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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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  •  The Entire Reason For Robosigning is That Banks (8+ / 0-)

    couldn't show they were entitled to forclose on homes. Thus, they had to resort to submitting fraudulent documents to "prove" the right to foreclose.

    Everyone who was forclosed on because of forclosure fraud should NOT have been forclosed on.

    I hope for your sake that you never are sued or charged with a criminal offense where the other party places fraudulent evidence before the court.

    •  Sure the chain of ownership is a mess (1+ / 0-)
      Recommended by:
      ngk01001

      So what? That has nothing to do with the homeowner who is getting foreclosed on. It is something that needs to be sorted out among the creditors and the lenders.

      In other words, the victim of this shoddy paperwork is other lenders and securitization firms. Let the lenders duke it out among themselves.

      •  Your Ignorance is Telling (5+ / 0-)

        Where to start? To forclose on someone, you need to show that you have the right to do so. That right is commonly called a "note."

        With robosigning, the notes could not be located or they were not legally transfered to the mortgage bond holders. Thus, there was no proof that the bond holders could forclose.

        So notes were fraudulently manufactured to show a right to forclose that simply did not exist.

        To put it bluntly, these banks stole homes from people when they had no right to do so.
         

        •  Wrong. If they stole the house, it's from other (1+ / 0-)
          Recommended by:
          ngk01001

          banks. The homeowner rightfully loses his home when he falls behind on his payments. Whether he loses his home to Bank A or Bank B is none of his business. That's between Bank A and Bank B.

          •  Payments to whom? (0+ / 0-)

            Who should they make the check out to?  Are you in the habit of sending people money based solely on their claim you owe them?  If so, I claim you owe me one million dollars.  I have PayPal if that's convenient for you.  

            I will not send money to, work for, or vote for, any candidate whose behavior benefits the 1% over the 99%. Work for my vote, money and time, or lose it. Not the other way around.

            by Nada Lemming on Fri Feb 10, 2012 at 02:31:51 PM PST

            [ Parent ]

      •  So, you're ok with me forging documents (5+ / 0-)
        Recommended by:
        TimmyB, BradyB, priceman, Aspe4, Nada Lemming

        giving myself a lien on your house, and then foreclosing?

        No?

        Because I'm not "The Authority", right?

        Fear is your only God.

        by JesseCW on Thu Feb 09, 2012 at 07:56:45 PM PST

        [ Parent ]

      •  I think you need something a bit stronger (4+ / 0-)
        Recommended by:
        BradyB, Paper Cup, priceman, lostinamerica

        in that icemilkcoffee. A bit of Irish whiskey might help...then again, might not.

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