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View Diary: Yves Smith: "The Top Twelve Reasons Why You Should Hate the Mortgage Settlement" (156 comments)

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  •  Yes, true BUT (4+ / 0-)

    I see that is now REQUIRED that lenders provide a valid PROMISSORY NOTE to foreclose.

    Many lenders cannot do this.

    Sounds like free homes for many!

    Separation of Church and State AND Corporation

    by Einsteinia on Thu Feb 09, 2012 at 01:48:55 PM PST

    •  Let me know how that works out for us... n/t (31+ / 0-)

      "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

      by bobswern on Thu Feb 09, 2012 at 01:51:12 PM PST

      [ Parent ]

      •  I mean for those that are still on (3+ / 0-)
        Recommended by:
        bobswern, FarWestGirl, Dr Stankus

        the edge and about to go lose their homes that it will be a LOT harder to foreclose.

        Many lenders, such as Aurora (formerly Lehman) have lost the notes and many others who have done so have just forged documents to finish foreclosures when there is in fact no legal standing to do so.

        States like California had been hiding behind the Deed of Trust (the 3rd party between the debt and the Note, but now evidently can no longer do so--IF the lender signed on to this settlement.

        I agree this is a raw deal overall, but I am also saying it might mean some free homes for those in need.

        Separation of Church and State AND Corporation

        by Einsteinia on Thu Feb 09, 2012 at 02:02:12 PM PST

        [ Parent ]

        •  I'm sure that, perhaps in a few courtrooms... (7+ / 0-)

          ...that might happen. But, essentially, in terms of sheer numbers, I doubt whether it'll amount to much.

          "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

          by bobswern on Thu Feb 09, 2012 at 02:04:08 PM PST

          [ Parent ]

          •  Yes, the banksters were the BIG winners (7+ / 0-)

            in this "deal" that is unquestionable.

            Separation of Church and State AND Corporation

            by Einsteinia on Thu Feb 09, 2012 at 02:09:43 PM PST

            [ Parent ]

            •  I'm sure we can find a few here (5+ / 0-)

              to whom it sadly is questionable.

              The bourgeoisie had better watch out for me, all throughout this so called nation. We don't want your filthy money, we don't need your innocent bloodshed, we just want to end your world. ~H.R.

              by chipmo on Thu Feb 09, 2012 at 02:16:42 PM PST

              [ Parent ]

              •  Schneiderman was on Maddow this evening... (2+ / 0-)
                Recommended by:
                lastlegslaststand, semiot

                And he defended this as "only the beginning" and not an end because:

                1. The deal does not stop any investigations or law suits both civil or criminal from proceeding.

                2. These suits are being initiated by both federal and state AGs and they include damages and compensation claims for the home owners.

                3. Criminal prosecutions are also in the wings for both organizations and individuals who carreid out those fraudulent activities.

                Maddow asked him why this wasn't done until now and he responded: (I'm paraphrasing his remarks)

                "There wasn't a public outcry like Occupy Wall Street which changed the whole national dialogue.

                "Organizations like Move On and other populist grass root organizations joined in and kept the pressure up and demanded a response and accountability.

                "It isn't just who you elect but how you empower them with your actions. I think the left has learned its lessons from the right wing because they never rest even after the election."

                Do I believe him? I think I'm in wait and see mode but I feel better about it than I did when I first read the 12 reasons to hate the mortgage settlement yesterday.
                •  I'm wait and see. (2+ / 0-)
                  Recommended by:
                  skyounkin, semiot

                  Wasn't a public outcry?   If I rob a bank, wonder if the cops will wait for a public outcry before they arrest me.  

                  Thomm Hartman's opinion was that it was "the best they could do" and "if they pushed and pissed off the banks, they would use Citizens United to take out every Democrat".    

                  Yepper, American democracy in action.  $$$$$$$$

                  If it can't have a colonscopy, it has no Constitutional rights ~ Randi Rhodes

                  by dkmich on Fri Feb 10, 2012 at 04:27:17 AM PST

                  [ Parent ]

    •  Sorry but it's completely unrealistic to believe (29+ / 0-)
      I see that is now REQUIRED that lenders provide a valid PROMISSORY NOTE to foreclose.

      Many lenders cannot do this.

      Sounds like free homes for many!

      this will benefit people in general - perhaps a sparse few at best.

      In NY I've personally witnessed foreclosure settlement proceedings PROCEEDING in front of a judge even when the ORIGINAL DOCUMENTATION of transfer or lender collections, etc has changed. Point of law: You should NOT be allowed to proceed absent ORIGINAL DOCUMENTS. Period. End of story. But these fuckers are moving forward on xeros fucking copies. Xerox fucking copies. That's an utter travesty but the judges are no better because they sit there and let it happen.

      Imagine if that happened with a defendant at a criminal trial? We have this "evidence" against you but a PHOTOCOPY - so you just have to take our word for it that it's legit. WTF? Same principal here. No xerox copies.

      Gawd this whole thing is just awful. Banks, mortgage co's could walk into court with a copy of "valid" Promissory Note to foreclose, call it valid and people would have no recourse. Not in NY anyway.

      Sorry I was venting not "yelling" at you specifically.

      When everybody talkin' all at once no one can hear the wise one speak, So just be still and silence will provide the wisdom that you seek - by Tori del Allen

      by Dumas EagerSeton on Thu Feb 09, 2012 at 02:55:24 PM PST

      [ Parent ]

      •  I hear you! YES, that was outrageous!!! (2+ / 0-)
        Recommended by:
        KenBee, Dumas EagerSeton

        But Post-Settlement there, for those who signed it, it now states explicitly that a prerequisite of foreclosure is the ability to produce a valid note. That is my reading of it anyway. See the agreement.

        Separation of Church and State AND Corporation

        by Einsteinia on Thu Feb 09, 2012 at 03:55:46 PM PST

        [ Parent ]

        •  maybe for mortgages created after this settlement? (1+ / 0-)
          Recommended by:
          Einsteinia

          but for mortgages currently existing?
          heh, I hope you are right!!

          From those who live like leeches on the people's lives, We must take back our land again, America!...Langston Hughes

          by KenBee on Thu Feb 09, 2012 at 04:03:13 PM PST

          [ Parent ]

        •  No, you are wrong (12+ / 0-)

          What will happen is that whereas before they were just ignoring the lack of evidence and violating law, the judges will now feel they are justified in ignoring the lack of evidence and violations of law because now there's a settlement. You don't understand that this is about people in power avoiding the elephant in the room: that much of this was and is illegal. I am also dealing with this with clients so I can't go into more details than what Dumas said.

          •  Exaaactly. I'm not in the profession but I've (4+ / 0-)
            You don't understand that this is about people in power avoiding the elephant in the room: that much of this was and is illegal
            borne witness to it here. That's why I painted broad strokes in my description so that people I'm refering to won't be hurt by my frank comments.

            People/families - lots of them - are being railroaded out onto the streets!

            When everybody talkin' all at once no one can hear the wise one speak, So just be still and silence will provide the wisdom that you seek - by Tori del Allen

            by Dumas EagerSeton on Thu Feb 09, 2012 at 04:22:57 PM PST

            [ Parent ]

        •  Sadly, it all looks so good on paper, Post- (3+ / 0-)
          Recommended by:
          Einsteinia, frandor55, lostinamerica
          it now states explicitly that a prerequisite of foreclosure is the ability to produce a valid note. That is my reading of it anyway. See the agreement
          Settlement. Valid note pre req. Yep. Sounds all legal-beagley. In the real world however, what' I'm saying is that what is happening a lot is that legalities, validities, legitimacies are largely being dumped into the crapper AGAINST the homeowner.

          More succinctly put: Valid Note? We don't need no stinkin' valid note!! Get the fuck out of that house/condo your fucking no good worthless peasants!!

          When everybody talkin' all at once no one can hear the wise one speak, So just be still and silence will provide the wisdom that you seek - by Tori del Allen

          by Dumas EagerSeton on Thu Feb 09, 2012 at 04:19:42 PM PST

          [ Parent ]

        •  I thought that was already settled law (3+ / 0-)
          Recommended by:
          Catesby, Einsteinia, semiot

          settled about 1680ish.

          The darkness drops again but now I know That twenty centuries of stony sleep Were vexed to nightmare by a rocking cradle, And what rough beast, its hour come round at last, Slouches towards Bethlehem to be born? William Butler Yeats

          by deepsouthdoug on Thu Feb 09, 2012 at 06:58:23 PM PST

          [ Parent ]

          •  Sadly dsd, that's one of the important points this (0+ / 0-)
            I thought that was already settled law, settled about 1680ish
            article makes.  Rule of law got crushed under the weight of all those greedy corrupt feet.

            When everybody talkin' all at once no one can hear the wise one speak, So just be still and silence will provide the wisdom that you seek - by Tori del Allen

            by Dumas EagerSeton on Fri Feb 10, 2012 at 12:22:42 PM PST

            [ Parent ]

      •  What is stopping anybody and his brother (5+ / 0-)

        from fabricating a deed, and foreclosing on your property. Will it only take a xerox and a lawyer to file? Can you afford to fight it? If you can't afford a lawyer, what will you do?

        This is sad. This is pathetic.

        Democrats - We represent America!

        by phonegery on Thu Feb 09, 2012 at 04:04:45 PM PST

        [ Parent ]

        •  Dear Mortgage Servicer: (2+ / 0-)
          Recommended by:
          phonegery, Catesby

          Some schmuck lawyer is trying to take what is basically your house away as you can see from photocopied documents.

            Your Mortgagor

          Hello, mortgage servicer, can I speak to somebody in your legal department.

          I'm a mortgagor of yours. Some schmuck lawyer is trying to take what is basically your house away....

        •  I will pay money..... (2+ / 0-)
          Recommended by:
          Liberaltarian, phonegery

          To anyone who fabricates a deed and uses it to foreclose on BOA Properties. It'd be fucking hilarious.

        •  You need a persistent lawyer and an expert (2+ / 0-)
          Recommended by:
          nicolemm, phonegery

          in documents, and their falsification.

          Given the shitty job of document fabrication in many instances to date, a decent lawyer might make headway here.

          But the settlement is a huge disappointment, and a giveaway to the criminal class.  The rule of law is pretty much dead.

          In any case Yves Smith has been all over this story for months, and all right-thinking individuals should check her blog daily, IMHO.

          The hungry judges soon the sentence sign, And wretches hang, that jurymen may dine.

          by magnetics on Thu Feb 09, 2012 at 11:00:53 PM PST

          [ Parent ]

      •  asdf (1+ / 0-)
        Recommended by:
        Unit Zero

        There's a thing called Docusign which lets people choose a signature from a set of fonts, and you do your "legal" signature over the internet just by clicking.

        I can't imagine how this is an improvement.

        Weathering Michigan's recessions since the '70s.

        by jennifree2bme on Thu Feb 09, 2012 at 04:42:46 PM PST

        [ Parent ]

        •  In the case of foreclosures, in many instances (1+ / 0-)
          Recommended by:
          semiot

          the person signing was supposed to certify that they had personal knowledge of the facts of the case in question.  

          There were some significant prescriptions  for how this was to be done and by whom.  You might make the case that a human robosigner looked like a better head-fake than a pure machine signer.

          Or such would be my guess.

          The hungry judges soon the sentence sign, And wretches hang, that jurymen may dine.

          by magnetics on Thu Feb 09, 2012 at 11:04:22 PM PST

          [ Parent ]

    •  Occupy Wall Street has taught us... (0+ / 0-)

      The OWS movement (as well as anecdotal stories of people being foreclosed on) has taught us that the police work for wall street.  It doesn't matter what it supposedly required.  When a bank calls and says police need to kick someone out, they will kick that person out.  How many down-on-their-luck individuals have been wrongly foreclosed on and won based on the "law"?  

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