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Advisor

Return of mortgage monster?

http://nypost.com/2014/03/12/wells-fargo-made-up-on-demand-foreclosure-papers-plan-court-filing-char...

 

Of course it is only a problem if Mr. Holder arises from his mannequin impersonation and actually prosecutes somebody. And that probably means going to jail type prosecution, not just a settlement shakedown.

 

And none of us really want that because the stock market and even the grain markets might go down if we perturb them.

 

 

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Honored Advisor

Re: Return of mortgage monster?

Fractional reserve banking, lenders with no skin in the game ...and lenders can pre-write foreclosure papers.  Why can`t I get in on some of these schemes?  Smiley Happy

 

Here`s Peter Schiff

 http://www.youtube.com/watch?v=5hP7XrY2ldc 

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Highlighted
Advisor

Re: Return of mortgage monster?

Yeah, but you can't just ride in on a magical libertarian unicorn and fix it.

 

First you have to apply the rule of law.

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Honored Advisor

Re: Return of mortgage monster?

Don`t holder your breath, the democratically elected and appointed officals, pick and choose what they want to enforce.  Their idea of a good fire extinguisher would be one that`s filled with gasoline.

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Highlighted
Advisor

Re: Return of mortgage monster?

Fair enough. Also fair to point out that the heart of the financial crime wave was 2001-8. Plenty on both ends, too, but that is when it really rolled.

 

This is really just the echo from that time. The legal trail of ownership was obliterated in all the securitizations and such.

 

Those of us (????) in the "ownership society" might prefer that the matters be settled quietly in favor of stability, regardless of legal claims. It is a big problem if the TBTF banks don't have legal title to back up their mortgages.

 

There is also a distinct tendency among many to want to suck up and kick down- of course a big bank must be right and a feckless homeowner wrong. Duh.

 

I say follow the law and let the chips fall as they may.

 

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