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Started By
Message
Pelosi performs on cue for MileHi
Posted on 10/5/10 at 10:03 pm
Posted on 10/5/10 at 10:03 pm
quote:
Nancy Pelosi has called for an investigation into foreclosure fraud after three banks, Ally Financial, JP MorganChase and Bank of America, have been suspected of mortgage fraud irregularities. Due to the irregularities foreclosure proceedings have halted in 23 states. Attorney Generals from many of those states are seeking a mortgage fraud inquiry as well as California lawmakers who sent a letter to federal officials. The California Democratic Congressional Delegation (CDCD) sent a letter to Attorney General Eric Holder, Federal Reserve Chair Ben Bernanke, and Acting Comptroller of the Currency John Walsh requesting investigations after it was learned that there were irregularities by bank employees regarding the handling and processing of mortgages, mortgage modifications and foreclosures.
LINK
2
Posted on 10/6/10 at 11:52 am to Tiger JJ
They've already tried to reduce foreclosures. It was called HAMP. It didn't work.
Posted on 10/6/10 at 12:18 pm to RedStickBR
quote:
They've already tried to reduce foreclosures. It was called HAMP. It didn't work.
This is different. This is about banks allegedly altering documents to cover up gaps in paperwork so they can foreclose.
Its a big issue. Stay tuned.
This could take many routes, depending on the substance of the accusations. But if there really was massive document alterations and they were used to foreclose on homes. BOOM goes the banking system. TARP 2.0
that is a big if. We have a lot of people wanting to know more at the moment, thus Nancy's letter. This first really started to get out about two weeks ago, and every single day something else has dropped. We know have Ally, BoA and JPM voluntarily suspending foreclosures to investigate potential irregularities in paperwork.
And this just in Justice dept is looking into Foreclosure problems
LINK
This post was edited on 10/6/10 at 12:19 pm
Posted on 10/6/10 at 1:07 pm to Monkey
I realize it's different. My point was simply that they've already tried to reduce foreclosures once to no avail. Clearly, that is what they really want. So it appears this is just another avenue through which they'll attempt to achieve that end. No personal responsibility. Bail the people out. It's not their fault they entered into bad arrangements ... after all, they're only layman.
Posted on 10/6/10 at 3:59 pm to Tiger JJ
quote:Jeezzee!
Pelosi performs on cue for MileHi
Had a horrible vision of nancy doing the nasty with a pool stick . . .
Posted on 10/6/10 at 4:39 pm to NC_Tigah
quote:I'd like to use a pool stick on her...
Had a horrible vision of nancy doing the nasty with a pool stick . . .
(I know, kfizz...wrong board.)
Posted on 10/6/10 at 5:54 pm to RedStickBR
quote:
My point was simply that they've already tried to reduce foreclosures once to no avail. Clearly, that is what they really want.
I think having reduced foreclosures would probably be a good thing. I just don't think its possible, without forcing cramdowns. And I don't think that is a particularly good idea.
quote:
No personal responsibility. Bail the people out. It's not their fault they entered into bad arrangements ... after all, they're only layman.
I don't think this is where its going. The issue is the servicers might not have legal recourse to foreclose. Clearly the borrowers are in default, its just whether the servicer has the right to do it. Its whoever owns the note that can foreclose.
I suspect in the end, all of these people will still lose their home. This is what is sad about it, b.c all it does is kick the can down the road.
I think in the end, the entity that gets bailed out will be the banks who lose a shite ton of money in fees, lawsuits and outgoing P+I payments
Posted on 10/6/10 at 6:28 pm to Monkey
quote:Everything else is just details....
Clearly the borrowers are in default,
Posted on 10/6/10 at 6:49 pm to LSURussian
People will be sending thank you notes for the free house you gave them. 
Man, these newfangled financial products sure work great!
Why don't you load up on ETFs?...if you like the smell of dog crap...
Man, these newfangled financial products sure work great!
Why don't you load up on ETFs?...if you like the smell of dog crap...
Posted on 10/6/10 at 8:04 pm to LSURussian
quote:
Everything else is just details....
Pretty big details, like whether they have the legal right to do so. Ohio Attorney general just filed suit against GMAC. Alleging fraud.
I wonder if Ohio's AG is running for re-election?
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