Axing the Bankers' Money Tree: Homeowners' Rebellion against Wall Street

Yes, the banks are to blame.

But so are the people.

If you didnt earn enough to get the loan, why did you take it?

If I earnt $30,000.00 per annum, and was offered a loan of $400,000.00 common sense and logic tells me... dont go for the loan.

I mean, we all see those credit card letters come through

'' Increase your credit now, its so easy ''

The banks offered you something at too good too be true terms, yet you never considered the ramifications.

If you lost your job, yes that sucks. But surely you had a backup? surely you earnt more than your loan demanded and you have savings? surely you had something when you bought your house to use as emergency funds until you get another job right?

.... obviously not! you obviously believed you could own a home without any deposit, money or decent income.

[edit on 25-8-2010 by Agit8dChop]

it seems to me that even if your not in foreclosure this would set a precedence that you cant be held liable for payments on a loan if your loan was sold and transferred electronically.

reply to post by soficrow


i know right for the first time in a long time the average home owner gets a break

how anyone can defend a system set up from inception to sell a fraudulent morgage that pays out when the home owner defaults

i mean two wolfs and a sheep deciding whats for dinner

home owners are required to follow the law explisitly
why should banks be allowed to be above the same law the home owner is held to

XPLodER

reply to post by whoshotJR


your 100% correct if you live in the states where the courts have upheld this decition and mers is on the note then you could demand to see the original and the fraud would be exposed and it would be on going fraud for them to try to collect

and ucc law states

A lawyer sophisticated in this area has speculated to one of the authors that perhaps a third of the notes “securitized” have been lost or destroyed. The cases we are going to look at reflect the stark fact that the unnamed source’s speculation may be well-founded.

UCC SECTION 3-309
Where’s the note, who’s the holder: Enforcement of the promissory note secured by real estate
external linky

not intended as legal advice but for education only

linky
loanworkout.org...

reply to post by Agit8dChop


if your post was directed at me the op i will ask some open ended questions to get you thinking

if there was fraud by the lender and the borrower who gets prosicuted?

if the borrower has to follow the letter of the law or get forclosed on does the lender

if a third company that was set up to make it easyer to foreclose on fraudulent loans and they did not comply with the existing laws of tittle transfer and correct legal trust tittle relationship then should they win a court case to foreclose?

does the average person deserve a bail out because the banks have had one

xploder

Let me start by saying, I am not affected by this at all, it is because II own my home, and it's a mobile home, however I am glad to hear this as my state is one of the states mentioned on the list. I'm glad that 62 million people will benefit, instead of the banking fat, greedy pigs. I am so glad I didn't get into a ARM(almost), when I was working for the state I was offered one and when we asked for the explanation of what the ARM was. Immediately we understood it was a scam, but not everyone is so savvy dealing with these swindlers and not everybody even questions what an ARM is. This is what they bank on, pun intended here. Anyway, I am glad to see the scales of justice tipped off of these vulture's side for once. And no I don't even have a single person I know who is losing a house, not in my family, and none of my friends or aquaintances, but I seen the tent cities and my heart hurts for them... I just wish something would have been done before millions were already displaced!

here is one of the 60 odd million people who will benfit talking about her court case



i will gather the case law and links in one place for all to see

xploder

Cali court decition
www.msfraud.org...

arkensas court decition
courts.arkansas.gov...

these are pdfs of court outcomes i have found to back up the op

xploder

links to other articals about how mers is fraudulent
seekingalpha.com...

fightthefraud.com...

www.conspiracyplanet.com...

www.truth-out.org...

www.msfraud.org...

New York-based attorney Susan Chana Lask has filed a federal class action complaint on behalf of tens of thousands of New York State homeowners who lost their homes to an alleged foreclosure fraud orchestrated for years by a New York “foreclosure mill” attorney and major mortgage companies. The case is filed in the US District Court, Eastern District of New York, entitled “Connie Campbell against Steven Baum, MERSCORP Inc., et al.”, Case #10CV3800. It alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO), Real Estate Settlement Procedures Act (RESPA) and the Fair Debt Collection Practices Act, and that homeowners paid inflated foreclosure and other fees fictionalized by Baum who profited from the scheme since 2005

link
nationalmortgageprofessional.com...

I have received a number of reports that “outsource providers” are servicing the foreclosers by creating color copies of documents and submitting them as originals. One report is that the “original” was examined at the courthouse and found to be a printout from a very good color printer. It’s a neat trick and one that has probably worked many hundreds if not thousands of times.

This is in addition to the simple ABC’s of chain of title where these service providers create documents signed in one place, witnessed in another place and notarized in another place purporting to transfer a note, mortgage or obligation. You can usually tell that these were not created on the dates they purportedly show they were executed, if nothing else than by noticing dates or breaks in the chain of title. If Joe Smith owns the note and Mike Jones signs an assignment to Mary Simpson, there is a break in the chain of title. Get it?

link
livinglies.wordpress.com...

It involved something called an "assignment of mortgage," the document that certifies who owns the property and is thus entitled to foreclose on it. Especially these days, the assignment is key evidence in a foreclosure case: With so many loans having been bought, sold, securitized, and traded, establishing who owns the mortgage is hardly a trivial matter. It frequently requires months of sleuthing in order to untangle the web of banks, brokers, and investors, among others. By law, a firm must execute (complete, sign, and notarize) an assignment before attempting to seize somebody's home.

link
www.givemebackmycredit.com... l

xploder

Originally posted by XPLodER
reply to post by Agit8dChop

 

if your post was directed at me the op i will ask some open ended questions to get you thinking

Wasnt at you, or anyone in particular it was my observation of this mess, but fire away!

if there was fraud by the lender and the borrower who gets prosicuted?

'and' ? so both parties tricked each other?
I suppose they are both liable..

if the borrower has to follow the letter of the law or get forclosed on does the lender

Of course.
But that doesnt mean it happens that way. Why? because Big Bank and Finance have enough money to buy their way out of trouble.

if a third company that was set up to make it easyer to foreclose on fraudulent loans and they did not comply with the existing laws of tittle transfer and correct legal trust tittle relationship then should they win a court case to foreclose?

If they broke the law then no.

does the average person deserve a bail out because the banks have had one

The average person deserves to be treated a lot better than they are.. but i go back to my original point.

If you signed your name on the dotted line, with no deposit, a low earning job, and no assets.. and you lose your job... unfortunately your going to lose. in a legal fight the banks would win.

I'm not saying they are stupid, im saying they bought into the banks sweet talk then im afraid they walked into a trap.

[edit on 26-8-2010 by Agit8dChop]

In the past one way to stop the transfer of all wealth to corrupt banksters was to declare a day of Jubilee, when all debts are forgiven.

Since such a concept would never pass a congress owned by foreign banksters, this judicial fiat may fit the bill.

I do wish to correct one point however. The lions share of the financial crisis blame rests with the democratic congress. They actually forced lenders to take on unworthy borrowers, threatening fines in some cases. They deliberately set the stage for the meltdown. When republicans tried to reign the scheme in and bring in some accountability they were shot down.

One would do well to remember this next election. Our misery was created by bad government. Vote the bums out.

reply to post by Agit8dChop


does the average person deserve a bail out because the banks have had one

quoting ^^^^

The average person deserves to be treated a lot better than they are.. but i go back to my original point.

If you signed your name on the dotted line, with no deposit, a low earning job, and no assets.. and you lose your job... unfortunately your going to lose. in a legal fight the banks would win.

I'm not saying they are stupid, im saying they bought into the banks sweet talk then im afraid they walked into a trap.

there was a system set up and pre meditated to earn money from others foreclosures and the reason for the electronic data base was to foreclose fast and sell fast to free up the house to sell to the next mark

the guy that takes the loan was defrauded into thinking the bank wanted him to pay off the loan over time as per contract when in effect it was directly in there interest for you to defolt on contract

this constitues pre meditated fraud and the fact that mers allowed them to foreclose quickly increased the number of foreclosures

this is the step that gets them in trouble
when the house was sold so to was the trust and tittle and to save time the trust and tittle were seperated so the morgage could be on sold into morgage backed securities MBS

this invalidates the contact morgage as the terms of the contract have been breached

whos fault is this fraud?

reply
why set up a system where morgages are designed to fail and when they do flip them fast so more people could go through the system and make the owner of the system super rich while everyone else suffers

reply to post by SevenThunders


yes politics has a part to play but please dont bring politics into this law debate unless it serves a larger picture in the post

blame the cause
address the system
understand the system
reform the system

america cannot get itself out of trouble while it pays to foreclose on people for pre meditated profit

xploder

reply to post by XPLodER


Politics is a big driver behind our troubles and I'll bring politics and religion into every and any conversation that I so please. Besides this issue is a huge political hotbed for all parties concerned since economic issues are at the forefront right now.

reply to post by SevenThunders


please share the information around to all people that are in need of cheering up or are struggling all i want is for the message to get out there is something possably good happening with the court outcomes lately

people are being treated fairly

it does no one any good to foreclose on the whole of america
except the scums that designed the system

spread the word for the people

xploder

Makes me sick.

Millions of people getting away with being financially and morally irresponsible. As if this wasn't already rampant in our country.

A win for the people? You have to be kidding me. If these people deserved a "win" they wouldn't have put themselves in this position to begin with.

It's a loss for everyone on every level. If millions of people stop paying because they caught a "break" and can cheat the system, there will be repercussions. Millions will lose their jobs, the economy will take a huge hit, things will get ugly.

Lets hope that some of that 62 million are RESPONSIBLE AMERICANS, who continue to pay for what they agreed to pay for, instead of trying to "Get theirs". If they do try to "get theirs" we all lose.

[edit on 26-8-2010 by grimreaper797]

Originally posted by XPLodER
reply to post by SevenThunders

 

please share the information around to all people that are in need of cheering up or are struggling all i want is for the message to get out there is something possably good happening with the court outcomes lately

people are being treated fairly

it does no one any good to foreclose on the whole of america
except the scums that designed the system

spread the word for the people

xploder

That's such ignorance. The same banks you want to fail and bring to it's knees so badly, are the same banks that millions of average people are employed to. The same banks are the ones extending credit to non-bank companies who need that credit to run day to day operations.

The repercussions of screwing our banks will not simply go away or be a blimp on the radar.

Do I hate that fact our country are as dependent as they are on these elites as they are? Sure. Doesn't mean I cheer for a situation that could potentially cause major damage to our economic system and in the long term be a major loss for the average working man.

reply to post by grimreaper797


i think most people that have morals would pay what they could afford even without having to because they signed a contract

but when the banks choose forecloure rather than refinance eveytime then why not protect yourself from loss

you lose any calateral you had in the house
they sell it fast and its on the market for more the next day
for more than they payed you for it
and you still owe the bank

what is fair here that wont crash the system?

xploder

america is families in houses not banks with empty houses
there must be a price to pay for fraud

[edit on 26-8-2010 by XPLodER]

Originally posted by XPLodER
reply to post by grimreaper797

 

i think most people that have morals would pay what they could afford even without having to because they signed a contract

but when the banks choose forecloure rather than refinance eveytime then why not protect yourself from loss

you lose any calateral you had in the house
they sell it fast and its on the market for more the next day
for more than they payed you for it
and you still owe the bank

what is fair here that wont crash the system?

xploder

america is families in houses not banks with empty houses

Look I'll give you some advice people have given me before on topics I wasn't educated in. Don't talk on topics you don't have any knowledge on.

1. The banks try to refinance constantly. They want you to stay on that house as much as possible. Why? That brings me to point 2.

2. The Houses on the market are significantly less money, and the market is very bad right now. If they gave you a loan for a house for 500,000 dollars. Right now if they took it from you, they would have a hard time selling it for 300,000. They definitely don't sell it fast, unless they are willing to incur some serious losses.

3. The same people who took out irresponsible loans with no plans of paying for it are the same people you expect to pay for something that they have no obligation to pay for? Maybe some will, but many will see it as a free meal and take it.

What is fair is exactly what is being done.

You owe X for a mortgage you took out? You pay X. You don't pay it, either refinance or get out. Don't give me a line about the banks aren't refinancing at all. Hundred of thousands, probably millions by now, have already done so.

reply to post by grimreaper797


before reform comes pain
or there is no reform

you are consentrating on the people that should not have taken a loan what about the people who could at the time and now risk loseing everything because others shouldnt have taken the loan

is that fair to them they played by the rules and now others have caused losses to them do they deserve a break?

who deserves a brake? the bankers

america is families in houses not banks with empty houses

america is in this mess now did they make dodgy loans to themselfs?

are the banks blameless?
fraud has to have consaquences for people and banks or the system callapses

xploder