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Message
JPM Tells CNBC It Is Systematically Reviewing Foreclosures
Posted on 9/29/10 at 3:48 pm
Posted on 9/29/10 at 3:48 pm
Here is a bit of titalating news for all with home mortgages...especially if you are in jeapordy of losing you're home sweet home to foreclosure.
Golly, only this morning ruzki said this couldn't happen. Of course he said gold would never be above $1300 and made numerous other ignorant predictions...but, what can you expect from a 'world banker' that spends all his time reviewing comments from his fellow posters from prior decades. His actions are more like a former Stazi employee than a banker
"Update: BN *JPMORGAN ASKS JUDGES TO DELAY RULINGS IN `PENDING MATTERS'.
We predict that within a week, all banks will halt every foreclosure currently in process. Within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy.
And like that, mortgage fraud goes global. JPM stock down on the news, as the American foreclosure process is now effectively shut down."
LINK
Golly, only this morning ruzki said this couldn't happen. Of course he said gold would never be above $1300 and made numerous other ignorant predictions...but, what can you expect from a 'world banker' that spends all his time reviewing comments from his fellow posters from prior decades. His actions are more like a former Stazi employee than a banker
"Update: BN *JPMORGAN ASKS JUDGES TO DELAY RULINGS IN `PENDING MATTERS'.
We predict that within a week, all banks will halt every foreclosure currently in process. Within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy.
And like that, mortgage fraud goes global. JPM stock down on the news, as the American foreclosure process is now effectively shut down."
LINK
4
Posted on 9/29/10 at 3:56 pm to Rivers
I find this comment very insightful:
I posted a thread touching on this subject awhile back - Why would people just not quit paying their mortgages?
The commenters whole idea of "drift" right now is a fantastic way to explain what I 'feel' in my gut many people are going through right now.
quote:
Once lapsing on mortgage payments is the new normal, everyone will simply do it without a second thought. If it nukes the banks well that's okay because bailing out banks with fiat dollars is normal too.
This was the real hazard in not keeping standards and allowing "normal" to drift with the political moment; you get to a point where everyone is fine with drift as a principle, then you casually drift into swift waters, then you rapidly drift over a cliff. It's all normal then, all the way down.
We have normal norms for a reason, folks; to survive. Once billion became the new million and backstopping banks was BAU and corporate stock prices disconnected from anything of importance then and truly we fell in over our heads.
The foreclosure thing is not about "doing the right thing" it is about gaming the system, playing by the new rules, and getting through this fun house maze of distortions whole. That's not my opinion, it's the new landscape. Everyone is playing now. There is no place to hide. Over the waterfall in a barrel and no where to hide.
I posted a thread touching on this subject awhile back - Why would people just not quit paying their mortgages?
The commenters whole idea of "drift" right now is a fantastic way to explain what I 'feel' in my gut many people are going through right now.
This post was edited on 9/29/10 at 4:00 pm
Posted on 9/29/10 at 3:57 pm to Rivers
quote:Link?
only this morning ruzki said this couldn't happen.
quote:Link?
Of course he said gold would never be above $1300
Does your wife know she is married to an imbecile?
Posted on 9/29/10 at 4:04 pm to 1p56
People ARE walking away from their mortgages. People ARE living in houses that they haven't made a payment on in over two years.
You seldom here it on CNBC or from the mouth of the liar ruzky cause it's not the outcome or behavior that bankers want...and the bankers have DC by the nuts.
You seldom here it on CNBC or from the mouth of the liar ruzky cause it's not the outcome or behavior that bankers want...and the bankers have DC by the nuts.
Posted on 9/29/10 at 4:08 pm to Rivers
quote:
People ARE walking away from their mortgages. People ARE living in houses that they haven't made a payment on in over two years.
You seldom here it on CNBC or from the mouth of the liar ruzky cause it's not the outcome or behavior that bankers want...and the bankers have DC by the nuts.
LSUPutin actually suggests that buyers have a moral obligation to pay their mortgage. When you don't have a legal claim, you fall back on subjective morality claims.
I wonder if LSUPutin thinks that the banks have a moral obligation to process foreclosures according to the law? Seems like that they could care less about that.
Posted on 9/29/10 at 4:10 pm to Rivers
quote:
People ARE walking away from their mortgages. People ARE living in houses that they haven't made a payment on in over two years.
If you can find one post I've made which denies either of the above statements, I will never post on this board again.
If you can't, you never post on here again.
Deal?
quote:This morning you said it was "the rich" that had politicians by the nuts. But then I reminded you that YOU claim to be rich, which is proving doubtful.
and the bankers have DC by the nuts.
quote:Learn the difference between "here" and "hear," dumbass.
You seldom here it on CNBC
You have been back on this board less than three days and already you've repeatedly made of fool out of yourself and proven that you're a liar.
Posted on 9/29/10 at 4:12 pm to Monkey
"I wonder if LSUPutin thinks that the banks have a moral obligation to process foreclosures according to the law? Seems like that they could care less about that."
There are two pending lawsuits now in the Fl courts; the complaints are that people were foreclosed on and forcibly removed from houses that had not had a mortgage of any sort, or a second lein, for over fifteen years.
If you have a home with no mortgage or second keep a copy of your records handy in case the idiot sheriff shows up at your door with an eviction notice. We do.
There are two pending lawsuits now in the Fl courts; the complaints are that people were foreclosed on and forcibly removed from houses that had not had a mortgage of any sort, or a second lein, for over fifteen years.
If you have a home with no mortgage or second keep a copy of your records handy in case the idiot sheriff shows up at your door with an eviction notice. We do.
Posted on 9/29/10 at 4:13 pm to Rivers
quote:
from the mouth of the liar ruzky cause it's not the outcome or behavior that bankers
1) still see no links. I'm pretty sure you made that shite up.
2) These are effects of political pandering that have lead to servicers being, by in large, handcuffed. I have no idea what your point on this is.
Posted on 9/29/10 at 4:15 pm to Rivers
quote:
"I wonder if LSUPutin thinks that the banks have a moral obligation to process foreclosures according to the law? Seems like that they could care less about that."
There are two pending lawsuits now in the Fl courts; the complaints are that people were foreclosed on and forcibly removed from houses that had not had a mortgage of any sort, or a second lein, for over fifteen years.
If you have a home with no mortgage or second keep a copy of your records handy in case the idiot sheriff shows up at your door with an eviction notice. We do.
Not to mention the fact that apparently Ally had 15,000 foreclosures processed without following procedures, allegations of fraud by the Ally.
I think the banks just assume that this stuff will be rubber stamped but I guess the courts aren't up for that, you know, asking ofr things like proof.
Posted on 9/29/10 at 4:17 pm to Monkey
quote:There is NOTHING subjective about morality. It's either right or wrong. Period.
When you don't have a legal claim, you fall back on subjective morality claims.
quote:Absolutely they do. If they haven't, they should be punished to the fullest extent the law allows.
I wonder if LSUPutin thinks that the banks have a moral obligation to process foreclosures according to the law?
Next question?
Posted on 9/29/10 at 4:17 pm to TheHiddenFlask
My point is that there are lots of mtg originators that lied to clients and need to be in jail for fraud.
My point is that those that were paid to perform due dilagance did not and should be in jail.
My point is that those that structured CDOs full of crappy liar loans should be in jail.
Ya know what? Some of them are going to be in jail. The bankers are about to find out that the pols will turn on them like rattlesnakes in order to remain in office or to win office.
My point is that those that were paid to perform due dilagance did not and should be in jail.
My point is that those that structured CDOs full of crappy liar loans should be in jail.
Ya know what? Some of them are going to be in jail. The bankers are about to find out that the pols will turn on them like rattlesnakes in order to remain in office or to win office.
Posted on 9/29/10 at 4:19 pm to Monkey
quote:But...but...but Rivers says the banks have politicians by the nuts.
I think the banks just assume that this stuff will be rubber stamped but I guess the courts aren't up for that, you know, asking ofr things like proof.
You realize you're taking the side of a certified nut job (Rivers), right?
Posted on 9/29/10 at 4:19 pm to LSURussian
quote:
If they haven't, they should be punished to the fullest extent the law allows.
looks like this is going to happen, thus this thread.
Posted on 9/29/10 at 4:23 pm to Rivers
quote:
My point is that there are lots of mtg originators that lied to clients and need to be in jail for fraud.
Clients meaning borrowers or lenders? Either way it's dumb, I just don't know which way to attack it from, yet.
quote:
My point is that those that were paid to perform due dilagance did not and should be in jail.
You would be in federal pound-me-in-the arse prison is this were a jailable offense. quote:
My point is that those that structured CDOs full of crappy liar loans should be in jail.
CDO's should be in jail?
quote:
Ya know what? Some of them are going to be in jail. The bankers are about to find out that the pols will turn on them like rattlesnakes in order to remain in office or to win office.
They aren't going to jail because they didn't do anything illegal. Immoral? probably. unethical? likely. illegal? No.
The banks have the most money and can put into office whomever they want. You're a fool if you don't believe that. For proof, tell me the top 3 contributors to each 2008 presidential candidates.
Posted on 9/29/10 at 4:27 pm to TheHiddenFlask
quote:
They aren't going to jail because they didn't do anything illegal. Immoral? probably. unethical? likely. illegal? No.
I am pretty sure presenting fraudulent documents to a court is illegal. That was a servicer but working on behest of the banks.
plus fraud is a pretty wide net to cast. You could probably bring them to prison on some SEC regs. Hell martha ended up under house arrest. And that was a flimsy case.
I don't think this happens but it could. The more likely scenario is a reset, and the bankers get strung up by their ankles.
Posted on 9/29/10 at 4:29 pm to TheHiddenFlask
JFK used teamster money to get elected, named his brother AG, then turned on the teamsters. How did that work out for the brothers?
Oblama is on the verge of dumping all his economic advisors...get ready for a new crop of bad economic advice. Come election time we will see if people stay in their homes are the bankers are allowed to turn them into the streets. My bet is the bankers, bondholders, and stock holders are in for some serious haircuts.
Oblama is on the verge of dumping all his economic advisors...get ready for a new crop of bad economic advice. Come election time we will see if people stay in their homes are the bankers are allowed to turn them into the streets. My bet is the bankers, bondholders, and stock holders are in for some serious haircuts.
Posted on 9/29/10 at 4:29 pm to Rivers
This is some serious sounding stuff. Are you telling me it's time to stop paying my house note and start using that money to stockpile guns and ammo?
Posted on 9/29/10 at 4:32 pm to Monkey
quote:
If they haven't, they should be punished to the fullest extent the law allows.
looks like this is going to happen, thus this thread.
So you're saying the "police" has caught JPM doing something illegal? You're as uninformed as Rivers.
quote:LINK
"It has come to our attention that in some cases employees in our mortgage foreclosure operations may have signed affidavits about loan documents on the basis of file reviews done by other personnel—without the signer personally having reviewed those loan files," says JPMorgan spokesman Tom Kelly.
In the meantime, the company has requested that the courts not enter judgments in pending matters until the review is complete, a process they say should take a couple weeks.
"We believe the accuracy of the factual loan information contained in the affidavits was not affected by whether or not the signer had personal knowledge of the precise details," Kelly adds.
JPM caught the irregular practices themselves through their review process. They have asked that foreclosures initiated by them to be halted until they can look into what happened. What happened may or not affect the ultimate foreclosure process. Read the above carefully.
Seriously, inform yourself with the facts before you start making stupid statements, Mr. Rivers, Jr.
BTW, this thread has confirmed you are MileHigh. Your (His) hatred of banks has removed all doubt about that.
Posted on 9/29/10 at 4:37 pm to Monkey
quote:What "fraudulent documents"?
I am pretty sure presenting fraudulent documents to a court is illegal.
quote:
The more likely scenario is a reset
Read the facts again of the situation again.
Posted on 9/29/10 at 4:38 pm to LSURussian
I am saying read what Zero Hedge wrote about JPM and comment on it. You are attempting to say that we don't know what we are talking about. If we know so little, and ZH knows so little, why is JPM suspending foreclosures across the country?
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