Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Foreclosure Fiasco headed to a courtroom near you

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-10 08:21 PM
Original message
Foreclosure Fiasco headed to a courtroom near you
from the NY Times:




About a month after Washington Mutual Bank made a multimillion-dollar mortgage loan on a mountain home near Santa Barbara, Calif., a crucial piece of paperwork disappeared.

But bank officials were unperturbed. After conducting a due and diligent search, an assistant vice president simply drew up an affidavit stating that the paperwork a promissory note committing the borrower to repay the mortgage could not be found, according to court documents.

The handling of that lost note in 2006 was hardly unusual. Mortgage documents of all sorts were treated in an almost lackadaisical way during the dizzying mortgage lending spree from 2005 through 2007, according to court documents, analysts and interviews.

Now those missing and possibly fraudulent documents are at the center of a potentially seismic legal clash that pits big lenders against homeowners and their advocates concerned that the lenders rush to foreclose flouts private property rights. .......(more)

The complete piece is at: http://www.nytimes.com/2010/10/21/business/21standoff.h...



Printer Friendly | Permalink |  | Top
walldude Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-10 08:23 PM
Response to Original message
1. I heard today that the FBI was going to start looking into
the foreclosure frauds. One can only hope.
Printer Friendly | Permalink |  | Top
 
tridim Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-10 08:26 PM
Response to Original message
2. This article is a nuclear bomb.
Edited on Wed Oct-20-10 08:37 PM by tridim
At least page one is. Still reading.

Watch the TBTF bank stocks tomorrow.
Printer Friendly | Permalink |  | Top
 
dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-10 10:17 PM
Response to Reply #2
3. MSM on the story, at last!!!!!
like light on cockroaches.
See the banks scurry.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Fri Apr 18th 2014, 08:50 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC