Your righteous indignation is SO noble!
Originally posted by northof8
reply to post by sir_chancealot
And exactly how do YOU have to pay the "free loader's debt"? After all, if the banks cannot produce the original note, THERE IS NO DEBT. I may THINK I'm buying the Brooklyn Bridge, but until I get a clear title, it's not mine.
Are you that ignorant? The bank still has a loan on the books even if they can't find the note. Are you one of the free loaders losing your home? I can understand your argument if that is the case.
The bank will still have a loan. If no one will pay they off load that debt onto the tax payers. If you are on welfare or enjoy some kind of free money from the government then I understand where you come from. There are plenty of immoral people who think like you. Hopefully we can eventually weed out that kind of thinking in this country and force those people into the special camps for free loaders...
Originally posted by HunkaHunka
Originally posted by stevegmu
Did anyone force these people to take out loans?
Forced... no.. .manipulated and con'd... yes
That's like blaming the credit card company for extending credit to someone who doesn't make their payments.
Actually that's exactly what happened here. Loans were given to people who could not possibly ever make the payments after rates adjusted. That's why the problem with that market was so huge, because so many of these con jobs occured, without regulations.
You can't blame pigs for being pigs, whether the loaner or the loanee... you can however blame legislation which removed regulations and created crazy, no STUPID, exotic loans.
The biggest problem with this country is the lack of personal responsibility. Blame the mortgage companies, blame the banks, blame Bush. It's always someone else's fault.
Nope... if our problem is personal responsibility... then yes... it is the people in the mortgage companies, the people at the banks, Bush, and a lot of people.
These aren't homeowners you speak of. No down-payment and few mortgage payments does not = ownership.
oh... you think that's the only people who had this issue?
Come now, you aren't that blind are you? You think the entire mortgage issue was caused buy non-home owners?
Originally posted by MystikMushroom
Lets just say this ...
Banks and lending institutions are right now bombarding my office with document requests and name-searches. (that include documentation).
The banks/mort. companies are going after the "softest targets" with gusto. Sure, they can just hope you won't fight back, but companies, retail stores, small businesses ... they are going after their paperwork because of the amount of money.
Like I said, it's legal ... and It will work ... for a while ... but all I would need to provide sufficient proof to a judge/magistrate for a contested foreclosure would be the papers in your local recorder's office.
And if the banks are just to lazy ... It'll work.
It depends on who you are with and where you live, I guess.
Originally posted by stevegmu
Come on. We all know those who got the 'exotic' loans did so because they thought they could flip the house in a couple years and make a big profit before their mortgage payments doubled. Just because one offers another money or a loan doesn't mean one has to take it. It was pure greed on the part of the lendee.
If they owned the homes, would there be a problem?