there may be minor so called deception here and there; but the homeowner wanted a house at "x" price. the mortgage would have been initiated anyway. deceptively or not. this is analogous to a drunk driver being wrong in a car accident regardless of driver #2. the drunk driver never should have been on the road in the first place. the buyer made a mistake and misjudged the purchase. look at the big picture. just because some thing's were done wrong should never over ride the fact that the buyer made a tragic purchase. the home buyer wanted the home at the price and for whatever reason is not paying for the debt. if they continued to pay the debt, no one would know about the mistakes of the mortgage people.
That doesn't mean they won't try to reposses it. One guy in Florida had the sheriff show up to his door to kick him out of a home he paid cash for. What a world.
Whoa. That's some story of the foreclosure. Sorry to hear guy. Just wait till the banks start reexamining the their own paperwork. A revolution is brewing..., On another note. Wonder if everyones mortgage could be paid off for less than one year in Iraq? What would the ramifications be? A reset of the whole system. Is this possible?
A revolution is brewing..., _______________________________________________- Revolution is brewing because all the ass clown liberals and socialist who have taugh the Scum of this country that they are entitled to everything and work for nothing. The Banks are at fault in the case of BAC and WELLS using Robosignatures. They are going to be sued and may not be around next year. But as far as Forclosuers causing a Revolution...PULL YOUR HEAD OUTA YOUR ASS SON. Most of the forclousers are not because of the "banks" per sa. It is because ASS CLOWN policy of "every American" is entilted to a HOME regardless of the cost and if they have any income, assets, etc. I say bring the Revolution, and the Freeloaders will be crushed along with the Goverment. FREE LOADERS and the GOVERMENT of OBAMA are one and the Same.
After reading the first few paragraphs of that post. Wells was telling the investors and MI companies they were not going to just roll over and eat the losses on the loans through repurchase and recision demands. Wells was standing up to the investors not the homeowners...at least in the first part of the article. Wells is probably the best lender to deal with. They are smart and they are pretty fair... If the borrower has lost a job they will do the short sale and release the deficiency. If the borrower is making enough to pay the mortgage they turn down the short sale. Chase was very professional at first as you would expect since they own the Fed (in part) but then they were overwhelmed by wamu when they took it over. BofA sucked but they have gotten better.
Interesting jem I thought the same thing until I read the memo completely. It clearly includes the end user home owner in it's language. Anyone have a clue what a total reset of the residential mtg market would cost? I think this type of thing has been done before after wars nvasions etc but am not sure. Kuwait may be an example??