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federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage
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all world ac
User ID: 297317
11/14/2007 11:34 PM
Report abusive post | federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage
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[link to iamfacingforeclosure.com]
i'm not sure i understand this completely, but
it looks like this
bank had mortgage
bank sold mortgage to investors
homeowner in default
bank files for foreclosure
judge throws out bank, because bank does not "own"
the mortgage at the time of the filing of the
foreclosure
so,
i guess this means that somebody
1. gets to stay in the house for nothing
2. is losing money on a mortgage package
maybe it's the Chinese who bought all
those mortgages.
man, are they gonna be ticked off when they find
out that nobody is gonna pay the mortgage when
the homeowners find out they don't have to pay. |
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all world ac
User ID: 297317 (OP)
11/14/2007 11:38 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
This court order is what I have been saying in my cases. This is rampant fraud on every court in America or nonjudicial foreclosure fraud where the securitized trusts are filing foreclosures when they never own/hold the mortgage loan at the commencement of the foreclosure.
That means that the loans are clearly in default at the time of any eventual transfer of the ownership of the mortgage loans to the trusts. This means that the loans are being held by the originating lenders after the alleged "sale" to the trust despite what it says per the pooling and servicing agreements and despite what the securities laws require.
This also means that many securitized trusts don't really, legally own these bad loans.
comment
does this mean what i think it means?? |
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Anonymous Coward
User ID: 322710
11/14/2007 11:39 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
I'd check the fine print. |
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Anonymous Coward
User ID: 326596
11/14/2007 11:39 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
what do you think it means? |
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all world ac
User ID: 297317 (OP)
11/14/2007 11:41 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
i think it means:
when the bank sells a mortgage to an investor group,
the bank has no legal right to foreclose on
a homeowner who is in default on his mortgage,
even though the bank is probably on the hook
for the money with the investor group.
the banks could be in big trouble. |
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Anonymous Coward
User ID: 184760
11/14/2007 11:43 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
i think it means:
when the bank sells a mortgage to an investor group,
the bank has no legal right to foreclose on
a homeowner who is in default on his mortgage,
even though the bank is probably on the hook
for the money with the investor group.
the banks could be in big trouble. Quoting: all world ac 297317
bingo.
and there are many layers of "investment groups"
these bad loans were hypothecated to the nth degree.
its over. |
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Anonymous Coward
User ID: 226992
11/14/2007 11:56 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Thats cause they bundle the mortgages up and sell them on the market ....
The bank never loaned anything, its against federal law.
Since 1933, pieces of paper with two signatures equals currency (house joint resolution 192, 1933)
[link to en.wikipedia.org]
"...At various times in history promissory notes have acted as a form of privately issued currency. In many jurisdictions today, bearer negotiable promissory notes are illegal precisely because they can act as an alternative currency.....
....Contrary to this popular belief being perpetuated by the banking community, House Joint Resolution 192 passed by US Congress in 1933, explicitly cites Promissory Notes, Bills of Exchange, Drafts and the like as legal tender in addition to Federal Reserve Notes.
....However, this right is limited only to those persons acting within the admiralty jurisdiction and not in the statutory jurisdiction. Furthermore, all Scottish banknotes are effectively standardised demand promissory notes, although they are rarely cashed...."
thats the mortgage.. and you also agreed to give the bank free money ... whatever they told you the house cost.. plu interest
Thats the "New Deal" aint it wonderful! Tell em' Franklin Roosevelt.. you commie you!
--------------------------------------------------
[link to www.presidency.ucsb.edu]
"Recognized Government bonds are as safe as Government currency. They have the same credit back of them. And, therefore, if we can persuade people all through the country, when their salary checks come in, to deposit them in new accounts, which will be held in trust and kept in one of the new forms I have mentioned, we shall have made progress." |
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Anonymous Coward
User ID: 226992
11/14/2007 11:57 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
All FDIC banks operate in Fraud |
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Rabbit
User ID: 305078
11/15/2007 12:32 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
All FDIC banks operate in Fraud Quoting: Anonymous Coward 226992
226992...I need to play your numbers in the state lotteries because you are on a roll!
This is so true...a fraud nulls the contract.
These fraudulent lenders can never present the original contract because they don't have it. All they have are copies of a copy of another fraudulent contract. Case closed. |
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Anonymous Coward
User ID: 322489
11/15/2007 12:36 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
So does this mean I don't have to pay my mortgage? |
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Anonymous Coward
User ID: 284299
11/15/2007 12:44 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Jeez, this sounds interesting. So, if the original lender sells the mortgage, they can't forclose, which makes sense. Can the buyer do it, legally?
Forgive me if I'm a bit dense on this. Bank crime is a tad complicated. |
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Anonymous Coward
User ID: 284299
11/15/2007 12:44 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
So does this mean I don't have to pay my mortgage? Quoting: Anonymous Coward 322489
I don't think I'd play that card quite yet. |
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Anonymous Coward
User ID: 322489
11/15/2007 12:46 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
So does this mean I don't have to pay my mortgage?
I don't think I'd play that card quite yet. Quoting: Anonymous Coward 284299
So I should wait til like Tuesday before I make any drastic decisions? |
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Anonymous Coward
User ID: 284299
11/15/2007 12:49 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
So does this mean I don't have to pay my mortgage?
I don't think I'd play that card quite yet.
So I should wait til like Tuesday before I make any drastic decisions? Quoting: Anonymous Coward 322489
LOL, I'd wait until you fully understand the law, know a good lawyer, and can afford him/her. Just because the law is on your side, doesn't mean the judge will be. |
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Anonymous Coward
User ID: 226992
11/15/2007 12:50 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Jeez, this sounds interesting. So, if the original lender sells the mortgage, they can't forclose, which makes sense. Can the buyer do it, legally?
Forgive me if I'm a bit dense on this. Bank crime is a tad complicated. Quoting: Anonymous Coward 284299
It is my assumption that any marks on the agreement after signing voids the contract. |
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Anonymous Coward
User ID: 226992
11/15/2007 12:54 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
So does this mean I don't have to pay my mortgage?
I don't think I'd play that card quite yet.
So I should wait til like Tuesday before I make any drastic decisions?
LOL, I'd wait until you fully understand the law, know a good lawyer, and can afford him/her. Just because the law is on your side, doesn't mean the judge will be. Quoting: Anonymous Coward 284299
Yes I'd hire a attorney for legal advice .. i only know american history. |
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Ricker
User ID: 323596
11/15/2007 12:57 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Why the hell would you not want to pay your mortgage? Many of you sound ridiculous. I'm not sticking up for banks, but it's not a good argument to not pay your mortgage. The biggest fraud is with credit cards. There is zero oversight that's where people get screwed the most |
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Anonymous Coward
User ID: 322489
11/15/2007 12:57 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Jeez, this sounds interesting. So, if the original lender sells the mortgage, they can't forclose, which makes sense. Can the buyer do it, legally?
Forgive me if I'm a bit dense on this. Bank crime is a tad complicated.
It is my assumption that any marks on the agreement after signing voids the contract. Quoting: Anonymous Coward 226992
Who would ownership default to? |
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Anonymous Coward
User ID: 322489
11/15/2007 12:58 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Why the hell would you not want to pay your mortgage? Many of you sound ridiculous. I'm not sticking up for banks, but it's not a good argument to not pay your mortgage. The biggest fraud is with credit cards. There is zero oversight that's where people get screwed the most Quoting: Ricker 323596
Stop sticking up for banks. |
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Anonymous Coward
User ID: 284299
11/15/2007 12:59 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Where all the GLPers that speak bankster? I want to know more about this.
Lots of these sum prime loans were set-ups. Many people who qualified for prime loans were steered to sub primes because the brokers made more money (and the lenders). |
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Anonymous Coward
User ID: 323596
11/15/2007 1:02 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Where all the GLPers that speak bankster? I want to know more about this.
Lots of these sum prime loans were set-ups. Many people who qualified for prime loans were steered to sub primes because the brokers made more money (and the lenders). Quoting: Anonymous Coward 284299
Yes, brokers made money, but these were the only chance for people to buy a home because they could never get conventional financing. |
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Anonymous Coward
User ID: 323596
11/15/2007 1:04 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
This also does not apply to most mortgages. The majority of Notes held by banks are legit |
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Ricker
User ID: 323596
11/15/2007 1:09 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Why the hell would you not want to pay your mortgage? Many of you sound ridiculous. I'm not sticking up for banks, but it's not a good argument to not pay your mortgage. The biggest fraud is with credit cards. There is zero oversight that's where people get screwed the most
Stop sticking up for banks. Quoting: Anonymous Coward 322489
I'm not at all. I'm just saying don't ever NOT make a mortgage payment. It crushes your credit. One 30 day late can ruin your chances of getting future financing. I work with loans everyday. There are plenty of shady banks and loan programs out there, but a little self education goes a long way. |
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Anonymous Coward
User ID: 226992
11/15/2007 1:10 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
All FDIC banks operate in Fraud
226992...I need to play your numbers in the state lotteries because you are on a roll!
This is so true...a fraud nulls the contract.
These fraudulent lenders can never present the original contract because they don't have it. All they have are copies of a copy of another fraudulent contract. Case closed. Quoting: Rabbit 305078
Thanks, I enjoyed the comments on the ghost slaying on the other thread myself.. was thought provoking for the subject matter |
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Anonymous Coward
User ID: 103356
11/15/2007 1:12 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
What it sounds like to me is blatant fraud. How can a bank file for foreclosure when they do not hold the note? If they sold the note to another entity, they should already have been paid for that note by the buyer and are no longer entitled to any recourse.
If your note is carried by XYZ bank, they are the ONLY ones that can initiate a foreclosure. If you receive paperwork saying ABC bank filed the foreclosure opposed to XYZ, then you will fall into the articles category. Otherwise, you will be foreclosed on.
The court ruled correctly in these circumstances. |
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astrolabe
User ID: 326624
11/15/2007 1:14 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Fascinating and highly informative. Thanks, OP. |
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Anonymous Coward
User ID: 323596
11/15/2007 1:18 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
What it sounds like to me is blatant fraud. How can a bank file for foreclosure when they do not hold the note? If they sold the note to another entity, they should already have been paid for that note by the buyer and are no longer entitled to any recourse.
If your note is carried by XYZ bank, they are the ONLY ones that can initiate a foreclosure. If you receive paperwork saying ABC bank filed the foreclosure opposed to XYZ, then you will fall into the articles category. Otherwise, you will be foreclosed on.
The court ruled correctly in these circumstances. Quoting: Anonymous Coward 103356
I absolutely agree with you, but this is rare. |
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all world ac
User ID: 326627
11/15/2007 1:28 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
rare??
i don't think so.
banks are always selling mortgages.
but this is goofy.
i get a mortgage for 300k.
the bank sells the paper for 300k to the investors.
i default.
the bank comes after me for the 300k.
as the above poster stated, the bank has already
gotten their 300k.
so the bank wants to get paid twice for
the original mortgage.
how in the world has this not come up before now? |
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^TrInItY^  
Forum Administrator
11/15/2007 1:31 AM
 | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
well legally only the owner of the note can bring legal action against the debtor...
and if the note was bundled and sold.. unless you signed something in the original mortgage that says the originating bank can still bring legal action against you even if they sell the note then they can't
the bank would be trying to collect money that belongs to someone else if they did that..
however in a lot of these cases the banks are required to buy back non performing loans they sold..
so it's possible the bank bought it back...
Few will listen,
Of the few who listen, fewer still will understand,
Understanding does not mean believe,
Of the handful who believe, most may not know what to do,
Those who even know, how many will actually do ?
And the rare ones who have done it.......
Need not listen to you anymore.
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Anonymous Coward
User ID: 226992
11/15/2007 1:32 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
TITLE 26 > Subtitle A > CHAPTER 1 > Subchapter B > PART VI
> § 165 (2) Security defined
For purposes of this subsection, the term "security" means—
(A) a share of stock in a corporation;
(B) a right to subscribe for, or to receive, a share of stock in a corporation; or
(C) a bond, debenture, note, or certificate, or other evidence of indebtedness, issued by a corporation or by a government or political subdivision thereof, with interest coupons or in registered form.
evidence of indebtedness |
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Anonymous Coward
User ID: 323596
11/15/2007 1:33 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
rare??
i don't think so.
banks are always selling mortgages.
but this is goofy.
i get a mortgage for 300k.
the bank sells the paper for 300k to the investors.
i default.
the bank comes after me for the 300k.
as the above poster stated, the bank has already
gotten their 300k.
so the bank wants to get paid twice for
the original mortgage.
how in the world has this not come up before now? Quoting: all world ac 326627
If you don't believe me, call your bank tomorrow and ask them for a copy of your "note" |
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