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04:39 PM on 01/06/2013
They should pass a law if the bank cannot show the proper paper work or if they use fraud robosigned paper work the home owner then owns the property free and clear.
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HUFFPOST SUPER USER
peskyjski
Well who hasn't been there before?
04:39 PM on 01/06/2013
Is there nothing our politicians will not do for the banks?
04:38 PM on 01/06/2013
Nothing, I repeat Nothing Obama did in the last four years has saved any meaningfull amount of houses. Banks were paid to process loan modifications not make loan modifications. After they were paid they did not have to make the modification. Simple slip in the wording. There was a previous settlement and CA got $265 million, do you know what Democrat Jerry Brown did with it? He put it in the general fund as if CA was hurt by these banks. Nohting for the people. I have been trying for about 2 years to get a loan mod, the bank won't accept payemnts and has returned them. So now I am in a federal lawsuit with Bank of America and soon Chase. They want my house becasue I am not underwater. It is Obama that is in bed with the banks not the Republicans.
04:49 PM on 01/06/2013
To hertamania....You can thank the Republicans for your problem. President Obama did not create your problem. The Republicans de-regulated banking near the end of President Clinton's term. You sound like a typical casualty of the process they set in motion. The republicans allowed them to lend housing money to people who had little to no possibility of repaying the loan.
10:58 PM on 01/06/2013
I believe you are talking about the program that the Dems pushed in every election that pushed home ownership. Bush admin. warned Barney Frank the the banking commitee and they laughed at the guy and tossed him out. Don't know if that Youtube vidio is still out there.
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HUFFPOST SUPER USER
webnova
and Justice for All
05:57 PM on 01/06/2013
It wouldn't matter who was president .... the Federal Reserve is calling the shots.
04:37 PM on 01/06/2013
Time to bust these to big to fail banks back to who would give a cra* .
04:34 PM on 01/06/2013
How can a foreclosure benifit home owners "IF" the banks and servicers and lobbiest are writing
the "RULES" on any settlement. If you hav'nt noticed the foreclosures are still happening, at a faster rate than before. There are big "LOOP WHOLES" that favor them, who can get modification and who can't; for instance, if theres equity in your home home owners won't qualify, they'll tell you refi and pay them off; catch 22; interest rates for these home owners are in the 10 to 12 % range.. I personally witnessed that first hand... During a modification they will foreclose even if you've made your payments on time. Thats been the story I've heard told over and over again in both federal court and state courts and the judges RUBBER STAMP the foreclosure everytime. I'm a witness to modification documents being lost, as well as documents being sent to 2 different departments within the same building with 2 different P O BOXES. The homeowner the way the rules are written, is going to loose, And Theres NOT ONE DAMN THING that can be done to stop them. They wrote the rules to profit "themselves" not any consumer or homeowner.
PLEASE TAKE NOTE:
THE " UNPUBLISHED" TIME TO FILE A CLAIM OR REVIEW REGARDING
FORECLOSURES HAS EXPIRED AS OF LAST WEEK..
And from what I understand Consumers and Homeowners " KNEW" anything about it.
PLEASE, tell your friends to read these comments,
Thanks
sungoh


august of 07
HUFFPOST SUPER USER
seattle123
06:25 PM on 01/06/2013
When my husband died suddenly, I was unable to keep our home. It was foreclosed upon in 2010. I did receive notification of the class action lawsuit with the option to opt out if I wanted to. I then got in Oct. notification of the settlement and I needed to send some info back regarding the nature of the foreclosure, which had to be returned by such and such a date. I hope the politicians delay the pay out, I could really use money.
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04:27 PM on 01/06/2013
ARE YOU KIDDING ME! The banks are getting a bailout???? What am I missing here?

We are broke, the banks have already gotten theirs.

I've read the story twice and I see that AGAIN, taxpayers are paying for Bank mistakes.
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HUFFPOST SUPER USER
webnova
and Justice for All
04:24 PM on 01/06/2013
I'm right here ... Haven't paid my mortgage in 4 years. In a nut shell .. Original lender doesn't exist, Licence revoked and some going to jail. They say they sold it to Countrywide, paid my mortgage for two years with Countrywide and then found out that Countrywide never ever received the documents. Nothing recorded. Bank of America says it went to MERS yet at first MERS showed nothing recorded. Bank of America recorded a fraud assignment in the County Reorders office stating that my note went to Bank of New York Mellon. Then transferred the Servicing Rights to Specialized Loan Servicing out of Colorado. Both Bank of America and SLS could not answer the Questions in a Qualified Written Request nor could they produce any of the original loan doc's.
My whole contention is "Who do I Pay". I am not going to pay just anyone who is not in possession of my original paper work. If my note was turned into a Security then I am truly sorry for the investors. Any note turned into a Security the Note has to be destroyed. They both cannot exist at the same time. No Note ... no contract and with nothing recorded ... oh well. So I will sit here for the next fraud to appear.
04:19 PM on 01/06/2013
A buyer should have an attorney at the closing. For people to sign these complex legal documents which commit them to enormous amounts of money for decades and then get too cheap to hire an attorney to protect them is nuts.
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04:39 PM on 01/06/2013
In some states you must have a lawyer, in others you have escrow.
04:19 PM on 01/06/2013
It's a lock. Bobo and friends will bend over for the banks and Wall Street.
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HUFFPOST SUPER USER
Nick Vanocur
Author of "From the Desk of NickiLeaks"
04:06 PM on 01/06/2013
Why is Congress asking how the money will be distributed and slowing things up instead of mandating they way it will be spend when they had the chance and were passing the bill/approving the money in the first place?
Not enough politics and drama in doing things right the first time?
That, actually, would be okay with me.
And probably with the people who may lose their homes thanks to the delay.
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HUFFPOST SUPER USER
Micheal Anderson
When the Rebels become the Tyrants
03:59 PM on 01/06/2013
I love hearing conservatives complain about banks not being held accountable while opposing any meaningful government regulation of literally anything.

And while both sides might take the same money, one side is still willing to pass meaningful financial reform, and one side is not.
04:40 PM on 01/06/2013
If you really think the Dems are up for any meaningful reform of banking then you live in a dream world.
04:52 PM on 01/06/2013
The Republicans de-regulated banking at the end of Clinton's term.
HUFFPOST SUPER USER
jekap55
05:14 PM on 01/06/2013
Too true.
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HUFFPOST SUPER USER
Micheal Anderson
When the Rebels become the Tyrants
03:58 PM on 01/06/2013
Has any bank ever been sued for lying about the mortgage based derivatives? Or the ratings agencies for lying about their quality? All knowingly and purposely lied about? Anyone been sued for that yet?
04:09 PM on 01/06/2013
Or the CREDIT AGENCYS for bad Reporting , Even when the LAW says they must read what is in your file protesting

Also all 3 Agencys have 3 Drifferent Points in Credit rating, What a Joke
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4WayStreet
No micro in my bio
04:18 PM on 01/06/2013
Not in the US that I know of. It seems bizarre to me that some financial people who bought into the bank fraud perpetrated largely by Wall Street and US banks in are going to jail. In the US the bought and paid for politicians, on both sides have let the criminal institutions continue to rob people, literally millions of American homeowners lost everything including their homes, and the financial felons responsible are all giving each other bonuses and setting up the next round of theft from the poor and middle class.
03:57 PM on 01/06/2013
I, for the life of me, cannot understand why there is not a government program for borrowers that are underwater on any mortgage primary residence or investment that would allow the borrower to lengthen their payment period to however long it takes to make their payments affordable to them. This could be at a higher than market rate interest which would still be very low. Then after 5 or 10 years the borrower would have their situation revisited. I would think within 10 years the real estate market would have recouped most of it losses. This would prevent the glut od foreclosed properties from hitting the market all at once driving property values down even further. A number of people would not take advantage of holding on to a propertynow worth half what they owe but some borrowers would, to avoid credit hits.
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4WayStreet
No micro in my bio
04:25 PM on 01/06/2013
Because the wealthy can now steal a home that someone has paid hundreds of thousands of dollars on, for cheap. The banks have made a bucket of money and can line up another bucket of money, all with the laws being unchanged so they can run the exact same scam in a couple of years. Why would the politicians try to help anyone who can't pay a multimillion dollar bribe to them? And the wealthy could care less, they have killed people on the job, hired slaves in foreign countries for workers, and done whatever it takes to get more money for themselves their country is only worth what they can take from it.
04:34 PM on 01/06/2013
You're not taking into account mortgage fraud, securitization fraud, MERS fraud, servicing fraud, origination fraud,foreclosure fraud, racketeering, RICO, etc...all of which is still happening on a daily basis...everyone's "mortgage" is tied up in all of it...
07:06 PM on 01/06/2013
Right you are! Your comment hits at the core of a corrupt system, one that openly encourages legalized thievery and undermines the basic rights and freedoms guaranteed by the constitution. The "too big to fail banks" enjoy the upper hand now but I suspect their karmic payback is not far away. Their fraudulent schemes will bubble to the surface and the real truth will be revealed. The banks and their scandalous actions will make Bernie Madoff and the Watergate hit men look like kindergarten pranksters. As for the judges who turn a deaf ear to the common man, they too shall have their day of reckoning. The perfect storm is coming!
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HUFFPOST SUPER USER
nrkrell
03:41 PM on 01/06/2013
...more ways to WIN right?
03:40 PM on 01/06/2013
When will the deadbeats who didn't pay their mortgages go to jail? Don't pay your mortgage, get rewarded, only in America.
HUFFPOST SUPER USER
GetRealSoon
Finding Fraudster
04:00 PM on 01/06/2013
"When will the deadbeats who didn't pay their mortgages go to jail?"

After the defrauding brokers who wrote the option payment arms, and the interest only 1.25% teaser rates that produced negative amortizations.
04:18 PM on 01/06/2013
Left your brain outside again? How many of these "deadbeats" were victims of the economy when they lost their jobs?