"Homeowner Settlement"? what does it mean?

[Soggy in NOLA]

Who held the gun to the head of the buyers and forced them to bite off more than they could chew??

Bush & Cheney enlisted the help of Halliburton to robo-call low income rubes and cajole them into buying $250,000 homes with Stated Income/Stated Asset loans.

 

[g5000]

What it means is the banksters paid a big bribe to the government so they wouldn't have to go to jail.

I'd personally be for sending them to prison to make an example of them. Then film them being sodomized by other prisoners as an orientation day lecture to new bankers not to fuck it up.

"Go to jail" for what? What crime did they commit?

Forgery and fraud. Just how hard does one have to jam one's fingers in one's ears and stab out one's eyes to be as willfully deaf, dumb, and blind as you are? I've always been curious about that.

Read my first post in this topic. I realize it is longer than your attention span, but do try.

You poor bastard. Someone wrote "CRA" on your blank slate of a brain and nothing else has been able to fit in there ever since.

 

[The Rabbi]

They committed fraud. They got caught. For 26B, they made the problem go away.

I realize where this is going to go, as you can never defend any position because your brain power resembles a kitchen sink.
But what fraud, exactly, did the entire banking industry commit that they are forced to pay $26B?

Read my first post in this topic. I realize it is longer than your attention span, but do try.

Maybe you should read it. But first have a date with reality so you can correct it.
There was no widespread fraud. There were incidents of fraud, but thats not the same thing.
The entire thing is a political shake-down of the industry by the most partisan anti-business president in history struggling with lousy approval numbers for a second term. That's all there is too it.
I worked in the industry for about 9 years, especially B/C paper.

 

[g5000]

I realize where this is going to go, as you can never defend any position because your brain power resembles a kitchen sink.
But what fraud, exactly, did the entire banking industry commit that they are forced to pay $26B?

Read my first post in this topic. I realize it is longer than your attention span, but do try.

Maybe you should read it. But first have a date with reality so you can correct it.
There was no widespread fraud. There were incidents of fraud, but thats not the same thing.
The entire thing is a political shake-down of the industry by the most partisan anti-business president in history struggling with lousy approval numbers for a second term. That's all there is too it.
I worked in the industry for about 9 years, especially B/C paper.

Fraud is fraud is fraud. And it was done on a massive scale.

There is nothing to correct in my post.

 

[g5000]

The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note, the Appellate Division, Second Department, ruled Friday. "This Court is mindful of the impact that this decision may have on the mortgage industry in New York, and perhaps the nation," Justice John M. Leventhal wrote for a unanimous panel in Bank of New York v. Silverberg, 17464/08. "Nonetheless, the law must not yield to expediency and the convenience of lending institutions. Proper procedures must be followed to ensure the reliability of the chain of ownership, to secure the dependable transfer of property, and to assure the enforcement of the rules that govern real property." The opinion noted that MERS is involved in about 60 percent of the mortgages originated in the United States.

Appeals Court Clarifies MERS Role in Foreclosures - New York Law Journal

 

[The Rabbi]

Read my first post in this topic. I realize it is longer than your attention span, but do try.

Maybe you should read it. But first have a date with reality so you can correct it.
There was no widespread fraud. There were incidents of fraud, but thats not the same thing.
The entire thing is a political shake-down of the industry by the most partisan anti-business president in history struggling with lousy approval numbers for a second term. That's all there is too it.
I worked in the industry for about 9 years, especially B/C paper.

Fraud is fraud is fraud. And it was done on a massive scale.

There is nothing to correct in my post.

And there was no fraud when they did it. That was industry standard. A ruling by a court after the fact doesn't matter.
Remind who was defrauded here. The homeowner was not entitled to stay in the house--no pay, no stay.
The only ones defrauded are the banks and their shareholders. By the gov't.

 

[g5000]

Maybe you should read it. But first have a date with reality so you can correct it.
There was no widespread fraud. There were incidents of fraud, but thats not the same thing.
The entire thing is a political shake-down of the industry by the most partisan anti-business president in history struggling with lousy approval numbers for a second term. That's all there is too it.
I worked in the industry for about 9 years, especially B/C paper.

Fraud is fraud is fraud. And it was done on a massive scale.

There is nothing to correct in my post.

And there was no fraud when they did it. That was industry standard.

See? When it becomes massive, widescale fraud, you call it "industry standard". "Industry standard" =/= "no wrongdoing". Just because everyone is doing it does not make it legal. And I addressed that very point in my first post.

Remind who was defrauded here.

The banks that were foreclosing are unable to prove they have legal entitlement to the proeprty because the entire industry shattered the chain of title.

Read the court rulings and my post until you get it.

There are plenty of examples of your "industry standard" being busted in court:

IN RE ARIZMENDI | CA Bank. Court Denies Stay, Order to Show Cause "Contempt, Sanctions, (2) ONEWEST Notes; 1 Endorsed, 1 Unendorsed" "MERS Assignment"

We conclude that this is a question of great public importance, as many, many mortgage foreclosures appear tainted with suspect documents.

44 So. 3d at 556. I think this rule change adds significant authority for the court system to take appropriate action when there has been, as here, a colorable showing of false or fraudulent evidence. We read this rule change as an important refutation of BNY Mellon’s lack of jurisdiction argument to avoid dealing with the issue founded on inapt procedural arcana.

Decision-making in our courts depends on genuine, reliable evidence. The system cannot tolerate even an attempted use of fraudulent documents and false evidence in our courts. The judicial branch long ago recognized its responsibility to deal with, and punish, the attempted use of false and fraudulent evidence. When such an attempt has been colorably raised by a party, courts must be most vigilant to address the issue and pursue it to a resolution.

I could post court documents all day long about this widespread fraud.

Here some more information for you:

Robo-Signing: Documents Show Citi and Wells Also Committed Foreclosure Fraud

GMAC, JPMorgan Chase (JPM), Bank of America (BAC) and One West Bank employees routinely sign hundreds of documents without verifying what they're signing. Those documents are then submitted to courts as if the documents were true, to enable the banks to foreclose on delinquent properties. Wells Fargo (WFC) and Citigroup's (C) CitiMortgage told The New York Times their employees do not engage in similar practices. Yet, new evidence I've found shows they have. At deadline, I was still awaiting a response from CitMortgage.

One of the flaws that is being discoverd in these robo-signed paperwork is the break in the chain of title. And the foreclosure documents are showing loans are being added to REMICs way, way, way past their deadlines for new mortgages to be added. Years after their deadlines.

And that, folks, violates their tax exempt status. Or at least it SHOULD. But the government is turning a blind eye to this open tax evasion.

What else might Kennerty want to verify? Well, in one document he signed that I've reviewed, he supposedly transferred the mortgage from Washington Mutual Bank FA to Wells Fargo on July 12, 2010. But that's impossible because Washington Mutual Bank FA changed its name in 2004, and by any name WaMu ceased to exist in 2008, when the Federal Deposit Insurance Corp. took it over. Making the document even less comprehensible, the debtor had declared bankruptcy a month earlier, according to consumer bankruptcy attorney Linda Tirelli, who represents the debtor. Why would Wells Fargo want a mortgage from someone in bankruptcy?

Finally, Tirelli points out that the papers Wells Fargo filed included a different transfer of the mortgage dated three days before the debtor took out the loan.

How did this all become common knowledge? Because title insurers have stopped insuring titles.

The very purpose of title insurance is to insure against a break in the chain of title. If you buy the title to a property and it turns out the title's records are defective and you can't collect from the borrower as a result of those defects, the insurance company pays for your losses.

So when I say that title insurers have stopped insuring titles, then you know they are scared they will take huge losses due to this massive breakdown in the chain of title.

It was the announcement by title insurance companies they were no longer insuring titles that finally got the government's attention.

And now everyone is kind of holding their breath, trying to wish the whole mess away.

Because, maybe, just maybe, every person who has a mortage may be legally free and clear of their mortgage.

Thanks to MERS and Wall Street.


The banks are scrambling like mad. They are trying to manufacture chains of title, and botching it badly, as exemplified in the story I quoted from above.

And they are committing this additional fraud to cover up their screw-ups openly. One company, DocX, even advertised a price list to create fake chains of title for banks.


Lawyers are going to rich off this widespread fraud. The lawsuits have already begun.

Here's a class action lawsuit in Kentucky.

Some of the elements which may be a little clearer to you now that you have read my posts:

Additionally, and important to the issues presented with this particular action, is the fact that in order to keep its tax status and to fund the "Trust" and legally collect money from investors, who bought into the REMIC, the "Trustee" or the more properly named, Custodian of the REMIC, had to have possession of ALL the original blue ink Promissory Notes and original allonges and assignments of the Notes, showing a complete paper chain of title.

Most importantly for this action, the "Trustee"/Custodian MUST have the mortgages recorded in the investors name as the beneficiaries of a MBS in the year the MBS "closed." Every mortgage in the MBS should have been publicly recorded in the Kentucky County where the property was located with a mortgage in the name similar to "2006 ABC REMIC Trust on behalf of the beneficiaries of the 2006 ABC REMIC Trust." The mortgages in the referenced example would all have had to been publicly recorded in the year 2006.

The transfer of mortgage loans into the trust after the "cut off date" (in the example 2006), destroys the trust's REMIC tax exempt status, and these "Trusts" (and potentially the financial entities who created them) would owe millions of dollars to the IRS and the Kentucky Revenue Cabinet as the income would be taxed at of one hundred percent (100%).

While attempting to circumvent Kentucky recording Statutes, the MBS Trust created for itself a situation wherein it had no legally recognizable interest in the loans for the benefit of the investors. The investors were invested in nothing. The MBS possessed nothing on the date the REMIC closed and perpetrated a fraud on the investors and the American taxpayer through its fraudulent qualification as a REMIC with the SEC.

The President, the SEC, the Justice Department, the foreclosure judges, the IRS, and most of our elected Representatives and Senators are all willfully turning a blind eye to this organized criminal enterprise.

 

[The Rabbi]

IOW there was no fraud. It is merely a procedural issue. No homeowner was evicted who was current in his mortgage. The bank procedures were flawed, but that is not fraud. The same result would have occurred had they followed a different procedure. So no fraud.
Pushing long quotations really doesn't change that. The bottom line is the govt saw an opportunity to play populist daddy and bash banks, which resonates well with the uninformed public.

 

[g5000]

IOW there was no fraud. It is merely a procedural issue. No homeowner was evicted who was current in his mortgage. The bank procedures were flawed, but that is not fraud. The same result would have occurred had they followed a different procedure. So no fraud.
Pushing long quotations really doesn't change that. The bottom line is the govt saw an opportunity to play populist daddy and bash banks, which resonates well with the uninformed public.

Translation: Too long for my short attention span to read. All those expert lawyers and judges who are authorities on the law are just plain wrong.

"The same result would have occurred had they followed a different procedure. So no fraud." You aren't really that stupid, are you?


Just jam those fingers deeper into your brain.

And there were homeowners evicted who were current on their mortgages, dipshit.

 

[The Rabbi]

IOW there was no fraud. It is merely a procedural issue. No homeowner was evicted who was current in his mortgage. The bank procedures were flawed, but that is not fraud. The same result would have occurred had they followed a different procedure. So no fraud.
Pushing long quotations really doesn't change that. The bottom line is the govt saw an opportunity to play populist daddy and bash banks, which resonates well with the uninformed public.

Translation: Too long for my short attention span to read. All those expert lawyers and judges who are authorities on the law are just plain wrong.

"The same result would have occurred had they followed a different procedure. So no fraud." You aren't really that stupid, are you?


Just jam those fingers deeper into your brain.

And there were homeowners evicted who were current on their mortgages, dipshit.

Translation: I cannot get past details and I am a tool of the gov't. Got it.
Your problem is you cannot separate what is actual fraud (taking something from someone unlawfully) with procedural issues (not following proper procedure). The whole mortgage issue is the latter, not the former. People signed their names to mortgage docs. They didnt pay and they got foreclosed on. At the end of the day that's all that matters.

 

[g5000]

IOW there was no fraud. It is merely a procedural issue. No homeowner was evicted who was current in his mortgage. The bank procedures were flawed, but that is not fraud. The same result would have occurred had they followed a different procedure. So no fraud.
Pushing long quotations really doesn't change that. The bottom line is the govt saw an opportunity to play populist daddy and bash banks, which resonates well with the uninformed public.

Translation: Too long for my short attention span to read. All those expert lawyers and judges who are authorities on the law are just plain wrong.

"The same result would have occurred had they followed a different procedure. So no fraud." You aren't really that stupid, are you?


Just jam those fingers deeper into your brain.

And there were homeowners evicted who were current on their mortgages, dipshit.

Translation: I cannot get past details and I am a tool of the gov't. Got it.
Your problem is you cannot separate what is actual fraud (taking something from someone unlawfully)

When you forge documents to take someone's house that is taking something from someone unlawfully, moron. And this was occurring on a massive scale.

And you guys should know by now that when you make shit up, I will call you on it. To wit:

No homeowner was evicted who was current in his mortgage.

Cases of mistaken identity in foreclosure filings appear to be on the rise

Christopher Marconi was in the shower when he heard a loud banging on his door. By the time he grabbed a towel and hustled to his front step, a U.S. marshal's sedan was peeling out of his driveway. Nailed to Marconi's front door was a foreclosure summons from Wells Fargo, naming him as a defendant. But the notice was for a house Marconi had never seen — on a mortgage he never had.

Tom Williams was in his kitchen thumbing through the mail when he opened a letter from GMAC. It informed him that the bank would confiscate his house unless he immediately paid off his mortgage balance of $276,000. But Williams had never missed a mortgage payment. And his loan wasn't due to mature until 2032.

Warren Nyerges opened his front door in Naples, Fla., to find a scraggly-haired summons server standing on his stoop. He plopped a foreclosure notice from Bank of America in Nyerges' hands. But Nyerges had paid for his house in cash. And he'd never had a checking account, much less a mortgage, with Bank of America.

By now, you may have heard the stories of bank robo-signers powering through hundreds of foreclosure affidavits a day without verifying a single fact. But most of those involved homeowners who had stopped paying their mortgage. They were genuine defaulters. Now a new species of homeowner is getting pushed into foreclosure hell.

In November, during foreclosure hearings on Capitol Hill, senator after senator scolded the banks about wrongful foreclosures. They said their offices were deluged with complaints from people who had done everything right but were being treated by banks as if they had done everything wrong. And the Florida attorney general's office is also investigating the issue as part of its foreclosure probe.

"This is the worst I've ever seen it," says Ira Rheingold, an attorney and executive director of the National Association of Consumer Advocates. Diane Thompson, a lawyer with the National Consumer Law Center, has defended hundreds of foreclosure cases. "In virtually every case, I believe the homeowner was not in default when you looked at the surrounding facts. It is a widespread problem throughout the country."

Couple: Bank Foreclosed On Wrong House - Boston News Story - WCVB Boston

A New Bedford couple is suing Bank of America for $500,000 because of what they call a foreclosure nightmare.

The bank seized their house and locked it up, but they say it was all a terrible mistake. Several wrong address numbers on a court document led to their house being foreclosed upon, instead of another house up the street.

Charlie and Maria Cardoso said they bought a second home in Florida years ago with savings. It has three bedrooms and a pool and they owned it outright until Bank of America foreclosed. This month, the bank seized the house.

"We have a lot of friends there and all the time we have been telling them the house is been paid and now they think we lying," Maria Cardosa said in tears.

"All of a sudden you find out that your house has padlocks, your tenants are scared to death to stay there and they move out, and your personal belongings are taken," the Cardosa's attorney Joseph deMello said.

The Cardoso's don't have a mortgage on the home that was supposed to be their retirement spot and despite repeated pleas to the bank, telling officials they had the wrong house, the bank forced their tenants out, stripped the house and changed the locks.

"All the love I put on that house, all the, I fixed things everytime I go there," Charlie Cardosa said.

 

[Meister]

Our government was never set up to bail out mortgage holders.
I don't care how you spin it, I don't care how warm and compassionate it sounds....it isn't right. It's not equal treatment of Americans.

 

[The Rabbi]

Translation: Too long for my short attention span to read. All those expert lawyers and judges who are authorities on the law are just plain wrong.

"The same result would have occurred had they followed a different procedure. So no fraud." You aren't really that stupid, are you?


Just jam those fingers deeper into your brain.

And there were homeowners evicted who were current on their mortgages, dipshit.

Translation: I cannot get past details and I am a tool of the gov't. Got it.
Your problem is you cannot separate what is actual fraud (taking something from someone unlawfully)

When you forge documents to take someone's house that is taking something from someone unlawfully, moron. And this was occurring on a massive scale.

And you guys should know by now that when you make shit up, I will call you on it. To wit:



Cases of mistaken identity in foreclosure filings appear to be on the rise

In November, during foreclosure hearings on Capitol Hill, senator after senator scolded the banks about wrongful foreclosures. They said their offices were deluged with complaints from people who had done everything right but were being treated by banks as if they had done everything wrong. And the Florida attorney general's office is also investigating the issue as part of its foreclosure probe.

"This is the worst I've ever seen it," says Ira Rheingold, an attorney and executive director of the National Association of Consumer Advocates. Diane Thompson, a lawyer with the National Consumer Law Center, has defended hundreds of foreclosure cases. "In virtually every case, I believe the homeowner was not in default when you looked at the surrounding facts. It is a widespread problem throughout the country."

Couple: Bank Foreclosed On Wrong House - Boston News Story - WCVB Boston

A New Bedford couple is suing Bank of America for $500,000 because of what they call a foreclosure nightmare.

The bank seized their house and locked it up, but they say it was all a terrible mistake. Several wrong address numbers on a court document led to their house being foreclosed upon, instead of another house up the street.

Charlie and Maria Cardoso said they bought a second home in Florida years ago with savings. It has three bedrooms and a pool and they owned it outright until Bank of America foreclosed. This month, the bank seized the house.

"We have a lot of friends there and all the time we have been telling them the house is been paid and now they think we lying," Maria Cardosa said in tears.

"All of a sudden you find out that your house has padlocks, your tenants are scared to death to stay there and they move out, and your personal belongings are taken," the Cardosa's attorney Joseph deMello said.

The Cardoso's don't have a mortgage on the home that was supposed to be their retirement spot and despite repeated pleas to the bank, telling officials they had the wrong house, the bank forced their tenants out, stripped the house and changed the locks.

"All the love I put on that house, all the, I fixed things everytime I go there," Charlie Cardosa said.

Again, you cite one or two examples like it proves your point. It doesnt. The opposite. It refutes your point. Under any system there could be mistakes like that. It is not relevant to the issue.
There was no fraud. There were no forged documents. There is only desire for revenge and votes.
You've been had.

 

[The T]

Barry Hussein has been prancing around all day bragging about the 20 Billion dollars he extorted from banks in a strange "homeowner settlement" the A.P. compares to the "tobacco" settlement years ago. What is it all about? Does the federal government allege that people were cheated by banks when their property was foreclosed? That's not true. Does the federal government allege that banks purposely loaned money to people who couldn't pay the loans back? That might be true but banks can't make money from bad loans so what was their motivation? To stay in business when democrats threatened civil rights lawsuits if they didn't make bad loans. Why not force Fannie Mae to pay back the bad loans? Fannie Mae is part of the government?

Barry is buying votes with other people's money. That's all.

 

[The Infidel]

Our government was never set up to bail out mortgage holders.
I don't care how you spin it, I don't care how warm and compassionate it sounds....it isn't right. It's not equal treatment of Americans.

Barry is buying votes with other people's money. That's all.

Damn all out of rep....

 

[The T]

Our government was never set up to bail out mortgage holders.
I don't care how you spin it, I don't care how warm and compassionate it sounds....it isn't right. It's not equal treatment of Americans.

Barry is buying votes with other people's money. That's all.

Damn all out of rep....

It's all good.

 

[Trajan]

the examples we need to see are folks who had been paying on mortgages that were robo signed and in good standing, that had been foreclosed on, the examples above are not that, they are flat out screw ups, they never even got default notices, eviction notices etc etc ...cops break down the wrong doors periodically too....hello.

this was a plain jane heist by the gov. that will cost all of us more. and since when does money get awarded to folk who only qualification is, they proved they cannot read a HUD1 and do simple math?

and, over 40% of homes in foreclosure have not made a payment in 2 years......the market is at a standstill, and this won't help, as ala the tobacco 'settlement' that wasn't, there is no proviso in the agreement that stops the gov. form coming back to the well again and again.

the goal of course is to make FHA now, the one and only guarantor of loans.....whoa is our a$$.

 

[g5000]

the examples we need to see are folks who had been paying on mortgages that were robo signed and in good standing, that had been foreclosed on, the examples above are not that, they are flat out screw ups, they never even got default notices, eviction notices etc etc ...cops break down the wrong doors periodically too....hello.

You clearly did not read my links or my posts. What are you guys doing, skimming?

Christopher Marconi was in the shower when he heard a loud banging on his door. By the time he grabbed a towel and hustled to his front step, a U.S. marshal's sedan was peeling out of his driveway. Nailed to Marconi's front door was a foreclosure summons from Wells Fargo, naming him as a defendant. But the notice was for a house Marconi had never seen — on a mortgage he never had.

Tom Williams was in his kitchen thumbing through the mail when he opened a letter from GMAC. It informed him that the bank would confiscate his house unless he immediately paid off his mortgage balance of $276,000. But Williams had never missed a mortgage payment.

Warren Nyerges opened his front door in Naples, Fla., to find a scraggly-haired summons server standing on his stoop. He plopped a foreclosure notice from Bank of America in Nyerges' hands. But Nyerges had paid for his house in cash. And he'd never had a checking account, much less a mortgage, with Bank of America.

Charlie and Maria Cardoso said they bought a second home in Florida years ago with savings. It has three bedrooms and a pool and they owned it outright until Bank of America foreclosed. This month, the bank seized the house.

Three address numbers were wrong on a court document and that added up to 10 houses off base and a ton of heartache for the Cardosos.

 

[IndependntLogic]

Barry Hussein has been prancing around all day bragging about the 20 Billion dollars he extorted from banks in a strange "homeowner settlement" the A.P. compares to the "tobacco" settlement years ago. What is it all about? Does the federal government allege that people were cheated by banks when their property was foreclosed? That's not true.

Um Yes, actually it iIStrue - at least in many cases. We had a neighbor in Houston who was told that BofA was "working with them" on a modification and they had been making payments during a "trial period". He showed me a letter from BofA saying that if they didn't get them a new list of docs by June 3rd, the bank would cancel everything they had done and foreclose for lack of payment. The postmark on the envelope was June 3rd. BofA was found guilty in both state and federal courts of corrupt foreclosure and other banking practices. From what I recall, several banks were found guilty of fraud in connection to such practices.

Does the federal government allege that banks purposely loaned money to people who couldn't pay the loans back? That might be true but banks can't make money from bad loans so what was their motivation?
Google "Commercial Mortgage Backed Securities Fraud Banks" and you'll find out: Billions of dollars was the motivation. Better yet, see the movie "Margin Call".

To stay in business when democrats threatened civil rights lawsuits if they didn't make bad loans. Why not force Fannie Mae to pay back the bad loans? Fannie Mae is part of the government?

There is lots of blame to go around on this one. The Dems did indeed incite the making of a lot of loans to those less qualified than before. But the Repubs added TNT to the fire with deregulation of the CMBS market. Oops.

As far as the "settlement" goes, it a joke. Nothing more than political posturing. Basically the banks are going to "pay" is 0.5% of the TARP money you and I gave them. Woohoo.

 

[8537]

They committed fraud. They got caught. For 26B, they made the problem go away.

Nevermind. They made it go away for 5B. The suckers holding the securitized loans will pay most of the remaining 20B or so...

So, each bank is paying approximately the average value of one quarterly write down. Wow, how tough for them!