Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Banks are foreclosing at higher than normal rates and using robo-signatures, are now charged witnh foreclosure fraud bcs their reps are not even reading the documents before signing off. In NY the atty general is suing Chase and Bank of America for fraud.
Is anyone else enraged that this is happening after all our TARP funds from average taxpayers bailed out these conglomerates? Its wrong.
The Treasury Department today said it expects to incur substantial losses from the two government-sponsored mortgage companies, which have operated under federal control since 2008. But the administration believes a substantial part of these losses will be offset by income from two other areas, according to an evaluation of the Troubled Asset Relief Program it released today. (Somewhat confusingly, the government assistance to Fannie Mae and Freddie Mac had nothing to do with TARP).
First, Treasury said a 2008 law that permitted it to buy $200 billion in mortgage-backed securities is bringing in “notable returns.” It wasn’t more specific.
Also, “as a result of its emergency financial programs,” money from Federal Reserve operations that is shifted to the federal budget has “increased sharply in 2009 and 2010, and they are projected to remain elevated for some time.”
Fannie mae and Freddie Mac billions of losses arent even estimated yet.
TARP wasn't enough. Now that the mortgages were sliced and diced and sold piecemeal, it's a free-for-all for the banks to grab homes and foreclose them and then turn around and sell them again.
What pisses me off are the A-hole homeowners that made crappy decisions about buying a home and are getting preferential treatment.
Your absoutely right! but so are those who made the bad loans, they knew what they were doing believe me. Being in real estate, i know that even before any of this mess, there were always some shady loans being made. People should be partly responsbile for making the wrong decisions, but so should all of the people who were out there making loans with those who never should of been buying in the first place, both are ignorant. So many risky loans that should not have been approved were, they knew darn well what they were doing.
the more that foreclosures become politicized and citizens become against it, the more banks refuse to buy mortgages. The result of this is YOU the tax payer are now buying over 95% of new mortgages.
We better make sure housing goes up now, because we as a country are now ALL IN !
Investigation by a Florida Based Law Firm, cites that former Walmart and McDonald’s Employees approved legal mortgage related documentation
Within a tower of foreclosure depositions shown at the Ticktin Law Group’s Deerfield Beach office, senior legal counsel Peter Ticktin says the group has discovered the groundwork of an illegal home foreclosure system, South Florida based news resource WPTV Channel 5 reports.
“It’s massive, it’s criminal, it’s wrong and it’s proven with what lawyers call a mountain of evidence,” Ticktin cited. The evidence, according to Ticktin, includes incorrect foreclosure paperwork pushed through by all types of banks by so-called “Robo-Signers”.
Ticktin stated within the article, that banks hired unqualified workers to complete crucial foreclosure affidavits, which are the official document used for a foreclosure hearing. In many cases, Ticktin cites that the banks purposely put wrong income information on those affidavits to rush foreclosures through.
Okay...sorry but I dont want McDonalds employees working on bank documentation. Thats the bottom line. Yes, there were bad loans, and no one knows what is going to happen....Housing is way down and the banks are causing it. Market to sell right now is terrible, who even wants a mortgage with these shysters?.
Last edited by dreamofmonterey; 10-14-2010 at 01:47 PM..
Reason: add
TARP wasn't enough. Now that the mortgages were sliced and diced and sold piecemeal, it's a free-for-all for the banks to grab homes and foreclose them and then turn around and sell them again.
Corruption knows no bounds.
Banks DO NOT want to be in the business of selling foreclosed property especially IN THIS MARKET. At the current time banks are actually taking some substantial losses just to get foreclosed homes OFF THEIR BOOKS. No bank wants to hold on to NON-PERFORMING ASSET. Homes around the country are literally being bundled and sold for pennies on the dollar.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
