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04:59 PM on 10/03/2010
The good people in the 27 states who aren't getting relief because their governments were bought should be asking why.
BofA didn't do everything right in the states without legal recourse.
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munki
Global Standard
03:43 PM on 10/03/2010
There should be a whole new RULES!

Did you know, many account disclosures are given after you sign or initial something?
You are agreeing that you read it! I come to a realization... that not only many of us, but
including me... better STOP the practice - take time to read and ask bankers...

Answers given by bankers - jot it down, but they may argue that you took the note wrong.
Any solutions to these?

Also, how many disclosures do you get... do you read them all? Including repair contract?
Cross out acknowledged and read it or something like that - change it to merely acknowledging copy receipt and have not read it... Then you will not get things done!

So, any solutions?
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dbrett480
02:59 PM on 10/03/2010
Foreclosed homes are terrible for the community. They cause an increase in property values for neighbors, blight when the home sits vacant for long periods of time, and an increase in crime when vandals come and loot the foreclosed homes for wiring. An investigation needs to be done to determine how much damage this did to local communities and how they impacted public safety services.
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USNDC
Smartest President ever ? ... not even close.
12:46 PM on 10/03/2010
Any Attorneys online ?

Question:

Are Class Action lawsuits limited to personal injury types of issues (i.e. tobacco, breast implants, etc) ... or can Class Action lawsuits be applied to financial matters ... such as this mortgage backed securities generated foreclosure crisis ?
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womanwithstixs
Just because you're paranoid
08:14 PM on 10/03/2010
There is one class action going on in Palm Beach County, Florida on the foreclosures.
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womanwithstixs
Just because you're paranoid
08:15 PM on 10/03/2010
Sorry with GMAC and Bank of America
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eddw88
11:45 AM on 10/03/2010
Seems that the states were NOT willing to step in and help the people until it became apparent that all their efforts to help big banks in their states ended with the same rescued banks turning on the people that provide their incomes for a third time: 1) Bail-outs to the banks, 2) Refusal to loosen credit access to the public, and 3) Dump anyone in actual or potential financial trouble to get them off your books.

In other words, now that they can't hide behind the, "Bad Banks" anymone the states wants to step in. Where were they are this times??
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Mr Hankey
Kucinich / Sanders (Democratic Socialist)
03:17 PM on 10/03/2010
I agree with you, the states probably could have done more.
Jerry Brown (CA State Attorney General) has been going after the banks and mortgage fraud since at least 2007.

Even though California is primarily a non-judicial foreclosure state, Jerry Brown is demanding that banks suspend all foreclosures in CA until they can demonstrate that they are following the law.

JP Morgan Chase:
http://ag.ca.gov/newsalerts/release.php?id=1996&

GMAC:
http://ag.ca.gov/newsalerts/release.php?id=1990&

Jerry went after Bank of America in 2008:
http://www.sfexaminer.com/local/Jerry_Brown_announces_settlement_with_Bank_of_America.html

Ameriquest Mortgage Company in 2007:
http://ag.ca.gov/newsalerts/release.php?id=1437&
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AmericanDreamWarrior
My progressive liberal site www.foksociety.com
09:58 AM on 10/03/2010
"Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents."

Translation?

"In our rush to throw people out of their homes, in a display of total scroogery, while we had TARP as an umbrella, we didn't realize that someday our shortsighted greed would come home to roost. With our actions forcing people out of their homes, we've driven down the value of the products we were financing, a totally bad business move in it of itself but then we compounded the problem by making it extremely diffuclt for people to get credit while we paid each other bonuses for failures. While we voluntarily shrank our customer pool, not caring that we were limiting our profits, with our unwillingness to work with homeowners that had crushing mortgages (which were artificially inflated), losing the publics trust. Now that the economy is slowly rebounding and we're being forced to actually pay back what we "borrowed", we realize the huge "of our own making" mess we're in, we're going to have to work with what's left of our potential profit pool. But first we have to come up with a face saving reason to justify what we've been doing for the last several years, hence the technicality excuse and just pray that the people are too naive to realize how cooked we are and will come back to us."
10:12 AM on 10/03/2010
Very well said.
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carolina919
08:39 PM on 10/03/2010
Oh, I think they "knew" alright....they'd get paid for creating the toxic assets, reimbursed for their losses and STILL wind up with the assets....what, however, they might not have realized, however, is that like the folks who killed the goose that laid the golden eggs.....there has to be somebody left out there to buy the surplus of real estate they've accumulated.....funny how wrecking the economy kind of comes back to bite you in odd and surprising ways....If there were any fairness in the world our laws would support the "taking" of these properties as "profits of a criminal endeavor" ... that is, if "laws" were written to protect society instead of bankers.
lqw
Justmyopinion
08:19 AM on 10/03/2010
Delays foreclosures until when? After the election ?
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03:34 AM on 10/03/2010
This is silly. Certainly bank officers read foreclosure documents just like all GOP politicians are careful not to keep illegals on the payroll for 9 years.
lqw
Justmyopinion
08:19 AM on 10/03/2010
Like the politician read the 2000 page healthcare bill ?
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TheCarCzarsPage
01:43 AM on 10/03/2010
Headline: BOA To Restart Foreclosures Nov. 3
12:53 AM on 10/03/2010
Well, I'm in Florida. No banks have records because they used MERS . When this news spreads every person upside down on a home will be asking in court -- Show me proof that I owe you money. AND THEY CAN NOT DO IT. The bank sold it it, and broke it up into thousands of loans and they have already collected on AIG and others on the tax payers . So I guess the people that bought way above what they should have will now get rewarded ---- You get a free home , and your get one , and you too. :)))) Only in America is no sweat and no work rewarded in such a great way . Come one and all. -- I think this is going to bug some of us that paid cash for our homes , but I guess we are a small part of this crooked nation.
01:55 AM on 10/03/2010
Why would that bother me, ENJOY! :-)
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Sis3563
02:16 PM on 10/03/2010
Maybe just thinking about all those parties and soccer practices we missed while we worked to pay for our homes. To realize that we could have skipped work and just gone to the party really sucks. Oh, well. That's life.
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stargazer13
To Love One Is To Love All
12:50 AM on 10/03/2010
can you say economic hit has taken place in the U.S.A.

and then the hit men wanted a bonus of course for a JOB WELL DONE !!

eeewwwwhhhhh stinks so bad it,s a wonder we can even breath !!
lqw
Justmyopinion
08:23 AM on 10/03/2010
Have hear of Jacob Lew ? Obama's nominee to head the Office of Management and Budget. Lew was CITI CFO and investment banker who made millions. In 2009 he got a $950,000 bonus after the bank had been bailed out by the taxpayers........Look it up.
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jcaunter
INTJ
12:23 AM on 10/03/2010
Price sheet with an itemized list for forged documents available from Docx, the company that handles most the paperwork for mortgage servicers.

http://www.nakedcapitalism.com/2010/10/4closurefraud-posts-docx-mortgage-document-fabrication-price-sheet.html
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Ken Maddox
This time abolish the GOP WealthCare programs!
12:08 AM on 10/03/2010
Does anyone in America still doubt the need for strict and restrictive regulation and oversight of our financial industry. Viva la free and unfettered enterprise. Let the buyer try to out wit the lawyers and con artists that are the banks of America.
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zanzig
11:41 PM on 10/02/2010
The bank official, Hertzler, signed the deposition making the admission, in February. How many foreclosures were done between February and September, when these AGs put the freeze on the bank? And where are those homeowners now? (If there is any justice in the world, they should be beating a path to the nearest law firm that will file a class acton on their behalf.)
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nogornc
GOP=Big Intrusive Government
10:43 PM on 10/02/2010
Most fraudulent loans (80%) were perpetrated by the lenders NOT the borrowers. It is very easy to swallow the condo flipper in Miami or Vegas but it is clear that the lenders are to blame and that it was orchestrated at the highest levels. Enough of the "pay your bills" bullsh*t. This is a crime on the american people and we should defend them.