Fraud Factories many Mortgages are involved Rep Alan Grayson Explains the Foreclosure

[Joanne98]

Run time: 07:49 https://www.youtube.com/watch?v=JLN-EMkZSso   Posted on YouTube: October 02, 2010 By YouTube Member: StartLoving3 Views on YouTube: 7   Posted on DU: October 03, 2010 By DU Member: Joanne98 Views on DU: 919

 

[Aristophrenia]

1. Oh MY GOD !

[Iwillnevergiveup]

2. So glad this was more than a 30 second spot

Malloy was on a tear about this last night, too.

BIG K&R

[jonthebru]

3. Now THAT man is a great American.

If enough of us get together we could probably void our mortgages and own our homes outright.

[DeSwiss]

4. ALAN GRAYSON FOR PRESIDENT - 2012

K&R!!!

[Hubert Flottz]

9. I agree!

K&R

[caledesi]

5. I love this man! nt

[Iwillnevergiveup]

6. The housing situation

is gonna be a mess for years because all the Big Banksters are complicit. From what I've heard in random conversations, Rep. Grayson is right about the call centers in India, too.

[Waiting For Everyman]

7. This is a MUCH bigger story than it seems now... just wait a while

The fact is, that the financial geniuses digitized and then destroyed most of the original mortgage documents, which means in a nutshell, that they have no standing in court to enforce their ownership of any of those mortgages... estimated to be about 60% of those in this country.

Produce the note is for real. And now, at long last, it's being recognized. Most of these millions of foreclosures have been illegal. And now, it's recognized by the federal regulators. All of the major banks have been doing this same thing, it's common industry practice.

The "investors" don't own anything, is the upshot of it. (That's what makes the mortgages "toxic", truth be told.)

I think the meltdown over this will be even bigger than the popping of the mortgage bubble already was.

A major title insurer has already stopped providing title insurance for properties that were foreclosed, because of this - because those foreclosures were not kosher and may be undone. Game over, those bank-held properties won't be salable now. So, if the banks foreclose more of them, then what? What can they do with them?

It's really kind of interesting, to see what the predators will try to do next to get out of this. I predict a whole lot of bluffing, and stonewalling, and then gun-to-the-head extortion for another bailout, just to delay the "meltdown.2" that is inevitable.

The smartest thing the banks could've done, would've been to modify as many of these mortgages as possible. Instead they have stonewalled the applications, boldfaced stonewalled them, for two years.

Just two of many interesting articles coming out on this: (the comments following them are interesting too)

http://www.zerohedge.com/article/massive-mortgage-mess-update-title-companies-stop-insuring-foreclosed-properties

http://4closurefraud.org/2010/10/01/promiscuous-beth-cottrell-looks-like-she-had-multiple-partners-banks/

[trumad]

8. Very good post...

The banks shot themselves in the foot big time with their hubris. They refused to decrease homeowners principal making it impossible for homeowners to afford their homes. HAMP was a complete failure because of this.

I know what is going to happen... A new HAMP type program will come along but this time with principal reduction and---it will be enforced by the government.

Otherwise---if not--- there will be a bank meltdown and it will make the first one look like a flea on a whales ass.

[Enthusiast]

10. No wonder "they" are

spending so much money to defeat Grayson.

[KansDem]

11. A moderately stupid question...

If no one owns the note or cannot provide a note, then why should a homeowner continue making mortgage payments? :shrug: