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Obama won't sign foreclosure challenge bill

Discussion in 'Political Discussion' started by Holy Diver, Oct 7, 2010.

  1. Holy Diver

    Holy Diver Rookie

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    Obama won't sign foreclosure challenge bill - Business - Real estate - msnbc.com
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    WASHINGTON — President Barack Obama will not sign legislation that could have made it more difficult for homeowners to challenge unjustified foreclosure actions, the White House said on Thursday.
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    My MAN!
  2. The Brandon Five

    The Brandon Five Rookie

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    I am not up on this story. What is an "unjustified" foreclosure action?
  3. Holy Diver

    Holy Diver Rookie

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    If the Bank is not up on their paperwork (which half are NOT) then the bank needs to prove the notary of the loan. This bill would allow a bank to get a retroactive notary from places that are out of state to use in court.

    Little-Noticed Bill Could Make It Harder To Challenge Foreclosures

    The legislation would come just as a foreclosure validity crisis is mounting: GMAC, JPMorgan Chase and Bank of America have admitted to not properly reviewing some of their foreclosure documents.


    FYI

    Robert Aderholt http://aderholt.house.gov/ was the sponsor of the bill and has been pushing it since April 2005. The bill is also sponsored by Rep. Bruce Braley (D-Iowa), Rep. Mke Castle (R-Del.) and Rep. Arthur Davis (D-Ala.).

    Statement from Aderholt:

    “There is absolutely no connection whatsoever between the Interstate Recognition of Notarizations Act of 2010 and the recent foreclosure documentation problems. I first introduced this legislation in April of 2005, and obviously there was no concern about weakening the foreclosure documentation process at that time. This is a bill that would help people and I am disappointed that it was vetoed.”
    Last edited: Oct 7, 2010
  4. The Brandon Five

    The Brandon Five Rookie

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    So are these loans where the borrowers are actually current, but the bank is trying take the house away through legal trickery?

    What does it mean that the bank is "not up on their paperwork"? If they can't prove the notary of the loan does that mean there is no contract between the mortagee and the bank? Wouldn't the house then just go to the bank? They hold the deed while there is a mortgage.
  5. IcyPatriot

    IcyPatriot ~~~Out of Order~~~ PatsFans.com Supporter

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    #87 Jersey

    The problem here is that some people are holding loans from say failed institutions. Going back to the 80's is a great place to explain it. back then there was a huge surge in mortgage companies. basically they made a fee doing all the paperwork for a mortgage. The people that funneled the money would then package them in loan baskets and sell them off.

    this selling could continue over and over and the proper chain of title may not have properly taken place. One way to invalidate a foreclosure is to invalidate the validity of the forecloser ... do they legally own the title to your property.

    This bill was trying to bypass homeowners using that tactic to stop a foreclosure.

    legally these people have a right to use that tactic ... this will get more interesting.
    By signing the bill Obama will be taking a legal right away from everyday Americans.

    What I find interesting is there is supposed to be separation between the courts and our government. Like what if a case like this went all the way up to the Supreme Court. This bill perhaps also tries to stem that from happening ... will have to study it more.
    Last edited: Oct 7, 2010
  6. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    How are you going to notarize a mortgage that has been bundled up and sold multiple times? Who you may have signed your mortgage with doesn't even own it anymore. You have no idea who owns it, so how can you even do anything to protect yourself if it illegally increased by fraud?

    This bill was a CYA for the banks' mortgage fraud, and the more we learn about it, the more obvious that will be, I guarantee it.

    It was a bad bill which would circumvent the judicial relief that homeowners are seeking now. I just believe that Congress is so out-of-touch that they are not realizing the difficulties those of us in the court system are facing with mass foreclosures, copied documents not originals and paper that has been passed around from bank to bank that some cannot establish actual ownership. Electronic signatures would just add to the chaos.

    The wild west atmosphere of the housing boom and mortgage industry in the past 10 years is coming home to roost.
  7. The Brandon Five

    The Brandon Five Rookie

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    So there are people who are seeing their principal balances change when their loan is sold? I hadn't heard of that.

    Could some of these people be confused? If you don't, you know, make payments, the interest gets capitalized, thereby increasing the principal balance.
  8. khayos

    khayos Rookie

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    The Federal government shouldn't have any role in foreclosures as they're all handled by state courts... shouldn't have any role in home ownership, actually...
  9. Wolfpack

    Wolfpack Banned

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    Ah, so in other words this new bill has nothing to do with whether or not the consumer is actually paying their mortgage payments. It's just putting as much paperwork in the way so the aforementioned deadbeats can survive on technicalities. Got'cha!

    Boy I tell ya the last week has really shown conclusively what liberals feel about silly things like the notion that people should have to actually pay for things. Liberals believe everything should be a free ride, and you can just stick either the government or nameless, faceless corporations with the bill. What a country!
  10. Wolfpack

    Wolfpack Banned

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    Well that's what happens when you decide you want to give full board mortgages to people who don't happen to actually, like, have jobs but you want to increase home ownership among poor people and minorities.

    Thank you Bill Clinton and Barney Frank! It's amazing how well the NY Times nailed you guys (no pun intended) in 1999.

    Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

    Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

    In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
    Last edited: Oct 7, 2010
  11. The Brandon Five

    The Brandon Five Rookie

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    Jamie Gorelick was at the center of two disasters: 9/11 and Fannie Mae. Why does she still have a job?

    Jamie Gorelick, Mistress of Disaster
  12. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Deflect from the greed of the banks and blame Clinton/Frank.. typical right winger, banks are good, banks can do no wrong and banks exist for the good of the people.. ergo everything they do is good... blame the politicians instead.

    Sad state of affairs for the right... but we have come to expect that. They and the lobbyists of K Street are proud of their minions...

    This whole thing looks like it, smells like it ergo it probably is it.

    H.R. 3808: Interstate Recognition of Notarizations Act of 2009 (GovTrack.us)

  13. Wolfpack

    Wolfpack Banned

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    Well my own personal stalker has weighed in with more than his usual round of ignorance!

    Uh, yeah, when the politicians force the banks to give mortgages to unqualified recipients in the name of "diversity" then yeah, I'm gonna blame the pols. And last time I checked, the NY Times wasn't exactly a right-wing publication. I guess you're just mad that they 100% predicted the problem that Clinton-Frank caused. (Hilarious how you completely avoided the fact that my source is the NY Times and you just went into your usual hateful, venomous bile.)

    But you go right on hating all banks and corporations and believing that government is the solution to everything. :rofl: :rofl:
    Last edited: Oct 7, 2010
  14. The Brandon Five

    The Brandon Five Rookie

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    How unreasonable of greedy banks to expect people to pay back loans of hundreds of thousands of dollars! I mean, it's practically serfdom!

    No greed on the other side of the transaction, eh? "I want a house that I can't really afford. In fact, I want it without paying for it, period."
  15. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Do not believe that the government is the solution to anything, but that is the way the right proceeds, when logic fails throw in a half truth or hyperbole.

    I deliberately avoid the assclowns on this board, but when the number 1 assclown of the right chooses to stalk this commentor and there is an intelligent response, I stalk??? This WTF moment brought to you by those who who have no self awareness or introspection.. but we have come to expect that.

    This is an effort to demonize several people instead of holding the whole system accountable.. it is fun to look at Frank or Clinton, but makes little sense as as there were a lot of people and systems who developed this debacle, with the banks being the major force they made billions off of this and they would not have done what they did if they did not..

    I know a woman who was a "trustee" for the PG&E bankruptcy on the left coast... in our course of discussions she told me that the most recent bankruptcy bill was actually written by Providian... this is the state of the affairs, in this case if it was investigated this bill was also probably written by some lobbyists and the lemming congress just followed along.. it was introduced by a nonpartisan group and there was no opposition..

    The terrible law that would have made foreclosures even easier for the banks sailed through both houses of Congress. Amazing that this is what it took to bring Republicans and Democrats together in the spirit of bipartisanship. It's remarkable how quickly both parties display their deepest loyalties.

    When you realize that every democrat in the house received an average of 13K and every republican in the house received an average of 20K from commercial banks... in the senate it gets worse with every dem receiving an average of 21K and ever republican receiving an average of 31K... the money trail becomes more obvious and even more tainted.

    Commercial Banks: Money to Congress | OpenSecrets

    Look around it is amazing...
  16. sdaniels7114

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    Do you think FISA should be the standard in all prosecutions? That's what this wall was all about. Keeping the Bill of Rights in place for everyone who isn't a terrorist.
  17. The Brandon Five

    The Brandon Five Rookie

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    If we had information about Atta, et al, (which is what the Able Danger thread is about), then you are okay with doing nothing about it because it "won't stand up in court"? How about, I don't know, stopping the attack? Can we do that?
  18. The Brandon Five

    The Brandon Five Rookie

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  19. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Obama won't sign it because Elections are right around the corner.
  20. Real World

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    Properties that people default on, need to be foreclosed. It's unfortunate, but necessary for the market both correct itself, and function properly. This whole ordeal is by design IMO. It's an attempt by the admin, or powers that be, to strong arm lenders like BofA to remodify these foreclosed on loans, by way of principle reduction. Basically, they want BofA to eat a sizable chunk of what people owe. Good times.
  21. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    The democrats were giving Home Loans to wino's who were living under bridges and in cardboard boxes.
  22. IcyPatriot

    IcyPatriot ~~~Out of Order~~~ PatsFans.com Supporter

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    #87 Jersey

    Ding ... ding ... ding ... BINGO.
  23. IcyPatriot

    IcyPatriot ~~~Out of Order~~~ PatsFans.com Supporter

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    #87 Jersey

    If you owned a home that was being foreclosed on ... and you discovered the chain of title was totally botched to the point that nobody legally had the right to take your home. Would you let them take it anyways or would you use that legal loophole to keep it?
    Last edited: Oct 26, 2010
  24. The Brandon Five

    The Brandon Five Rookie

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    Umm, since someone else paid a few hundred thousand dollars, it is, to be technical not mine. That is why the mortgagor holds the deed in the first place.
  25. IcyPatriot

    IcyPatriot ~~~Out of Order~~~ PatsFans.com Supporter

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    I didn't say that ... that much is obvious.

    Not saying either that you can steal the house.

    You are reading to much into those few words.

    If you could keep your house from being foreclosed on because there was no clear legal exchange of title would you do it?

    Why is it okay for a financial institution to circumvent the law?

    There are clear and very strict laws for the legal exchange of title.

    If a financial institution or any financial business for that matter used sloppy business practices that is their problem in our current legal system. There are not nor should there be legal remedies to help financial institutions stay in business and/or remedies to ensure that they make money.

    If your financial group purchased a basket of financial instruments that were obtained without due diligence then that's your problem ... the government has no business changing the law to ensure that you do not lose your investment.

    When the government starts getting involved in business so as to bypass the legal system that is a huge problem and every citizen should be concerned for this. Congress makes the laws and the legal system enforces them. If the laws need to be changed then Congress can change them. But our government has no business bypassing that process ... none at all.

    The system of the 3 arms of government is getting muddied lately. Some are trying to bypass the clear distinctions between Executive, Legislative, and Judiciary branches of our government and this is the latest huge example of it.
  26. The Brandon Five

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    I believe in the rule of law, but I thought the problem was that there was talk of canceling the loan outright because of the faulty paperwork. That would dry up lending in a hurry.
  27. Real World

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    The flip side is that if you aren't paying the mortgage, should you be allowed to stay in the home? Ultimately, that's what matters most. The same applies to any tenant, or borrower of a product, dwelling, or service. If you have someone renting a unit from you, and they stop paying you the rent for 6 months, are you ok with them being allowed to stay, because of some beaurocratic technicality on their lease? I'm not. That's not to say that the legal process isn't important. It absolutely is. The point is that if you can't pay, or aren't paying, you ultimately have to go. Now, if people are paying, and a bank is trying to foreclose, that's entirely different. From what I understand, that isn't the case here.
  28. PatriotsReign

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    Well then HD, you must want the recession/depression to linger even longer. Becaue our economy can not turn around until bad debt is written down. The longer it takes for the foreclosure process to work its way out, the longer the housing industry will continue to be in tatters.

    Personally, I believe no one deserves to live in any home if they've stopped paying their mortgage. If they can't find the note, who gives a damn if those in the house stopped paying their mortgage?
  29. Holy Diver

    Holy Diver Rookie

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    well, you must also want the depression/recession to continue. Foreclosing on loans is a lot worse than a bank renegotiating terms...which I'm 100% for.

    If these loans have ben turned over so many times that the banks want to legistlate fraud, then its a pretty messed up situation. Would you be in favor of people who got loans forging notaries of documents? no... this is wrong on all levels. How the flunk this almost became law is beyone me...

    oh wait...

    its congress...
  30. The Brandon Five

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    How do you renegotiate terms with someone who isn't making payments? In some cases the banks only hope of being repaid is to sell the house.
    Last edited: Oct 26, 2010

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