Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Sarasota - Bradenton - Venice area
 [Register]
Sarasota - Bradenton - Venice area Manatee and Sarasota Counties
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-18-2010, 05:41 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,021,089 times
Reputation: 1256

Advertisements

BoA is going to resume foreclosures now after creating a real mess by halting them in the first place, which fed the idea that they did things wrong, and that their paper work was faulty feeding the sense that things are screwed up, but now they no longer feel that way.

What's up BoA are you screwed up or not?
Were foreclosures done wrong or not?
You made everyone feel things were screwed up and cast doubts about whether it is safe for buyers to buy. . . Why did you do that? It hurt the whole market!! Because buyers and sellers are confused about how safe and reliable the housing buying and / or selling market is. . .
Why would anyone want to buy a BoA property? Why would anyone want to go to BoA for a mortgage. . .?

BoA, and other banks to a lesser degree make is so difficult for people that want to buy, who are fully qualified to get financing should they need it. They intimidate many who are qualified, and demand paperwork that makes the whole process extremely burdensome, and they keep asking for more and more and more paperwork, and yet they create doubt on the back end that thier properties are safe to buy and cast doubt on the reliablity of their own paperwork and sloppy procedures.

On top of all of that BoA and others have the Government bail them out with taxpayer's money - their actions are not helpful they are harmful to the recovery of the housing market and the in turn the economy.

Now after creating all this doubt, they are prepared to continue moving forward. Should people boycott them?
Bank of America to resume foreclosures - Business - Real estate - msnbc.com

I'm just stunned by how much damage they continue to do to the economy, and the countries recovery process. And, our government seems to be ignorant to it all! IGNORANT TO IT ALL! Oh, they promise to do things when they want to get elected. . . but really . . . what have they done?

I hope this stimulates some good discussion, because I doubt it will cause any of our representatives (or the banks) to do anything positive.
Reply With Quote Quick reply to this message

 
Old 10-18-2010, 06:53 PM
 
Location: englewood
1,580 posts, read 3,127,251 times
Reputation: 772
Quote:
And, our government seems to be ignorant to it all! IGNORANT TO IT ALL! Oh, they promise to do things when they want to get elected. . . but really . . . what have they done?
when you have the campaigner in chief in a different city every day campaigning instead of doing what he was elected to do, be a president it is no wonder that the past 2 years has been a giant blunder. maybe if he actually had some experience and surrounded himself with intelligent people we might have half a chance. all we can hope is for november this year a positive change and then his replacement in 2 years.
Reply With Quote Quick reply to this message
 
Old 10-18-2010, 07:13 PM
 
Location: Sarasota FL
6,864 posts, read 12,005,210 times
Reputation: 6743
I'm already boycotting BoA, not because of the mortgage mess but because they are the number one bank in the U.S. that gave checking accounts and mortgages to illegal aliens.
Now, it may seem cold to some, but when you apply and get a mortgage, you sign an affidavit that you promise to make a payment once a month. If you miss ONE payment, you are in default of the agreement. The banks allowed millions of people to not make payments for 3-6-9-12 months and processing the paper work got out of hand. So now they are blaming the mess on the people they hired to process the mountains of foreclosures, the ex hair stylists, car mechanics and burger flippers and having the papers robo signed. Some politicians are making it a big deal and think the non-paying people should live in the house for free. If the economy and the housing market are to turn around, this housing mess has to be fixed, not next year or next month, right now.
Don't make 3 car payments and you know the guy with the tow truck will be looking for your car.
Reply With Quote Quick reply to this message
 
Old 10-19-2010, 03:01 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,021,089 times
Reputation: 1256
Quote:
Originally Posted by d4g4m View Post
I'm already boycotting BoA, not because of the mortgage mess but because they are the number one bank in the U.S. that gave checking accounts and mortgages to illegal aliens.
Now, it may seem cold to some, but when you apply and get a mortgage, you sign an affidavit that you promise to make a payment once a month. If you miss ONE payment, you are in default of the agreement. The banks allowed millions of people to not make payments for 3-6-9-12 months and processing the paper work got out of hand. So now they are blaming the mess on the people they hired to process the mountains of foreclosures, the ex hair stylists, car mechanics and burger flippers and having the papers robo signed. Some politicians are making it a big deal and think the non-paying people should live in the house for free. If the economy and the housing market are to turn around, this housing mess has to be fixed, not next year or next month, right now.
Don't make 3 car payments and you know the guy with the tow truck will be looking for your car.
Exactly, and they (BoA and the other foolish banks, and the government) should pay for thier blunders. Not the people who have spend their whole life paying for a property that should have been at a certain value, and then watch as there nest egg evaporated before their eyes because others (the banks and government manipulated things stupidly) lost their shirt! Its just not right!
Reply With Quote Quick reply to this message
 
Old 10-19-2010, 07:09 PM
 
Location: Venice, Fl
1,498 posts, read 3,453,145 times
Reputation: 1424
BH, just being Devils advocate here, BOA never needed bailout funds, they were forced to take them. I remeber when this all started, I was labeled a doom and gloomer on this forum by many, where are they all now with their optimism and rants about not everyone is broke. If anyone thinks this is ending soon, they are smokin dope..... subprime forclosure rates will skyrocket in January and the market and lending will see the bottom, just wonder how long we can all hold out until it rectifies itself in the years to come.

There will always be cash buyers for real estate, but that wont drive the economy or the housing market, if the middle class cant get loans to buy homes there is no correction coming.


Hey for all of you that voted for change.... hows that workin for ya??????
Reply With Quote Quick reply to this message
 
Old 10-19-2010, 08:02 PM
 
Location: englewood
1,580 posts, read 3,127,251 times
Reputation: 772
Quote:
Hey for all of you that voted for change.... hows that workin for ya??????
what i cant believe is there are still cars riding around with obama bumperstickers on them. at the very least i would have thought the cars with the stickers would have been gone after the cash for clunkers deal.
Reply With Quote Quick reply to this message
 
Old 10-20-2010, 08:27 AM
 
37,315 posts, read 59,504,574 times
Reputation: 25330
I just don't get it--
Obama gets slammed for bringing BIG GOV into the picture to relieve the mess that Bush and a Republican Congress and Big Gov allowed BIG BANKS to get the country/world in

and now he is getting slammed for NOT getting BIG GOV involved in dealing with BoA--

Frankly this is not an issue that Obama as President should be involved with--
the issue revolves around different states--the states' attorneys general seem to have started a process to determine what is needed...Attorney General Eric Holder is doing an investigation, the Senate Banking committee is going to investigate--
not saying this will make a difference or undo damage and/or "make right" any problems but
there are other oversight agencies that SHOULD be taking care of this problem and while most of what I read seems to be more hot air than substance, the President does not have ANY right or power to intervene...and if he did there are people who would slam him for doing just that...

You can't have it both ways--if you want him OUT of business/banking/whatever--
then you can't complain that he is not taking an active role when you want him to intervene...

This MESS did not start under Obama's watch...
the MERS system began in 2004
in 2009 because of the flood of foreclosures into the market and the merging of so many mortgage companies/banks into others with all the overload of paperwork that entailed the Mortgage Bankers Assoc agreed to use MERS to manage/oversee the Mortgage Industry Standards Maintenance Organization (MISMO)
This is from an Oct 9 Washington Post story about the MERS foreclosure problem:
The company, known as MERS, was created more than a decade ago by the mortgage industry, including mortgage giants Fannie Mae and Freddie Mac, GMAC, and the Mortgage Bankers Association.

MERS allowed big financial firms to trade mortgages at lightning speed while largely bypassing local property laws throughout the country that required new forms and filing fees each time a loan changed hands, lawyers say.

The idea behind it was to build a centralized registry to track loans electronically as they were traded by big financial firms. Without this system, the business of creating massive securities made of thousands of mortgages would likely have never taken off. The company's role caused few objections until millions of homes began to fall into foreclosure.


I point you to the sentence I underlined--I am sure that somewhere in this long history of debacle there were some people sitting around who decided that there was a way to take advantage of this weakness in the MERS design and those people have enriched themselves like no tomorrow--but finding them and proving it is not a viable option...

Some individuals have filed suit trying to have their foreclosures overturned because of irregularities within the MERS process have won and some have lost--and the lawsuits started several years ago--not in the last 2 months when most of the news media has made it a cause celebre...
there is nothing "clear cut" about the situation because the laws from state to state regarding foreclosure and land titlement vary a good deal...

What most people don't seem to understand or want to understand is that in 95% or more of these foreclosures the people in the homes HAVE defaulted on their mortgages--for whatever reason--they are delinquent in their payments...
AND IF they do managed to get their house back they are going to be REQUIRED to make that mortgage debt whole--that means come up with the back mortgage payments--
they are not going to be able to do that--the mortgage holders/banks are not going to just erase a year or two or three of back missing mortgage payments...
Reply With Quote Quick reply to this message
 
Old 10-20-2010, 10:01 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,021,089 times
Reputation: 1256
There is no question that those that have failed to make payments on their properties and lost them in foreclosures as a result of that will never win anything worth fighting for, and would be saddled with the repayment of the debt (immediately if not sooner) that they defaulted on and walked away from which caused the banks to foreclose in the first place.

Those that have their homes sold or repossessed because of foreclosure, will not get their home back. Oh, there may be a mistake here or there and a reversal may be made, but it will be a minuscule number that the press will exploit and make sound like a huge horror story, and an every day occurrence. The lawyers will press the banks, in class action suits and attempt to extort funds from the banks because of some rushed clerical errors (and likely prevail) because of a business decision to pay rather than fight it out in court. The home owners that have been harmed wont see a dime - either.

What irks me is that many millions of Americans that worked their whole lives, and paid for a home (for decades), only to have greedy banks and mortgage companies egregiously take their homes value without a care in the world, only to have our government bail them out, but not help the elderly. What do they get (social security freezes), and pay even higher taxes necessary to off-set the lack of revenue due to the faults home values and these foreclosures have reduced in their coffers. That is a huge mis-justice to them. The people that bought the toxic mortgages should be held to greater losses proportionately, because if not for them the many millions of people that had paid their mortgages over the years should not have their home values deflated to the extent they are now. The flood of foreclosures caused by their mess is being disproportionately paid for by others that don't deserve to lose so much. It seems that those that invested in the mortgage buying (hyper home value inflation bubble) are being made whole, or off-setting their losses disproportionately to many that worked and paid their whole lives. There are many innocent victims out there as well.

The president does have a leadership role to take, and policy and procedural influences that he can make - where is he? His bully pulpit and leadership on this huge issue is lacking. It is not the mess he created, or Bush for that matter. It started with Clinton (although he isn't to blame for this either) it is all congress that help establish these policies, and laws, as well as state governments that pressured banks and mortgage companies to provide financing to those that never should have qualified for a mortgage in the first place. This whole mess didn't help them either. . . did it? It has robbed those that worked their whole life paying off their home (including the largely the elderly). The banks and financial institutions were greedy, and encouraged this, made bad loans, and should be held responsible - not those that paid and paid and paid, and lost all the value in their homes - it is just wrong. As their equity and financial fortunes are ripped away, no one does or says anything to protect or help them from this unprecedented fraudulent rip off.

I don't care if it is a republican party or a democratic party or a tea party or a Christmas party that is responsible for straightening this mess out. I just don't think that our representatives (of either party) are doing enough to set things right. They seem too busy meeting with people in an effort to raise money, for their self preserving, self promoting, self interest, and not doing all they can to care for this great country. They need to be held even more accountable when accepting a role of leadership. I guess I have lost a lot of confidence in those that ask for support to get into office and do this countries, states, counties, and cities business, and I have to admit, I'm a little bit ticked off about it as well.

Last edited by Big House; 10-20-2010 at 10:26 AM..
Reply With Quote Quick reply to this message
 
Old 10-20-2010, 11:07 AM
 
Location: englewood
1,580 posts, read 3,127,251 times
Reputation: 772
you are correct the housing mess did not start with obama. however as big house says he has done nothing to take charge and rectify the problem. the problem started with clinton, pelosi, reid, frank, dodd and other bleeding hearts that felt everyone should own a home. they basically ordered lenders to write for anyone. obama has enough blunders to be given credit for such as running up the national debt to a record, obamacare, cap and trade attempt, not continuing the bush tax cuts which essentially results in a tax hike. all that goes together to create a lousy economy with no consumer confidence that pushes the unemployment higher. and while there is high unemployment and no confidence then no one buys houses. wow it really is obamas problem, now. so to take it all on and make it right he takes off on the campaign trail. not a bit of effort put into what he was elected for. but then i guess its better he is campaigning than apologizing to the world on behalf of the US.
Reply With Quote Quick reply to this message
 
Old 10-20-2010, 12:06 PM
 
Location: Sarasota, FL
1,642 posts, read 3,327,695 times
Reputation: 814
I have said it before, and i will say it again now:

This situation was not created along party lines. This situation was created by the marketing forces that created the incredibly irresponsible notion that everyone should own a home. Once that seed was sufficiently planted ("American Dream"), it was very predictable that regulation would become a bit of a joke in the frenzy. The real estate industry (including everyone from banks to realtors to mortgage brokers to home improvement companies) had a sort of carte blanche to continue to operate recklessly because it all just FELT so good to everyone, this American Dream.

Here is a simple question. The answer defines the problem:

Did any of the otherwise-responsible and intelligent people involved in the industry NOT know how incredibly ill-advised the move toward sub-prime lending was?

It doesn't take Keynes to realize that the entire thing was predicated on one incredibly stupid premise: That real estate would continue to appreciate. ANYONE could see that there was a massive hole in the reasoning ("I suggest the 5 year ARM, because even though you only make $32,000 a year, in five years, you'll have enough equity in your house to blah blah etc etc ").

It was a meteor heading toward earth, and we all stood around holding hands singing Kumbaya, because that feels so much better than actually telling people that things are not as great as they want to believe they are, and putting millions of people from industries ancillary to real estate out of work.

Well, guess where they are now? MANY are out of work, and out of their own homes.

Sorry for the rant.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Sarasota - Bradenton - Venice area
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top