Banks, fraud, robosigning, illegal forclosures

[Clip-Clop]

'Caveat Emptor' No More.

Why on earth would anyone read the contracts they are signing.

[Riot]

Originally Posted by Clip-Clop

'Caveat Emptor' No More.

Why on earth would anyone read the contracts they are signing.

This isn't about that. It's about banks foreclosing on people whose houses they do not own, who are not behind in payments, illegal robosigning of documents, etc. Let's keep the focus on the fraud. People have lost their homes, their savings, are homeless, because of casual, irresponsible fraud - illegal activity according to those very contracts - perpetrated by the banks.

Yes, some people agreed to mortgages they couldn't possibly pay off, sometimes pushed on them by bankers who said they could met the financial requirements - but that's different than what's in this thread. A good subject, but different.

[Clip-Clop]

Originally Posted by Riot

This isn't about that. It's about banks foreclosing on people whose houses they do not own, who are not behind in payments, illegal robosigning of documents, etc. Let's keep the focus on the fraud. People have lost their homes, their savings, are homeless, because of casual, irresponsible fraud - illegal activity according to those very contracts - perpetrated by the banks.

Yes, some people agreed to mortgages they couldn't possibly pay off, sometimes pushed on them by bankers who said they could met the financial requirements - but that's different than what's in this thread. A good subject, but different.

Wrongful foreclosure seems to be a very isolated occurrence based on my limited research and is taking place in the most hard hit areas of the burst. Regarding fraudulent practices by the banks, go after them, I am behind that 100%. Do not however permit them to use taxpayer $ to pay off their fines/penalties. Which is sadly what will happen.

[dellinger63]

The settlement is worth $25 billion, a sum which will be distributed to homeowners who were wrongfully foreclosed on as well as those who remain underwater. In addition, banks could still face future legal action over 12 specific violations.

I trust this was a misprint. Why would people who are simply underwater receive anything? I understand those who were wrongfully foreclosed on. Surely they meant those underwater who ALSO were somehow wronged by their lender.

[Danzig]

i can't believe people who are underwater somehow are deserving of help. how many of those in that situation are there because they had a HELOC, and that line dried up because the house value went down? add the money they owe on that line, and they woud be underwater. and a lot of people found themselves in this predicament-using equity as their own personal credit line, writing checks they now can't pay on. the feds (meaning us, the taxpayers) should pick up a tab for that?
on the other hand, so many are paying a price because of crooked bankers and investors....a huge, horrible series of mistakes-brought to us by our elected congressmen and women. some of whom will be voted into office yet again, because they 'do such a good job'. lol no, they don't. they build up their own little fiefdoms at the taxpayers expense. they just turn into petty tyrants.

[Riot]

How about the people who are underwater and lost their homes because they entered the homeowners loan modification program with the banks, the banks took their modified lesser payments, yet then suddenly foreclosed upon them anyway? Yes, those underwater or foreclosed homeowners are deserving of help, if they have been defrauded or misled by the banks during the foreclosure process.

[dellinger63]

Originally Posted by Riot

How about the people who are underwater and lost their homes because they entered the homeowners loan modification program with the banks, the banks took their modified lesser payments, yet then suddenly foreclosed upon them anyway? Yes, those underwater or foreclosed homeowners are deserving of help, if they have been defrauded or misled by the banks during the foreclosure process.

Name one person dead or alive who was making their mortgage payments yet was still foreclosed upon because they were upside down?