Wall Street Blames Homeowners for Foreclosure Fiasco!

[Better Believe It]

Wall St. pins foreclosure fiasco on homeowners
‘Your mortgage didn't get to a robo-signer by accident’
By Joe Rauch
Reuters
October 14, 2010

CHARLOTTE, N.C. — Wall Street's reaction to the allegations that some banks cut corners while foreclosing on 3 million homes since 2007: Pay your mortgage in the first place.

Those on Wall Street, however, are largely unsympathetic, insisting that possible errors in the foreclosure process are beside the point, that the process begins only when a borrower starts missing mortgage payments.

"If you didn't pay your mortgage, you shouldn't be in your house. Period. People are getting upset about something that's just procedural," said Walter Todd, portfolio manager at Greenwood Capital Associates.

Some said the issue is one of personal responsibility for one's own debts.

Robo-signers is the term for bank employees who signed hundreds of foreclosure documents daily without reviewing them.

http://www.msnbc.msn.com/id/39674290/ns/business-real_estate

"Some said the issue is one of personal responsibility for one's own debts."

Really?

Is that why Wall Street demanded and got a multi-trillion dollar taxpayer bailout?

Let's all shed a tear for the poor, exploited masses on Wall Street!

Let's hope they break the chains that bind them!

They have been naught.

They shall be all!

Taxes and debts to be paid are for the "little people"! BBI

[hughee99]

1. If you're not "financially stable" you shouldn't be in business...

fuck this bailout shit. Funny that wall street people are all the sudden interested in personal responsibility now that they've had their fuckups covered by the taxpayers.

[Curmudgeoness]

2. I am not sure that all these people were not paying their mortgages.

As someone who had my mortgage change hands three times in one year, there is a point where you don't know who you are supposed to be paying. And neither do they. I don't trust the banks to do the right thing and make sure 1) you know who to pay which month, 2) if a payment goes to the wrong bank that they will forward it in a timely manner, or 3) that they know what they are doing.

[madrchsod]

3. greenwood capital......

http://www.greenwoodcapital.com/

but...20 combined years experience?

http://www.greenwoodcapital.com/ip-how-we-work.php

and wally.....

http://www.greenwoodcapital.com/walter-b-todd.php

[Waiting For Everyman]

4. Banks shredded the notes, they don't get paid - period!

Missing a payment is just a technicality. (Two can play that game.)

Banks committed crimes. They need to do some time. Period.

[bobbolink]

5. Standard Operating Procedure. Blame. The. Victim.

Homeless people are blamed for being homeless.

And on and on, throughout all the categories of victimhood.

[Sherman A1]

6. Dante comes to mind

for these bankers, perhaps a nice table for their group on Level 7?

[Count Olaf]

7. Bullfuckingshit!!!

The deposed employees worked for the mortgage service divisions of banks such as Bank of America and JPMorgan Chase, as well as for mortgage servicers like Litton Loan Servicing, a division of Goldman Sachs.

Ticktin said he would make the testimony available to state and federal agencies that are investigating allegations of possible mortgage fraud. "This was an industrywide scheme designed to defraud homeowners," Ticktin said.
http://www.tampabay.com/news/business/realestate/foreclosure-robo-singers-testify-they-had-little-financial-know-how/1127777


But I will agree with this "‘Your mortgage didn't get to a robo-signer by accident’
It was all by design, part of a grand plan to screw the American people over again and again and again...how much are we going to take?


Grab your torches and pitchforks- we cannot let them get away with this again!!!

[Hannah Bell]

8. i don't even get his point. "‘Your mortgage didn't get to a robo-signer by accident’

is he implying the mortgagee dreamed up the robo-signing?

[pa28]

9. The issue goes deeper than "paying what you owe".

Knowing that you will have clear title to their house once the note is paid gives confidence to the market that is lacking at the moment. Homeowners should also know if their bank is "servicing" a MBS for an investor that no longer exists.

Fortunately the public is getting a little more savvy about Wall Street's motives and language when they say "there is nothing to see here. Move along". From bitter experience they know it really means; "you are about to get screwed. It won't hurt . . . much."

[reformist2]

10. The real bombshell is what happens to all the MBS?

MBS as in mortgage-backed securities. The banks sold hundreds of billions of dollars worth of these no-doc mortgages repackaged as "AAA" mortgage-backed securities to believing investors around the world. Well guess what - since they misrepresented the creditworthiness of so many of the borrowers (not to mention not even doing the paperwork right) there is a good chance that the contracts of these securities will be invalidated, meaning the investors can get all their money back and stick the banks with all the bad mortgages! And then there are the potential criminal charges. This is big, big stuff. Foreclosing on the tenants is the least of the banks' worries.

[Skink]

11. isn't the second wave of ARMS resetting.

at a time when most people are looking at bringing home substantially less.