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hardnox
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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5 Replies
BA Deere
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?  🙂

 

Here`s Peter Schiff

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

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hardnox
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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BA Deere
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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hardnox
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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nancywhangsdnp
Frequent Visitor

Re: Return of mortgage monster?

The rule of law must always be the rule of law, no matter how the bankers get away with murder. It seems to me that the increase in mortgage interest rates is unacceptable. Of course, there may be excuses -- for instance, the impact of the economic situation -- but this is no consolation. Mortgage Advice Essex has helped me not to be disappointed in mortgages. I would not directly apply for a mortgage loan from a bank. Probably every bank will pursue mostly its interests when it comes to lending. It's good that there are mortgage brokers who can delve into your situation and point you in the right direction.

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