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CNBC predicts Congress will retroactively legalize foreclosure fraud
Congress will pass a bill to "forgive" banks the potentially criminal errors made in foreclosure proceedings, a senior CNBC editor predicts.
In a blog column Friday, John Carney argues that lawmakers in DC won't allow the country's largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled foreclosure proceedings, especially when bailing them out this time "won't cost taxpayers a dime."
Here’s what is going to happen: Congress will pass a law called something like “The Financial Modernization and Stability Act of 2010” that will retroactively grant mortgage pools the rights in the underlying mortgages that people are worried about. All the screwed up paperwork, lost notes, unassigned security interests will be forgiven by a legislative act....
The federal government, through those fine institutions Fannie Mae and Freddie Mac. These entities, recently acquired under Treasury as part of their conservatorship, along with Ginnie Mae, control and own roughly 60 percent of the $10.6 trillion mortgage market. Read more: www.nypost.com...
If this truly happens, you can morn the death of the rule of law and the end to this once great country
No bill of attainder or ex post facto Law shall be passed.
An ex post facto law (from the Latin for "from after the action") or retroactive law, is a law that retroactively changes the legal consequences (or status) of actions committed or relationships that existed prior to the enactment of the law.
I find it odd for people to speak of the consumer's 'responsibility' when all they are doing is exercising a legal right afforded to them by the most basic principles of contract law.