ORIGINAL RI DEED
60 Minutes took some time out to act like 60 Minutes.
It took on the mortgage mess.
I mean there was a little depth to this investigative story.
Fraudulent papers have been filed with courts and county recording offices by investment syndicates also known as bundlers.
Short cuts were taken to save nickels whilst the corporations were having a field day, paying their CEO’s salaries the size of the GNP’s for some countries.
Middle class folks were run over; losing money on the home owning side as well as the investment side of things.
I was intrigued by the comments at the CBS site because to me anyway, they represent the line between conservatives and liberals.
Here is the right wing take on things:
to throw people – down on their luck – out of their homes”
Translation – evict non paying people from homes that are no longer theirs – because they are NOT PAYING.
Since when is it the bank’s responsibility to provide FREE housing to those “down on their luck”.
Of course, this does not excuse forgery – but I have no issue with foreclosure on non paying mortgagees, done legally
Now the three or four comments echoing this sentiment are easy to dispel; if you are debating human beings with some sort of reasoning ability.
First, you cannot throw people out of their homes legally, if fraudulent documents are used to evict the homeowner.
Second, the argument is that people just decided not to pay their mortgage payments. Most of those people who were evicted and are being evicted entered into a mortgage relationship with their banks years ago. Because of hidden clauses that would have been illegal in mortgage documents a decade or so ago, homeowners discovered to their chagrin that their mortgage payment increased by a factor of 50%, 100% and even a greater percentage.
Should the homeowners have seen it coming?
I mean you know goddamn well the mortgage syndicates did. They knew that within two or three or five years the rates would skyrocket because the repubs had promised and delivered laws permitting all sorts of mechanisms permitting banks the right to raise interest rates at the drop of a hat.
Third, the country did find itself in a recession DUE TO THE ACTIONS OF THE GODDAMN SYNDICATES!
That is enough rage venting for now.
The liberal side provided one hell of a story:
Thank God for the American News, and for this story! My home loan was with Norwest, who merged Wells Fargo. I owned the home for 15 years, and I never took out a second, or a home equity line of credit, and my request to refinance with Wells Fargo, so I could consolidate my car loan, credit card, and do repairs on my home, was denied in 2004, and I was transferred to their security department, as I was told it appeared as two loans were recorded on my property for the same amount. After explaining to them I only had one loan, and never took out two loans, they still denied my application for a refinance, stating that I was unemployed and could not qualify. I also had a home breakin, where my safe and all my papers were stolen in 2004.
In 2009 my home that was worth about 700,000, with a loan balance of 216,000 was foreclosed on after I was told I was going to have a loan modification by Wells Fargo’s Home loan department, I was served my eviction notice on Christmas Eve, and evicted by the Santa Clara County Sherifs office on New Years eve.
Today, I am still unemployed, homeless, and Wells Fargo wants me to file a claim for less then half my home equity. They also will not tell me why a Bank of America Vice President signed the foreclosure approval with First American Loan Star services when I never had a home loan with Bank of America. I am still waiting for the FBI to reply to my complaint I filed in person to investigate loan fraud and foreclosure fraud.
My understanding of Sorbanes Oxley, is that fraudulent accounting practices are considered Criminal, and the executives at that banks are responsible. http://www.cbsnews.com/stories/2011/04/01/60minutes/main20049646_page2.shtml?tag=contentMain;contentBody
There are so many issues brought to bear from this comment that it is difficult to begin.
First, there are purposes and reasons for laws that bring criminal charges against perjury.
Our system of justice does not work without providing for criminal charges against perjury.
My gawd, Martha Stewart is not a felon because she LIED to a Fed. She did not even lie in court or in a document! Of course she is a real criminal because she received information concerning the values of her stock holdings from HER STOCK BROKER!
In this second comment, you see one of the reasons why courts are not happy when false perjured documents are filed; whether in the course of court proceedings or not.
This writer discovered that there were two claims against him for one mortgage. The syndicate had screwed up royally and in their bundling procedures ended up doubling this guy’s mortgage; thereby depriving him of consolidating his debts.
Oh some might say, hell this was just a paper error.
You cannot file a mortgage deed or mortgage assignment unless you have the belief through proper investigation that the papers are true and correct. FIRST HAND INFORMATION!
The fact was—AND IS—these assholes do not have the faintest idea who owns the goddamn real estate liens.
And thank gawd almighty there are some judges out there (not enough to be sure) who make mortgage holders prove up their damn liens! And with the hundreds of billions of dollars these syndicates made on what were once sacred liens, the home owners should be allowed to remain in their homes interest free until the damn documents are proven up.
And there are judges out there who would order the damn DA’s to file charges against those who would sneak falsified papers over to the County Recorder’s Office.
Now, before I conclude, the last commenter could have used this 500 grand in equity to get an attorney to straighten out his mess. It might mean meeting with several attorneys before finding one who knew what she was doing and who would be willing to wait for payment.
Compensatory damages as well as attorney fees would probably be available in an action concerning the doppelganger mortgage. Hell, in some states punitive damages would be available for the asking.
I also believe that compensatory damages as well as attorney fees would be available to the homeowner when the mortgage company has filed perjured documents with the county recorder.
There are other actions available.
The problem really has to do with the homeowner who has a $125,000 mortgage on a $100,000 homestead. Homeowners such as these cannot find an attorney; although they might be able to ‘sign on’ to some ephemeral class action depending upon the state of ownership I suppose.
And this situation represents 80% or more of all the folks who have found themselves in foreclosure proceedings.
In some areas of the country the foreclosure rates have been so high as to send the value of all homes into the toilet.
This entire fiasco just pisses me off. People involved in these syndicates should be in prison and all their properties confiscated and handed over to the homeowners.
And I think the same result should be had by those involved with Fannie Mae and Freddie Mac.
I will never forget hearing Scarborough tell us that we should all be held responsible. After all the homeowners should not have purchased property that was outside their price ranges and the ‘bundlers’ screwed up.
THERE ARE NOT TWO SIDES TO THIS STORY.