Banks Hit Hurdle to Foreclosures

[uscitizen]

It is a nonsensical objection based on technicalities.

yeah kinda like the Iraq war.

You're right. Objections to the war were based on mere technicalities. Good to see the Dums have learned a thing or two and don't let technicalities, like national interest, interfere in their warmongering in Libya.

You mean one Dem. I was against all of that except for a maybe 2 month or so go into afganistan and kick AQ's butt some, withdraw with the warning of mess with us and we WILL be back.

 

[The Rabbi]

yeah kinda like the Iraq war.

You're right. Objections to the war were based on mere technicalities. Good to see the Dums have learned a thing or two and don't let technicalities, like national interest, interfere in their warmongering in Libya.

You mean one Dem. I was against all of that except for a maybe 2 month or so go into afganistan and kick AQ's butt some, withdraw with the warning of mess with us and we WILL be back.

I thought the objective of Afghanistan was getting OBL. That was going to happen in 2 months.

 

[uscitizen]

You're right. Objections to the war were based on mere technicalities. Good to see the Dums have learned a thing or two and don't let technicalities, like national interest, interfere in their warmongering in Libya.

You mean one Dem. I was against all of that except for a maybe 2 month or so go into afganistan and kick AQ's butt some, withdraw with the warning of mess with us and we WILL be back.

I thought the objective of Afghanistan was getting OBL. That was going to happen in 2 months.

And Iraq was going to take 6 months tops and cost no more than 40 billion.

 

[California Girl]

A clear cut example of overregulation by the liberals!

We know the banks own the mortgages because they say they do!

Since it was your ******* liberals who started this shit with their insistence that banks lend money to people who were not in a position to pay that money back, I'd suggest it was a clear cut example of corrupt politicians buying votes. But, please - don't let facts stop you from your idiocy.

You really are quite frighteningly stupid at times.

 

[The Rabbi]

You mean one Dem. I was against all of that except for a maybe 2 month or so go into afganistan and kick AQ's butt some, withdraw with the warning of mess with us and we WILL be back.

I thought the objective of Afghanistan was getting OBL. That was going to happen in 2 months.

And Iraq was going to take 6 months tops and cost no more than 40 billion.

And it did!

 

[uscitizen]

The politicians caused the banks to loose legal track of proof of ownership?
That IS what this thread is about.

Bullcrap and thanks for the neg rep it let me know I am on the correct track.

 

[GHook93]

And people wonder why the housing market isn't recovering.
It is because the gov't is playing stupid games like this, preventing banks from doing what needs to be done.

Are you serious? The problem here is the banks didn't do the correct things to proof ownership requirments in an effort to write as many bad loans or sell as many bad loans as possible. Then they required bailouts.

Bottomline: If they can't provide the proper documentation, then they shouldn't be able to foreclose on the home! If a homeowner can't provide the proper documentation then they can't sell a home!

 

[California Girl]

The politicians caused the banks to loose legal track of proof of ownership?
That IS what this thread is about.

Bullcrap and thanks for the neg rep it let me know I am on the correct track.

I see you're taking lessons from your Messiah! You got negged, but not in this thread, you dishonest hack. You got that for using the Military for political point scoring. ******* lying little shit, you are a perfect example of a 2011 Democrat - dishonesty is fine for you people.

 

[uscitizen]

But ghook should them just saying they own them be enough?

Ohh wait that did not work for me when I claimed to own Fort Knox....

 

[The Rabbi]

And people wonder why the housing market isn't recovering.
It is because the gov't is playing stupid games like this, preventing banks from doing what needs to be done.

Are you serious? The problem here is the banks didn't do the correct things to proof ownership in an effort to write as many bad loans or sell as many bad loans as possible. Then they required payouts.

Bottomline: If they can't provide the proper documentation then they shouldn't be able to foreclose on the home!

There is no borrower, not one, who is getting foreclosed on when really he shouldn't. The sale of mortgages is complex. Punishing banks because some document or other wasn't retained while letting the deadbeat owner live rent free is no way to revitalize the housing market. Nor will it make people eager to lend money in the future.

 

[uscitizen]

And people wonder why the housing market isn't recovering.
It is because the gov't is playing stupid games like this, preventing banks from doing what needs to be done.

Are you serious? The problem here is the banks didn't do the correct things to proof ownership in an effort to write as many bad loans or sell as many bad loans as possible. Then they required payouts.

Bottomline: If they can't provide the proper documentation then they shouldn't be able to foreclose on the home!

There is no borrower, not one, who is getting foreclosed on when really he shouldn't. The sale of mortgages is complex. Punishing banks because some document or other wasn't retained while letting the deadbeat owner live rent free is no way to revitalize the housing market. Nor will it make people eager to lend money in the future.

yes and part of the blame lies on the finiancial instutions messing up the proof of ownership records.

 

[tension]

that every fiat system in the history of fiat systems has failed , and failed do to plain human greed, is the ultimate answer to regulation here

resinding Glass Stegal (a Clinton era legislation, along with the likes of R Riech) in essesnce, allowed the time ho9nored 10-1 parameters of fractional banking to expand

thus the banking institution were able to take the public banking system, and by proxy any trust we placed in their hands, and invest it in commercial banking fiscals

the effects , which we are all living, are inarguably detrimental due to these actions

--------------

 

[The Rabbi]

Are you serious? The problem here is the banks didn't do the correct things to proof ownership in an effort to write as many bad loans or sell as many bad loans as possible. Then they required payouts.

Bottomline: If they can't provide the proper documentation then they shouldn't be able to foreclose on the home!

There is no borrower, not one, who is getting foreclosed on when really he shouldn't. The sale of mortgages is complex. Punishing banks because some document or other wasn't retained while letting the deadbeat owner live rent free is no way to revitalize the housing market. Nor will it make people eager to lend money in the future.

yes and part of the blame lies on the finiancial instutions messing up the proof of ownership records.

Possibly.
But that isn't a reason to forestall foreclosure.

 

[uscitizen]

There is no borrower, not one, who is getting foreclosed on when really he shouldn't. The sale of mortgages is complex. Punishing banks because some document or other wasn't retained while letting the deadbeat owner live rent free is no way to revitalize the housing market. Nor will it make people eager to lend money in the future.

yes and part of the blame lies on the finiancial instutions messing up the proof of ownership records.

Possibly.
But that isn't a reason to forestall foreclosure.

No it is not, however the fact that it is messed up is REASON.
Due process and all that bothersome stuff you know.

How do we know the bank is not ripping off some invertor who actually owns the mortgage?

 

[GHook93]

And people wonder why the housing market isn't recovering.
It is because the gov't is playing stupid games like this, preventing banks from doing what needs to be done.

Are you serious? The problem here is the banks didn't do the correct things to proof ownership in an effort to write as many bad loans or sell as many bad loans as possible. Then they required payouts.

Bottomline: If they can't provide the proper documentation then they shouldn't be able to foreclose on the home!

There is no borrower, not one, who is getting foreclosed on when really he shouldn't. The sale of mortgages is complex. Punishing banks because some document or other wasn't retained while letting the deadbeat owner live rent free is no way to revitalize the housing market. Nor will it make people eager to lend money in the future.

Nothing is going to help the housing market, but letting it run its course. Easy money and stated loans inflated the price of homes to crazy levels. The highest increase in US history. Now people who want to sell are see the price dropped so much they can't sell without a short sale. Most people put at least 10% and many 20%, but that 10%-20% has evaporated and they are $50-$100K underwater.

The banks will lend if you fit the criteria of 20% down, proper income, proper assets and good credit. They will also refinance if 80% LTV, proper income and assets and good credit. The difficulty in getting a loan has to do with the banks learning their lesson that they have to check income, assets, make sure they have skin in the game, along with creditworthiness.

Right now the problem is foreclosed homes are driving down the market price of all the homes around them. It took of a decade and a half of forcing the banks to make stupid loans by the Clinton Administrations Community Reinvestment Act, so it will take some time to reverse the effects. Home prices must keep falling, banks must be forced to short sell homes etc.

Also the amount of people that have been able to get a out of their mortgage and keep their home has to be a fraction of a fraction of a percent! I guarantee it!


You erroneously believe that the foreclosure process is getting held up by the courts, some shifty lawyers have discovered a clitch etc are the reason getting a mortgage is harder. Rather its the banks not being forced anymore to lend to the lower income family and the banks being required to verify assets, income and have a down payment is the reason getting a mortgage is hard to get.

 

[The Rabbi]

yes and part of the blame lies on the finiancial instutions messing up the proof of ownership records.

Possibly.
But that isn't a reason to forestall foreclosure.

No it is not, however the fact that it is messed up is REASON.
Due process and all that bothersome stuff you know.

How do we know the bank is not ripping off some invertor who actually owns the mortgage?

Please post reports of claims by investors that they are being ripped off by banks.
There aren't any. That is a non-argument.

 

[The Rabbi]

Are you serious? The problem here is the banks didn't do the correct things to proof ownership in an effort to write as many bad loans or sell as many bad loans as possible. Then they required payouts.

Bottomline: If they can't provide the proper documentation then they shouldn't be able to foreclose on the home!

There is no borrower, not one, who is getting foreclosed on when really he shouldn't. The sale of mortgages is complex. Punishing banks because some document or other wasn't retained while letting the deadbeat owner live rent free is no way to revitalize the housing market. Nor will it make people eager to lend money in the future.

Nothing is going to help the housing market, but letting it run its course. Easy money and stated loans inflated the price of homes to crazy levels. The highest increase in US history. Now people who want to sell are see the price dropped so much they can't sell without a short sale. Most people put at least 10% and many 20%, but that 10%-20% has evaporated and they are $50-$100K underwater.

The banks will lend if you fit the criteria of 20% down, proper income, proper assets and good credit. They will also refinance if 80% LTV, proper income and assets and good credit. The difficulty in getting a loan has to do with the banks learning their lesson that they have to check income, assets, make sure they have skin in the game, along with creditworthiness.

Right now the problem is foreclosed homes are driving down the market price of all the homes around them. It took of a decade and a half of forcing the banks to make stupid loans by the Clinton Administrations Community Reinvestment Act, so it will take some time to reverse the effects. Home prices must keep falling, banks must be forced to short sell homes etc.

Also the amount of people that have been able to get a out of their mortgage and keep their home has to be a fraction of a fraction of a percent! I guarantee it!


You erroneously believe that the foreclosure process is getting held up by the courts, some shifty lawyers have discovered a clitch etc are the reason getting a mortgage is harder. Rather its the banks not being forced anymore to lend to the lower income family and the banks being required to verify assets, income and have a down payment is the reason getting a mortgage is hard to get.

No.
For starters banks have raised criteria beyond what is truly reasonable. It used to be, in the 1990s that anyone with a 680 FICO or better could qualify for a conforming loan. That probably went down to 650 with compensating factors through the 2000s. Now it is probably well over 700. There is no reason to make criteria that tight. Banks get looser and looser until loans go bad. Then they tighten criteria so even good loans won't go through.
The foreclosure process is being held up largely by the Fed and state govs. I do not see how banks not being forced to lend is holding up the foreclosure process. That makes no sense.
Prices are dropping because there is a huge over hang of properties that are in foreclosure but not on the market, for all the reasons we've mentioned. But prices have not dropped fast and far enough.
Banks need to expedite foreclosure, turn the property on to the market, take their lumps and go on. In the meantime deserving buyers with cash will get great deals. that will sovle the problem, not gov't interference.

 

[GHook93]

Are you serious? The problem here is the banks didn't do the correct things to proof ownership in an effort to write as many bad loans or sell as many bad loans as possible. Then they required payouts.

Bottomline: If they can't provide the proper documentation then they shouldn't be able to foreclose on the home!

There is no borrower, not one, who is getting foreclosed on when really he shouldn't. The sale of mortgages is complex. Punishing banks because some document or other wasn't retained while letting the deadbeat owner live rent free is no way to revitalize the housing market. Nor will it make people eager to lend money in the future.

yes and part of the blame lies on the finiancial instutions messing up the proof of ownership records.

Blame Game is Simple:
(1) Community Reinvestment Ac ("CRA")t: This was Jimmy Carter's brain child that basically state that for banks to keep their tax benefits, incentives and other monetary advantages (hence stay competitive), then they had to lend a certain percentage of their portfolio to lower income people. Lower income, meaning minorities, because that is what they touted it would do. What it did was force the banks to do risky loans.
The War on CRA: Opportunity in Next Wave of Mergers, by Gale Cincotta
Repeal the Community Reinvestment Act - March 8, 1995

(2) Jimmy Carter: For being the brain child of the CRA. Kudos for Reagan for not letting it get going.

(3) Bill Clinton: For pushing the CRA, getting trollish Congressman like Dobbs and Frank on board and then signing it into law. Also giving Fannie Mae and Freddie Mac the power to create and artificial secondary mortgage market.

(4) ****** Frank, Dodds and the Other Democrats that pushed it through Congress

(5) Fannie Mae and Freddie Mac: These quasi government companies (created in the 30s) which were given the power by the Clinton administration to create a secondary mortgage market. This market allowed banks to write bad loans and sell them off quickly making a killing and not taking the risk.

(6) The Banks: The Banks wrote the loan. Although they had to get tricky to comply with the CRA. In the end they tossed the the matrix and wrote the loans.

(7) Wall Street: For package toxic loans together, slapping on a A+++ rating and selling them off.

(8) GWB: For ignoring the growing bubble and storm ahead. Economist were screaming the bubble was going to burst. Foreclosures were at all time highs as far back as '02. True any attempt he made to do anything, the Democrats and many Republicans alike stopped him. While Clinton, Dodds and Franks started the snowball down the hill (a snowball that was extremely hard to stop), Bush needs to take blame, because the build up happened on his watch.

(9) Mortgage Brokers: They originated the loans. It was a first job out of college. I though to myself no way these people can afford these loans, but I did them anyways. Many brokers did other shady things, like bend appraisals, forge docs etc. They had no skin in the game, so they sold as many mortgages as possible without worrying about the risk.

(10) Appraisers: Its wasn't uncommon for appraiser to stretch values. Look if an appraiser came up with a conservative value and lost me a loan, I wouldn't send him another deal, nor would anyone in my office. If the appraiser gave me a liberal value and stretch the value, then he would get business. They did alot of things, many unethical and illegal, to get values higher.

(11) Borrowers: If you make $3000K a month after taxes and tax on a mortgage for $2500 (or in many cases $3K) a month, then shame on you for doing it. Who cares if the lender approved it. I remember when my wife and I were looking for a home. A mortgage guy without morals tried to get us to take a mortgage that would have left us $600 after we paid our mortgage. My wife said they wouldn't approve us if we couldn't afford it. I said sure and we got a different home that left us $2500+ after our mortgage (now its closer to $3,500).

(12) Real Estate Agents: For getting people into homes they couldn't afford.

Their is no shortage of culprits in the mortgage meltdown.