posted on Oct, 23 2012 @ 05:13 AM
reply to post by magma
Except it is bound by a contract, which is mutually binding,
labor unions and employees have contracts with employers that seem to be rather inconvenient at the present time to keep....
so well, there's an outcry to break those. And, our deposits in financial institutions are supposed to be separate from the money they invest, and
well, that is down the tubes....
and then there are those rich people who walked away from multi-million dollar real estate deals when the bubble burst....strategic defaults.....
the point being, although the sanctity of contracts is preached....it seems that when they become too terribly inconvenient, many seem to have no
problem ignoring them.
seems to be that a financial institution would have a contractual obligation to protect the assett that is used as collateral. and yet, I find myself
wondering if their actions didn't somehow endanger the property rights of my home by not obeying the laws of the states and communities as far as
recording transfers the proper way. if I am right there, then well....the financial institutions already broke the contract!!!
it's possible that the reason why fannie and freddie and the fed are buying up all these mortgage backed securities is that it's the only way they
can legally foreclose, and possibly declare a property free of any debt owed to it. because at the moment, I don't think anyone knows just who owns
the note to any piece of real estate unless it's paid in full, and even then, some without any debt connected have been foreclosed, or at least they
attempted to foreclose on them!!!
everybody always gripes about how crappy the gov't operates....but I don't think that anyone, or any gov't agency could have made a bigger mess out
of the real estate market as wall street gerus did. without a clear title, your options to sell your home are limited to owner finance, or reducing
the price to that which someone can buy without the use of the loan.
maybe the gov't is the only one that can clean up this mess and restore the property values to something reasonable???