Interesting Piece on 60 minutes on the morgtgage paper work mess
- Thread starter Hello
- Start date
+1
Yes, banks screwed up royally and turned over their processing to some third-rate dump in Georgia, which forged signatures.
HOWEVER...the vast majority of those borrowers who are beefing about it are defaulting on their mortgages, and using this as an excuse to walk away with no obligations.
Now the government is apparently floating a plan that from my understanding would have banks pay the borrowers to go away.
What an abomination.
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The banks want to foreclose fast, take the asset (house) put on the market again, make money. This banks hire (servicers) to do this foreclosure work. Together(Banks and servicers) are so happy thinking they can make the fast money again. So what is happened? This servicers have caught doing robo signing. Now some banks are afraid and take away their business to the servicers. Now the servicers are fighting with the banks. Two pigs fighting each other now.
David Stern, Shapiro y Fishman, Kanane and Associates, Daniel Consuegra, Ben-Ezra and Katz....
http://realestate.aol.com/blog/2011/03/30/foreclosure-mill-kings-fight-back-sue-banks/
And the banks will pass on these costs to their dwindling number of depositors. Behind the scenes bailouts will continue unabated if/when this political stunt is pulled to set up the "20 billion dollar" recuperation fund or whatever they will call it to fool the sheeple.
Both parties are really at fault, I suppose. However, the real fault (as many noted as it was unfolding) was the decision to create another asset bubble following the tech crash. Underwriting standards were tossed into the garbage can and the entire chain of title was lost. Nonetheless, the media will always ignore the cause and gleefully play the banks vs consumers angle indefinitely.
Got to say im pretty much in the middle on this one, I agree with both Lindq and ElPrado, in that i think that these people who were irresponsible totally stuck it to everyone else who is responsible. (Something which is happening more and more these days) I cant stand these irresponsible whiners, that get turned into bleeding heart stories by the left wing media, when they went out and lied on a mortgage app to get a house they couldnt afford.
At the same time this piece made me even angrier at the banks and at these assholes who are running blatant fraud, by forging documents. We have all the evidence right in front of us on national T.V. If someone major doesnt end up going to jail for this scam, then its just open season for the banks, to rob, cheat, and do whatever the fuck they want, it would mean that throughout this entire cesspool of fraud and abuse, not one of these cocksuckers went down, and this whole fiasco will only serve to embolden the thieves. (and its not as though they arent already brazen enough as it is)
At the same time this piece made me even angrier at the banks and at these assholes who are running blatant fraud, by forging documents. We have all the evidence right in front of us on national T.V. If someone major doesnt end up going to jail for this scam, then its just open season for the banks, to rob, cheat, and do whatever the fuck they want, it would mean that throughout this entire cesspool of fraud and abuse, not one of these cocksuckers went down, and this whole fiasco will only serve to embolden the thieves. (and its not as though they arent already brazen enough as it is)