If you act stupid and allow people to take advantage of you (in legal or illegal ways) - there's no amount of regulation on the face of the planet that -can- protect you.
Originally posted by watcher3339
That's huge. It is also a testament to the fact that our country, for all its problems, is not actually broken. We have a system in place to address grievances. It can be slow. It can be better. But it beats anarchy hands down.
This is the way to punish the crooks.
Nobody is above the law.
The thing is - what happened had nothing to do with the regulations that were changed. Point out to me, please, what regulations were changed and how those led to the current issue at hand.
Originally posted by LrBc1275
reply to post by JohnPhoenix
I myself own a home that was foreclosed in MA. If you have title insurance, you should be, again SHOULD be somewhat worry free. If you notice on your covered risks, one of which is "protection from a defective title" A defective title is an invalid title because a claimed prior holder of the title did not have title, or there is an inaccurate description of the property, or some other "cloud" over it, which may or may not be learned from reading the deed.
This is also not ALL foreclosures being void, simply the ones that were done via "robo-signing"
Which is still a large number of foreclosures, but nowhere close to being "all". Worst case scenario is that the property will go into reforclosure, and people will then have to re-bid on property. Again that is worst case scenario
If you notice in the Bevelaqua case, he did not have title. insurance and is now suffering dearly.
Bottom line, it is worth the few hundred $$ to have an attorney review the title and purchase title insurance. Also, if you dont see a quitclaim deed from the previous owner to the bank...something stinks!!
From Massachusetts Real Estate Law Blog FULL ARTICLE
Title insurance companies who have insured Ibanez afflicted titles have been steadily resolving these titles since the original Ibanez decision in 2009. I’m not sure how many defective foreclosure titles remain out there right now. There certainly could be a fair amount lurking in titles unknown to those purchasers who bought REO properties from U.S. Bank, Deutsche Bank, etc. If you bought such a property, I recommend you have an attorney check the back title and find your owner’s title insurance policy. Those without title insurance, of course, have and will continue to bear the brunt of this mess.
edit on 22-10-2011 by LrBc1275 because: (no reason given)edit on 22-10-2011 by LrBc1275 because: (no reason given)
reply to post by Aim64C
It's not the government's job to secure the value of your stock or ethics of business. It is the responsibility of share holders to make aggregate decisions regarding the future of the company and keep an eye on the people appointed to the management positions within it.
Massachusetts sued five major banks Thursday over deceptive foreclosure practices such as the "robo-signing" of documents, potentially undermining negotiations between lenders and state prosecutors across the nation over the same issue.
The lawsuit named Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and GMAC. It was filed in Massachusetts by Attorney General Martha Coakley.
"We have two clear goals with this lawsuit — one is to provide for real accountability for the role the banks have played in unlawful and illegal foreclosures, and secondly to provide for real and enforceable relief for the harm that the misconduct has caused," said Coakley in a press conference to announce the lawsuit.
The lawsuit also named Mortgage Electronic Registration System, Inc. and its parent company as defendants. The company, a mortgage registry database, has been accused of shoddy record-keeping in large numbers of foreclosure proceedings.