In the best-case scenario, the banks are lying (again) and it will take a year to sort out (during which time they will bleed like a stuck pig on their servicing costs and obligations.) In the medium scenario they get sued to Mars and, which he didn't say but I will, all wind up eating the bad paper which forces them into resolution - shareholders are wiped out and bondholders take a nice chop-chop. And in the worse-case scenario the title companies say "fuggit" and it all blows up instantly.
Originally posted by phishfriar47
reply to post by OutKast Searcher
Hindsight is always 20-20, but before all of this mess started coming out, how many of us knew how crooked the banks really were? Very few people knew what was going on behind closed doors and didnt start questioning the big banks until AFTER thigs started going south. So yes you are right in saying those people 'VOLUNTARILY' walked into those agreements, but how many knew that the banks were overly taking advantage of people and their situations for money (or better yet GREED), so I say, screw them like they screwed us, or do people just feel good enpowering those who enslave us. After all, when people are being unfairly taking advantage of they tend to revolt, and its usually for something better, I could see this scenario likening to a bank revolution, let them know that since their actions were qustionable at best, we have the right to turn the tables on them.
Look at it this way, the justice system expects you to know all of the laws, so as not to break them, and knowing that most people cant, wont, or are incapable of learning every law (even lawyers need libraries to keep up with all of the laws) they know they have a steady source of income. The banks acted the same way, they knew most people would be unable to check every aspect of their life to monitor exactly where they were being taken advantage of, and capitalized on that fact.
Every human cannot be expected to know every little thing about every little aspect of life and its various business practices. If we did, we would all be completely independent simply because we would know everything about everything, and thus have no need for our fellow brethern to assist us, or excel in a particular area.
Do you check out everything around you and how it comes to be a part of your life? Question everything, how your food is manufactured, where your gasoline comes from, where your taxes go, how they calculate the taxes you pay, how safe is your vehicle, do your children go to a good school, is there a child predator hiding among the little leauge spectators, what is the pollution like in your area, it would be literally impossible to satisfactorily research every aspect of our lives and be confident in our decision making choices.
These last 2 paragraphs were to abate the argument of 'knowingly walking into a situation', it was just an unfair scharade to begiin with, so nobody really owes them anything if they cant even produce what it is that you owe them.
And just for curiosity purposes, how do they re-obtain a mortgage note that they already sold-off. Buy it back from the investor to sell again? That just doesnt make sense to me, didnt they already get their money owed on the mortage when they sold it in bundles in the first place? and shouldnt it be the responsibilty of the new owner of the note to seek collection?
Originally posted by OutKast Searcher
I don't know why anyone would...but just in case...PLEASE people...DON'T listen to the OP.
Because once they find the original note...you will be defaulted...and trust me...they WILL find the note.
Originally posted by sodakota
So..... Obama refused to sign HR 3808, and "pocket vetoed" it instead. source
"Interstate Recognition of Notarizations Act" would have given banks authority to create any document they want, and get it notarized, and a court would have to accept it!
They were trying to pull a fast one! The bill slips through the Senate and House quietly and goes to Obama's desk and sits there. Then the news breaks about the banks creating fraudulent documents.
Boy oh boy... I'll bet the banks are really mad at Obama now. Pretty guttzy thing to do Obama!
-Your credit will be ruined.
-You will be evicted.
-You won't be able to get a credit card.
-Liens will be placed on what you do own.
Originally posted by OutKast Searcher
It may take years before this is resolved.
Possible...but they WILL resolve it. That is almost certain...they WILL find that note.
Here is an idea people....PAY YOUR MORTGAGE. You know...the one that you signed 50 papers for saying you will pay it...the one that you intentionally got into...the one that has allowed you to live in a house that you could never afford paying in cash.
Responsibility people...stop looking for a free ride and just be responsible.