JPMorgan, Bank of America Face ‘Hydra’ of Foreclosure Probes

Quote from CPTrader:

I agree.

The banks whom I am no fan of, apparently have committed fraud here...actually the real fraud was in the setting up of the various invetsment vehicles based upon fraudulent mortgages.

That notwithstandng, why should someone who knowingly bought a house he/she can't afford now enjoy possession of the house due to technicalities?
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It's always popular to try and assign more blame to one side of the issue, but the reality both sides are at fault. Realistically, this is the ultimate reason why a nation creates laws in the first place.

The banks that engaged in fraud should pay the price (and not with taxpayer subsidies) and/or be broken apart, reduced in size and scope (just reverse the consolidation trend of the 1990s). Individuals who defaulted on mortgages and then just "sat on" the property for months, years, etc should also be sued and forced into compliance.

It all argues for a third party to enforce all of this, but we know that is easier said than done. The comedy in all of this is that most people knew this day would arrive and yet we've been fed constant optimistic bullshit for the past 2 years to pretend none of these events would ever transpire.
 
Quote from denner:

It's always popular to try and assign more blame to one side of the issue, but the reality both sides are at fault. Realistically, this is the ultimate reason why a nation creates laws in the first place.

The banks that engaged in fraud should pay the price (and not with taxpayer subsidies) and/or be broken apart, reduced in size and scope (just reverse the consolidation trend of the 1990s). Individuals who defaulted on mortgages and then just "sat on" the property for months, years, etc should also be sued and forced into compliance.

It all argues for a third party to enforce all of this, but we know that is easier said than done. The comedy in all of this is that most people knew this day would arrive and yet we've been fed constant optimistic bullshit for the past 2 years to pretend none of these events would ever transpire.
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To be clear...I am not siding with the banks...I am just pointing out that delinquent homeowners should not use technicalities to avoid foreclosure.

Yes, a 3rd party would be good and who would that 3rd party be, the AGs and the Feds, and you know whose side they are on....

So in sum, the 3rd party here is not neutral in my opinion and will for political reasons side with the voters - the delinquent homeowners....and that is NOT good or right!
 
Quote from CPTrader:

To be clear...I am not siding with the banks...I am just pointing out that delinquent homeowners should not use technicalities to avoid foreclosure.
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One might wish to tell that to the Judges hearing these cases.
They are the ones requiring original documents be produced.
A technicality.
 
Quote from IanMacQuaide:

One might wish to tell that to the Judges hearing these cases.
They are the ones requiring original documents be produced.
A technicality.
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Technicality? These aren't technicalities, they are the principal issue in a foreclosure case which allows a foreclosure to proceed.

What stops me from filing suit to foreclose on your home, alleging that you haven't been paying me timely principal and interest? Which you obviously haven't been because I haven't been sending you statements, etc.

One, the fact that I don't actually hold the mortgage. How is that proven? I don't have the original documentation with clear chain of title back to origination obviously.

So if JPM or anyone else is trying to foreclose and they don't have the information either, how exactly can they prove they actually own the mortgage?

And if they can't prove ownership of the mortgage, what exactly would give them the right to foreclose?
 
Quote from KINGOFSHORTS:

He would have been shot dead in my place. Thank god that we have the Castle Doctrine.
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I HATE BANKS!!!!!!!!!! GRRRRR!!!!!!!!!!!!

I have a Mossberg M590 the intruder would have met.

Is this the law you mean?http://en.wikipedia.org/wiki/Castle_doctrine

I LOVE how Texas does business! If someone is on your property with the intent to steal, they can be shot. Of course, after they are signal 0 (dead), who cares what their intent was! :)

God bless Texas!
 
Quote from IanMacQuaide:

One might wish to tell that to the Judges hearing these cases.
They are the ones requiring original documents be produced.
A technicality.
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Ridiculous argument. You seriously think not having physical possession of a mortgage note is a "technicality"?

What's to say if a debt collector came knocking at your door, served you papers for defaulting on a debt they claim you owe them? But, in reality, they have no ownership of the debt and never did have it. They are simply trying to collect based on intimidation and fear tactics.

If a party seeking a judgment in their favor cannot produce proof of title or ownership, tough shit, they lose. You should seriously have your head examined if you believe otherwise.
 
Did I mention I hate banks?!?!?:D

Here I am picking my Sons up from High School football practice, and the coach said something like, "you bankers get some nice cars to drive huh?"

I wasn't going to let that one go for a split second. I told him "I'm an Independent Investment Advisor, and no where near a banker. I don't know about you, but I despise bankers."

He said, "yes, I don't like bankers either, just didn't know what you did, and didn't want to upset." We laughed for a minute or two, but both parted hating banks, and all of the crimes they are allowed to get away with.

Yes, Gekko was right. "Those crooks (banks, and inv banks) made him look like small change." I concur.
 
Quote from LEAPup:

Did I mention I hate banks?!?!?:D

Here I am picking my Sons up from High School football practice, and the coach said something like, "you bankers get some nice cars to drive huh?"

I wasn't going to let that one go for a split second. I told him "I'm an Independent Investment Advisor, and no where near a banker. I don't know about you, but I despise bankers."

He said, "yes, I don't like bankers either, just didn't know what you did, and didn't want to upset." We laughed for a minute or two, but both parted hating banks, and all of the crimes they are allowed to get away with.

Yes, Gekko was right. "Those crooks (banks, and inv banks) made him look like small change." I concur.
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Hate to burst your bubble, but the public won't have much sympathy for "independent investment advisers" who have largely led them into a stock market that has done nothing but churned out fees for the industry.

Anything even tangentially associated with banking, bailouts, quant easing, mortgage fraud, etc, etc...will be the source of scorn and derision for at least a generation, if not more.
 
Hate to burst your bubble, but the public won't have much sympathy for "independent investment advisers" who have largely led them into a stock market that has done nothing but churned out fees for the industry.
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Bingo. Most of the "Independent Investment Advisers" and "Stock Brokers" who are left, are living on borrow time if they did not take fast action back in 2007/08
 
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