Mortgage investors may sue on modified loans

Discussion in 'Current Events' started by toomuchtime_, Feb 20, 2009.

  1. toomuchtime_
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    toomuchtime_ Gold Member

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    Mortgage investors may sue on modified loans - MarketWatch

    However, the House is considering legislation that is supported by Obama that will protect mortgage servicers from lawsuits by investors, but this will probably be opposed by trial lawyers, an important Democrat constituency.
     
  2. pete
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    pete The food stamp president

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    The great american way ...
    If you cant steal it .... sue!!!!
     
  3. Care4all
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    Care4all Warrior Princess Supporting Member

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    how? the banks took the tax payers money, 700 billion minimum worth, for those risky mortgages they issued...?
     
  4. WillowTree
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    WillowTree Diamond Member

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    forced to issue,, by the Democratic congresscritters.. yep
     
  5. toomuchtime_
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    toomuchtime_ Gold Member

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    Not exactly. The banks sold the government assets and equity for a little over $300 billion from the first half of the TARP money. Obama is now deciding how to spend the second half, $350 billion, and he is proposing to spend some of it to pay incentives to mortgage servicers and and borrowers to refinance mortgages in ways that mortgage investors say will reduce the value of their investments. At issue is Obama's plan to make a cash payment to the mortgage servicer for each mortgage it lowers the monthly payment on, and investors say that produces a conflict of interest which might result in mortgages being modified to get the cash payment and not because they would result in foreclosures otherwise.
     
  6. Ravi
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    Ravi Diamond Member

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    Your continual lies don't really help matters, do they Willow?
     
  7. Ravi
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    Ravi Diamond Member

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    What a mess. Someone, somewhere needs to pay a price...and the only logical thing to do is do what helps the economy overall.
     
  8. WillowTree
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    WillowTree Diamond Member

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    truth hurts!
     
  9. Article 15
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    Article 15 Dr. House slayer

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    I don't understand the motivation here.

    These houses are in danger of going into foreclosure. If that happens don't these investors get hosed?
     
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  10. Care4all
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    oh my gosh....you can't be serious, that they are bitching about this?

    For goodness sakes, if these customers are not bailed out, these banks get NOTHING but a foreclosed home, that they will be sitting on for a very long time, with no payments at all being made on it and on top of all of the the value of the home would even go down lower with more and more foreclosures on the market and the bank would be taking in even less...

    these greedy, slimey son of a bitches want us to pay their losses as well?

    SCREW THEM....they are at least getting money every month for the property verses NOTHING in foreclosure, AS said.
     

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