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bulldawg123
Flash in the pan


Joined: 07 Jan 2009
Posts: 95
Location: Atlanta, GA

Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 3:27 pm Reply with quoteBack to top

Isn't it ironic that the banks said that the brokers were not to be trusted, we were liars, cheats, and we were not to be trusted. We need to be licensed more, regulated, scrutinized and not to be trusted. Now we see the big banks forging documnets, lying under oath to steal someone's home, and trying to circumvent the law under the cover of darkness i.e. the 2010 Notary Act.

We see who the real bad apples are here there were some bad brokers, LO, appriers etc. But, our core was not rotten, we did not conspire to steal someone's home when they are at their lowest point. The Congress need to enact tougher laws against the banks end their FREE RIDE ON OUR DOLLAR!!!

They had their chance to grab the market an dshowed their true colors and they need to be regualted more, they need to have their people licensed and subject to the same rules we all live by. We need to stop the bank welfare and if we are going to helppeople out we need to be serious about it. I now the bank people will give their standard BS about we do this we do that what they do is lie cheat and steal, that is what they do.
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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 3:55 pm Reply with quoteBack to top

Steal? Seriously? Steal? The fact that they loaned the money to the borrower to buy the house to begin with, and the borrower agreed to repay that loan - that means nothing?

Obviously the banks must be held accountable for proper documentation and execution. But do you seriously believe that this stuff is happening on every foreclosure? Does it mean nothing that the borrowers have defaulted on their promise to repay?

I agree banks should pony up when they commite fraud. But who should pay for the fraud the borrowers and brokers? (read that, loan originator, whether a broker or a bank lo - brokers included.)

There is enough fraud to go around - borrower, loan officer, and lenders. Why are you so willing to hold one accountable and not all?

As far as licensing - please explain to me what it would accomplish to have bank lo's licensed, beyond soothing your personal feelings of resentment that they are not. Bank lo's are already much more highly regulated than a broker. Bank lo's already have to pass criminal and credit checks to even work for a bank. Bank lo's already have to undergo annual training on any number of pertinent criteria - including fair lending, privacy, credit, and a number of others.


I find all the bank/lender bashing on here to be a bit like resenting and then biting the hand that feeds. If every bank went out of business today, on Monday we'd all be out of jobs. Between Wells and BofA alone, they control at least 60% of the total mortgage market. While you may take your loans to Franklin, or ICON, or any number of others - where do you think they get their money and sell their loans?

Want the banks to get out of the business? Where will you send your loans then?

We need solutions, not meaningless and clueless diatribe.
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bulldawg123
Flash in the pan


Joined: 07 Jan 2009
Posts: 95
Location: Atlanta, GA

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 4:15 pm Reply with quoteBack to top

Exactly how are the Bank LO's credit check and background more strict that the S.A.F.E. Act? How? If getting licensed were nothing at all why do they fight so hard against it? The banks you love so much would just as soon as put you on the street as look at you not only in a business sense but on a personal level.

Look at when the banks foist the ppharse moral obnligation on repaying a mortgage; Do you seriously believe that TARP, and all of the other programs did not bal them out, keep them whole? The foreclosures we see now are different from the one 3 years ago, we are seeing people in fixed rate mortgages, who did the right thing and need a little bteathing room and they get a big no way from your beloveded banks, remember these are the same guys that in the middle of the crisis took huge payouts fromour tax dollars. They are not lending their money, they are lending our money do not forget that! Unless they pulled 800 BILLION OUT OF THE AIR!
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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 4:23 pm Reply with quoteBack to top

I am not defending the banks - you obviously miss the entire point. The banks must be held accountable. Yes they got bailed out, and I remain steadfastly opposed to tarp or anything like it. If they fail, let them fail.

I say that is not where the entire blame belongs. If you're going to go after one offender, go after all offenders. Apply your rage equally to the entire cancer - not just a single particle.

I also did not say that the credit and background checks were tougher than SAFE, I implied that it was redundant.

And rather than answer me with a question, why don't you give me an answer. What would it accomplish to force the bank lo's to be licensed, when they already undergo exactly what SAFE is trying accomplish? IMO, the only reason you rail about it is because YOU have to go through, so you resent that they don't. At least be honest with yourself.


Last edited by formerlymtgguy4ever-2 on Fri Oct 08, 2010 4:29 pm; edited 1 time in total
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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 4:27 pm Reply with quoteBack to top

Add...

please explain your use of "steal." the banks loaned the money, the borrowers accepted it with the agreement to repay.

On this forum we defend the borrowers right to walk away from their obligations because the agreement was - you agree to pay the loan back or we can take back the collateral that was used to secure the loan. It works in reverse as well.

Make them do it right...but if the loan goes into default, the lender has the aboslute right to take the collateral should they so choose.
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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 4:30 pm Reply with quoteBack to top

By the way...

Bank of America announced that they are putting a freeze on foreclosures in all 50 states.

You know what's funny? I have already had complaint calls from 2 Realtors who work with our reo's.
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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 6:08 pm Reply with quoteBack to top

An analogy struck me:

This is like if police all over the country suddenly decided to skip giving Miranda rights. There would be ciminals realeased everywhere on technicalities.

Ok, the analogy falls apart comparing borrowers to criminals - except that the borrower has broken their obligation under the note. They owe the money - no questions there. They didn't make their payments - no questions there. The bank is legally entitled to foreclose - no questions there. But they simply have bumbled their way through the process and have committed fraud trying to make up for their stupidity.

Brilliant.

The sad part is...there are employees who committed the fraud not to "steal" a home, but so as not to lose their job. And now they will lose their jobs because of how they tried to cover it up.

Careful what you wish for...
like I said before, if we woke up Monday and BofA and Wells were out of business - where will you send your loans?
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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 6:42 pm Reply with quoteBack to top

Sorry - one more add:

Here is from the article on yahoo:

Banking and housing analysts, meanwhile, fear the foreclosure document problems could prolong the housing bust, and hundreds of thousands of inevitable foreclosures will be pushed off into some legal limbo for years.

"If you are looking at the key in this country to economic stability, it's the housing industry," said banking analyst Nancy Bush of NAB Research. "This is a huge mess that helps nothing."


Guys like Jason, Bulldawg and Jefftims may be thrilled to see the bankers "getting what they deserve" - but let' stop for a moment and realize that we all make our living in the housing industry.

At this point, how long will it be before we see a recovery? How long before jobs in our industry begin to open again? Refi's can't last forever - our core business is home buying. And now it looks like that market could be pretty much dead for 5+ years.

Like I said, careful what you wish for.
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Since1989
Dyn-o-mite!


Joined: 01 Aug 2007
Posts: 283
Location: Scottsdale AZ

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 7:43 pm Reply with quoteBack to top

Definition of 'pyrrhic victory':
A victory that is offset by staggering losses.

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

_________________
"I never submitted the whole system of my opinions to the creed of any party of men whatever, in religion, in philosophy, in politics, or in anything else, where I was capable of thinking for myself. Such an addiction is the last degradation of a free and moral agent." --Thomas Jefferson to Francis Hopkinson, 1789.
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MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: Banks Stop Foreclosures
PostPosted: Fri Oct 08, 2010 7:55 pm Reply with quoteBack to top

bulldawg123 wrote:
.

, we did not conspire to steal someone's home when they are at their lowest point.
.


Steal what ? You sign a promise to pay. You break you're promise, they keep theirs and take the house. It's simple and despite any loan product it's been that way for a lot longer than this mess. I am tired of people saying they deserve something because of a procedure when it all boils down, you're not making the payment !! All of this will only PROLONG the recovery and the best anyone can do is get out of the way and let it happen.

I am really afraid of this type of thinking that is spreading throughout our country and the lack of personal responsibility.

Man Up.
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