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federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage
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Anonymous Coward
User ID: 226992
11/16/2007 2:59 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
I goto a local bank.. and had yet to 'endorse' the back of my paycheck
The manager was speaking to customers coming through his bank..
and I overheard him comment to the man in front of me
"Oh! The endorsement is the most important thing we need"
Thats because the FDIC bank can only Fractionalize upon you 'endorsement' of Private Funny Money.
You have just become .... a banker.. for profit or gain. |
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Anonymous Coward
User ID: 226992
11/16/2007 3:03 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Title 12, sec. 411 is the redemption clause for Federal Reserve Notes for lawful money
For instance.. if the banks started redeeming all their Fed Notes.. the debt would be paid pretty quickly.
Cause you would be redeeming it for lawful money and the bank would lower te debt accordingly.
Unfortunatly, ending the National Debt would end the Federal Reserve Banking system for the banks.
Since I just said we are banks when we endorse Federal Reserve Notes... than we can redeem them and pay it down ourselves.
If you read Dr. Pauls resolutions regarding abolishment of the federal reserve banking system who will find they are not really that long.
Because all he says he will do is take the Bank stock and redeem it and give it to the Treasure to pay the National Debt!!!
Read his resolutions.. Dr.Paul knows.. its just finding a way to explain it which is hard as hell! |
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Anonymous Coward
User ID: 226992
11/16/2007 3:06 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
US Notes are lawful money since Lincoln's emergency... USNotes were never repealed and are now in the form of Federal Reserve notes , at least so says the Treasury.gov at FAQ section |
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Anonymous Coward
User ID: 281055
11/16/2007 3:07 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
An interesting thread at:
[ link to www.tickerforum.org]
POTENTIAL FORECLOSURE BOMBSHELL! - MarketTicker Forums
Page 2:
"I looked up Assignment Laws on Google and it appears each state has its own statute, but it appears to me that these Lenders that sold off the mortgages and did not file the assignments are in for some big ass problems if the Borrowers who are in foreclosure wise up to this. I agree, the Lenders that purchased these loans from now defunct Lenders are going to have a rather large job in front of them. Geez, this opens up a whole new job catagory! I can say with such certainty that assignments just do not get recorded as a rule. It appears a very large ball was dropped by these Lenders and they are going to be punished severely for it. I FUCKING LOVE IT."
Boy howdy!!!
Hi, October! It is I, 11:11 :)
Funny, I was just telling a very smart friend, with experience in the title biz, that she should start consulting to attorneys on this!
ATTENTION!!!!
Super-intelligent Lawyer needed to assemble these fragments into a Legal Document that encompasses the whole picture.
TAKE ACTION! |
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Anonymous Coward
User ID: 284299
11/16/2007 8:58 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
 |
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Anonymous Coward
User ID: 284299
11/16/2007 10:34 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
SREWWWWWWWW the banksters! |
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Anonymous Coward
User ID: 284299
11/16/2007 11:32 PM | |
Anonymous Coward
User ID: 284299
11/16/2007 11:41 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Just last year my In-Laws were getting a 15yr fixed Re-Fi which he specifically asked for and was quoted 6.5% on and then the papers were drawn up. I went with them and at the table when they started signing the papers were for a 2/28 ARM . You wanna see a guy start blasting away at the bank person and the lawyer. He ended up just getting it done last month 15 yr 6.25%. Yes the banks do change the papers. My ex-wife who also qualified for a conventional loan was talked into the 2/28 as the best thing for her even though she had no intention of moving anywhere and did ask for a 30 yr fixed rate. She was sweet talked , just that simple. The people may not know all but the mortgage brokers and banks went well out of their way to get the ARMs. Hope they all fukkin lose their houses.
You don't know what the fuck you're talking about. Brokers can make the same amount of money on either a conventional or sub prime loan, or FHA for that matter. It serves bankers/brokers no purpose to fuck people over when they can make money either way. The problem is that most of these people can't qualify for any other loan. They don't have money for a down payment, they can't prove income, and they have shit credit. The shouldn't be getting a loan in the first place. And if they do, they should realize they are a high risk and will pay a higher interest rate for it.
States are more than welcome to pass no prepay laws which protect their residents.
Each and everyone of you have the freedom to research loans and understand the lending system, but you're too fucking lazy. Nobody makes you do anything. You sign the papers. It's fucking laziness. The same laziness that didn't get you a college education or research refinancing or purchasing a home. If you take out a 200K loan, you better know exactly what you're getting into.
The problem is people trying to be just like the rich people that they hate. They want to keep up with their neighbors and get in over their heads. Educating yourself actually is really a crazy idea isn't it.
There are certainly instances of fraud and theft, but they are few and far between. People who got stuck in 2/28 ARMS could not qualify for any other fucking loan. Plain and simple.
If you borrow 80% value of your home, have 660 credit score, have debt ratios under 50%, and no mortgage lates or BK's you would have no problem getting a 30 year fixed rate under 6.5%.
If you borrow 100% value of your home, have 540 credit, can't prove enough income to pay for your monthly debts on your credit report, and had 2 30 day mortgage lates in the last 12 months. Then what the fuck kind of loan do you expect. If you got your shit together in those 2 years, you would have no problem refinancing. The problem is that people continue to use credit cards and run up debt. Unfortunately you get stuck when your rate adjusts.
Terms of your loans are fully disclosed on the NOTE of your mortgage that you sign. If you can't read and understand your NOTE then you have no fucking business getting it in the first place.
Stop blaming everyone else. It's seriously pathetic Quoting: Anonymous Coward 323596
You are partially correct and mostly full of shit. I saw a congressman on CNN, with evidence in hand, discussing this. Brokers have, in fact, made bigger commissions on sub primes. With the congressman, in the interview, was professional association rep for brokers and other RE people. That guy was left looking like an idiot as he tried to make the same claims you have. The congressman had lists of fee schedules and who was paid what.
As for you telling people how stupid there to not fully understand the intracacies of mortgage legalese, tell it to Deutsche Bank, lol! |
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Anonymous Coward
User ID: 327506
11/16/2007 11:46 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
I have copies of my loan, and it says copy but no signatures on it. I never sign as they as it says to because
its all in capitals. I sign the way it should be signed. My name isn't in all capitals. |
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Anonymous Coward
User ID: 326217
11/17/2007 12:02 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
I goto a local bank.. and had yet to 'endorse' the back of my paycheck
The manager was speaking to customers coming through his bank..
and I overheard him comment to the man in front of me
"Oh! The endorsement is the most important thing we need"
Thats because the FDIC bank can only Fractionalize upon you 'endorsement' of Private Funny Money.
You have just become .... a banker.. for profit or gain. Quoting: Anonymous Coward 226992
I've heard a LOT of stupid shit in this thread, but YOURS is one of the stupidest.
An endorsement means YOU got your money. Nothing more, nothing less.
. |
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Anonymous Coward
User ID: 284299
11/17/2007 1:04 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Title 12, sec. 411 is the redemption clause for Federal Reserve Notes for lawful money
For instance.. if the banks started redeeming all their Fed Notes.. the debt would be paid pretty quickly.
Cause you would be redeeming it for lawful money and the bank would lower te debt accordingly.
Unfortunatly, ending the National Debt would end the Federal Reserve Banking system for the banks.
Since I just said we are banks when we endorse Federal Reserve Notes... than we can redeem them and pay it down ourselves.
If you read Dr. Pauls resolutions regarding abolishment of the federal reserve banking system who will find they are not really that long.
Because all he says he will do is take the Bank stock and redeem it and give it to the Treasure to pay the National Debt!!!
Read his resolutions.. Dr.Paul knows.. its just finding a way to explain it which is hard as hell! Quoting: Anonymous Coward 226992
Yes, it IS hard as hell to understand and explain because it's a criminal racket and very complicated! |
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Anonymous Coward
User ID: 284299
11/17/2007 1:05 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
US Notes are lawful money since Lincoln's emergency... USNotes were never repealed and are now in the form of Federal Reserve notes , at least so says the Treasury.gov at FAQ section Quoting: Anonymous Coward 226992
Federal Reserve notes are not US notes! |
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Anonymous Coward
User ID: 284299
11/17/2007 1:06 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
An interesting thread at:
[ link to www.tickerforum.org]
POTENTIAL FORECLOSURE BOMBSHELL! - MarketTicker Forums
Page 2:
"I looked up Assignment Laws on Google and it appears each state has its own statute, but it appears to me that these Lenders that sold off the mortgages and did not file the assignments are in for some big ass problems if the Borrowers who are in foreclosure wise up to this. I agree, the Lenders that purchased these loans from now defunct Lenders are going to have a rather large job in front of them. Geez, this opens up a whole new job catagory! I can say with such certainty that assignments just do not get recorded as a rule. It appears a very large ball was dropped by these Lenders and they are going to be punished severely for it. I FUCKING LOVE IT."
Boy howdy!!!
Hi, October! It is I, 11:11 :)
Funny, I was just telling a very smart friend, with experience in the title biz, that she should start consulting to attorneys on this!
ATTENTION!!!!
Super-intelligent Lawyer needed to assemble these fragments into a Legal Document that encompasses the whole picture.
TAKE ACTION!
I posted this on one site where I know that one of the members is a lawyer. Hopefully, he answers. |
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Anonymous Coward
User ID: 405689
4/1/2008 2:38 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
Damn, this thread should really stay at the top. It could save someone their home.
PLEASE KEEP THIS ONE GOING. Quoting: Anonymous Coward 284299
My brother called me last night to tell me about this. I am three weeks away from foreclosure. I originally bought my home from a small town bank, at a variable annual rate. I was going thru a divorce and wasn't thinking straight. My small town bank was bought out by Wells Fargo and I started receiving statements from them. I tried to pay my mortgage at my "local" bank but they couldn't take the payment, said I had to send it in? I also tried cashing a check there one day, I was asked if I had an account with them, I had done business with this particular bank for years, actually had and paid off a large business loan with them, when I replied that I had a morgage with them, was told that unless I had savings and/or checking accounts, I could not cash a check? I have faithfully made my mortgage payments to WF for 10 years, but became unemployed and am struggling now to make ends meet. The forclosure notice that was filed in my local newspaper indicated that the original loan was made to my local bank, it actually does not memtion WF at all. The attorneys handling the foreclosure are doing so on behalf of the "servicer". I called a friend at the register of deeds office and had him check to see if my property had ever been transfered to WF, it hasn't. I had never refinanced so they never had the opportunity to change and refile the necessary paperwork. My brother said that several people who have already gone through this actually sued to recover the payments that they had made to the secondary institution because they held that they were making payments to someone who did not hold title to their mortgage. I'm thinking that I need to find a good real estate attorney who is not intimidated by WF. I'm also wondering about a possible class action suit. I'm in Michigan's UP, if anyone has any info that might help, please share! |
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Anonymous Coward
User ID: 385176
1/29/2009 11:36 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
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Anonymous Coward
User ID: 586290
1/29/2009 11:44 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
This is just a matter of the foreclosing mortgage company not having THE ORIGINAL PAPER when they arrive in court.
Some Judges are going through with the foreclosures anyway and some on the other hand are saying to the mortgage company where is your proof you own this property? Go get your paperwork.
Case closed.
They will come back with their paper and complete the foreclosure. |
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Anonymous Coward
User ID: 586290
1/29/2009 11:46 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
I believe that paper will be recorded at your local court house btw. |
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Eggifer
User ID: 425481
1/29/2009 11:49 PM
 | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
I will do more research on this issue -- I heard about it at a bankruptcy law seminar last fall and should have followed up on it then. I could be making big bucks now defending people against these crooks. |
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Anonymous Coward
User ID: 545445
1/29/2009 11:57 PM | | 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
That OR the bank gets a commission for collecting on behalf on the investor that bought your mortgage.
20% of 300k is a good profit on top of 300k the banks have already been paid. Kind of like HUSH MONEY. |
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Roadster
User ID: 603277
1/30/2009 12:18 AM
 | | 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
Screw the banks. I am tired of this shit. And I want to know what Paulson did with the money. Dammit I bet he sent it to the Chinese, who are pissed because the value of their foreign currency holdings has been cut in half and who threatened to cash in their treasury bonds. Not to mention the hundreds of Chinese front companies who were recycling their trade surpluses into U.S. Real Estate holdings. LOL !! No wonder its all such a SECRET. We need a REVOLUTION. Off with their heads...starting with the assholes on Wall St. that gave themselves 20B in bonuses while they were begging for bailouts.
Better to ride out to meet your destiny than to be stampeded by your fate. |
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Anonymous Coward
User ID: 604031
1/30/2009 10:45 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
this is important news.
the mortgage process isnt legal and never was. it is just mere smoke and mirrors.
i pray that the people will be freed from the cruel slavemaster banksters. |
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Anonymous Coward
User ID: 604148
1/30/2009 10:49 AM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
I am not a banking person....................
That said, it occurs to me that if the investment group owns the loan, that the investment group could be taking these people defaulting to court. |
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Anonymous Coward
User ID: 642285
3/28/2009 12:40 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
My ex wife loosing her 500k townhouse in LA, went into court and stopped her foreclosure with Wells Fargo.
Here is what she did:
1. Hired an expert and dirty attorney.
2. Alleged that the bank had the property appraised by one of it's own employees.
3. The "bank appraiser" was in effect pledging (on behalf of the bank since he was their employee) that the value of the house was $500k and would remain such throughout the life of the loan.
4. The bank had and has real estate "experts" of every variety and type on staff as paid full time employees, and they not only went along with his "guarantee of value" but lent 1/2 million dollars against this property based on that "guarantee".
5. The "guarantee/appraisal" turned out to be FRAUD. Wells Fargo was complicit (at least) an perhaps an active participant in that fraud.
6. The borrower (my ex) has been defrauded and mislead by Wells Fargo Bank and Mortgage Company by their own employees and agents who possess far greater real estate knowledge and expertise than the borrower did or does. In fact the borrower relied on the "experts" at Wells Fargo when they told her the house was well worth the 500k mortgage.
7. Since the house is now currently worth, (maybe) 150k, she has lost 350k in potential equity, plus the sum of all payments made, taxes paid, improvements paid for, HO Fees paid and any and all other expenses related to the fraudulently induced purchase of this property. She is asking for triple damages on these amounts.
8. Since Wells Fargo Bank and Mortgage was an active co-conspirator in this hideous FRAUDULENT SCHEME, she is asking that the foreclosure be stopped pending the outcome of the complaint for Civil Fraud.
9. The judge has FROZEN the foreclosure procedings per her motion.
10. Now she's proving (successfully so far) FRAUD on the part of the bank, it's agents, employees, etc. She has filed civil suits against their appraiser (personally) against the mortgage office (personally) and against the department heads of the Mortgage Divsion in CA (personally) asking for damages from each and every one in the amount of three million dollars (each) as well as damages against Wells Fargo Bank (Mortgage Co) and all holding companies party thereto in the amount of ONE HUNDRED MILLION DOLLAR.
11. So far, the officers, appraisers, and indviduals are now coming forth and testifying against their former or present employer - Wells Fargo Bank - Mortgage/et all. Because they want to be settled out for a five dollar token payment PLUS their testimony against WFB Mortgage.
IT FUCKING LOOKS LIKE SHE"S GONNA WIN! Wells has already made noises about private settlemnt and paying her off and she's refused all offers so far.
This could break the bastards if they loose. I think it's funny. Pardon me while I go fight down this erection I get every time I think about that rotten bank getting screwed this royally!
MORTGAGES IN THE US (in the past five years or so) may well be held invalid because of the fraud involved!
BOTTOM LINE: If they send you a notice of foreclosure, fight it! You may well win bigtime! |
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philo
User ID: 783395
9/30/2009 6:28 PM | | Re: federal judge throws out foreclosures, bank sold mortgage, is not "owner" of mortgage | Quote |
i live in tx and lost my house to forclosure and the bank put it back in there name they have no prove of owning the property can i sue them for fraud and get my house back? |
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