Tampa Bay: Lowest household income of most populous metropolitan area in the US (Spring Hill: insuring, mortgage)

[mrviking]

Originally Posted by Vannort54

How do we know all the banks paid it back what about all the brokerage firms that were bailed out. We will never know will we.

The Government GAO office told us who paid us back. They said the banks did an GM didn't.

[mrviking]

Originally Posted by kmarc

Never had a student loan, so I can only assume. However, my understanding is that since they are backed by the US goobermint, it's sort of like the owing taxes to the IRS, even worse, because you can get an IRS back debt reduced down, but I don't think that's the case with student loans. Anyway, my understanding is that loan forgiveness doesn't extend to student loans.

Most mortgages in this country get sold to Fannie Mae and Freddie Mac which are government -sponsored enterprises. So if you run away from you mortgage responsibility, its the government as well.

[theBondTraders]

[quote=Spring Hillian;36684287]That is my understanding. There is no way out of a student loan.

I believe that if a homeowner defaults on their mortgage, the bank (or lender) should obtain possession and attempt to sell it to recoup part of their loss. Then, after the lender recoups what they can from the sale, slap a lien on the defaulters future income and/or assets.[/quote]



Wow, what garbage. I lender can not put a lien on any borrower's "future income" or assets, that's patently wrong. The house was collateral for the loan, unless there is a second mortgage with a stipulation of a personal guarantee. Most times the lender however might report any so-called "loss" as a "forgiveness of debt" under the Internal Revenue Codes. I'm glad you're not in charge of ANYTHING out in the financial or legal world. You reflect pure idioscy.

[theBondTraders]

Of course any lender could bring a civil suit against the borrower, well, for just about anything - lenders might try to "come after" the borrower, but that doesn't happen most times, and they certainly can't "attach" future income or get an "income deduction order" from most courts - judges would laugh at any plaintiff in most cases.

[Spring Hillian]

So the lender gets screwed out of 10's of thousands of dollars that they (and their investors) put on the table while the defaulting homeowner rides off into the sunset. The American way.

In the event the feds buy the note it is the taxpayers who get screwed.



[quote=theBondTraders;36692797]

Originally Posted by Spring Hillian

That is my understanding. There is no way out of a student loan.

I believe that if a homeowner defaults on their mortgage, the bank (or lender) should obtain possession and attempt to sell it to recoup part of their loss. Then, after the lender recoups what they can from the sale, slap a lien on the defaulters future income and/or assets.[/quote]



Wow, what garbage. I lender can not put a lien on any borrower's "future income" or assets, that's patently wrong. The house was collateral for the loan, unless there is a second mortgage with a stipulation of a personal guarantee. Most times the lender however might report any so-called "loss" as a "forgiveness of debt" under the Internal Revenue Codes. I'm glad you're not in charge of ANYTHING out in the financial or legal world. You reflect pure idioscy.

[Vannort54]

[quote=Spring Hillian;36692911]So the lender gets screwed out of 10's of thousands of dollars that they (and their investors) put on the table while the defaulting homeowner rides off into the sunset. The American way.

In the event the feds buy the note it is the taxpayers who get screwed.



Well if the banks want to take you to court to get a judgement you will already be dead of old age. Look at how far behind the banks are in forclosures. Civil court would take even longerand the banks know this. The big banks CEO's should pay the difference eith the amount they are being paid , they caused the meltdown in the first place. And we should feel sorry for them. And they are still on the job.

[mrviking]

[quote=Vannort54;36692974]

Originally Posted by Spring Hillian

So the lender gets screwed out of 10's of thousands of dollars that they (and their investors) put on the table while the defaulting homeowner rides off into the sunset. The American way.

In the event the feds buy the note it is the taxpayers who get screwed.





Well if the banks want to take you to court to get a judgement you will already be dead of old age. Look at how far behind the banks are in forclosures. Civil court would take even longerand the banks know this. The big banks CEO's should pay the difference eith the amount they are being paid , they caused the meltdown in the first place. And we should feel sorry for them. And they are still on the job.

How did the banks do that again?

[Irishiis49]

[quote=mrviking;36693217]

Originally Posted by Vannort54

How did the banks do that again?

Some banks not all used predatory tactics...some realtors also supplied appraisers that would value a home above true market value...but of course in the end it is the buyers that sign on the dotted line...

[mrviking]

[quote=Irishiis49;36695265]

Originally Posted by mrviking

Some banks not all used predatory tactics...some realtors also supplied appraisers that would value a home above true market value...but of course in the end it is the buyers that sign on the dotted line...

Yep, It would be naive to say some banks were not a little overzealous and greedy but to lay blame on them for causing the financial melt down is crazy. Our own government had a much larger part then the banks.

[Vannort54]

Tuesday, September 30, 2014
This is how big banks caused some of the mortgage crises

Wall Street is again under legal attack over its mortgage securities schemes during the real estate bubble, this time from Virginia’s top law enforcement official.

Attorney General Mark Herring on September 16 filed a $1.15 billion lawsuit against 13 of the largest banks in the world alleging they defrauded the Virginia Retirement System (VRS) by selling it mortgage-based securities that turned toxic.

The defendants are Barclays Capital, Citigroup Global Markets, Countrywide Securities, Credit Suisse Securities (USA), Deutsche Bank Securities, Goldman Sachs, RBS Securities, HSBC Securities (USA), Morgan Stanley, UBS Securities, WaMu Capital, and Merrill Lynch. J.P. Morgan Securities was also named in the suit, but was dropped last week when it was discovered that the previous Attorney General, Republican Ken Cuccinelli, had settled with the firm for $3 million.

According to the suit, the quality of 38% of the mortgages that backed the securities purchased by VRS was misrepresented and those bad securities wound up costing the retirement fund $383 million. The state is seeking treble damages, plus civil penalties.

“The message today is clear. It doesn’t matter if you’re a small-time con artist or a multi-billion dollar Wall Street bank. If you try to rip off or defraud Virginia consumers or Virginia taxpayers, you will be caught and you will be held responsible,” Herring said, according to Corporate Crime Reporter.

“Every Virginian was harmed by the financial crisis. Homes were lost, retirement accounts were devastated, small businesses saw their credit dry up almost overnight, and state and federal budget cuts hurt vulnerable Virginians. It will take many more years to recover the economic strength and stability we lost, but I will not allow Virginians to be left holding the bag for the reckless, fraudulent business practices of a few big banks who thought they were above the law. These banks lied to Virginia, and taxpayers and state employees lost hundreds of millions of dollars as a result,” he added.

The lawsuit represents the largest financial fraud case in Virginia history and the largest of its kind brought under the state Fraud Against Taxpayers Act.