Title Insurance & Robo-signing The Next Wave To Prolong Housing Crisis

[marmar]

Run time: 10:15 https://www.youtube.com/watch?v=QVrxAm4Ogoo   Posted on YouTube: November 10, 2011 By YouTube Member: MortgageFraudTV Views on YouTube: 11   Posted on DU: November 10, 2011 By DU Member: marmar Views on DU: 1466

 

[Hassin Bin Sober]

1. I like how these fascists want to enact legislation to allow courts...

... to look the other way when true owners of the mortgages can't be found. And enact legislation to penalize the borrower for requiring proof the mortgage is owned by the plaintiff in foreclosure proceedings.

They don't like it when the government meddles in their contracts - unless it benefits the rich bankers.

The contracts say you can be sued/foreclosed by the original mortgagee OR its lawful successors and/or assigns. Not whomever feels like suing you.

[PDJane]

2. They're all set to put the burden on anyone but themselves;

The banks need to be penalized for this. That is where the burden of proof should lie, that's where the financial burden should lie.

Enough of making John Q. Public pay for the mistakes that the lenders created.

[pam4water]

3. I must have missed that part where they show concern for people losing there houses fraudulently

and from medical bills and unemployment.

:sarcasm:

[JDPriestly]

4. And what about folks like one of my elderly friends who paid off her

mortgage on her house, got a deed from one of these imaginary, electronic friends -- pretty obviously robosigned by someone claiming to be a paralegal and then sold her house and bought a new condo. Who knows what title problems the new condo might have if it was bought with one of these loans.

Why not outlaw the securitization practices that Kudlow criticizes, first and foremost.

Making the alleged borrowers bring the mortgage account up to date is not a good solution because if the underlying papers identify the wrong borrower or the wrong house or have some other error that a thorough review of the RECORDED documentation regarding liens and title ownership would show we have denied a legitimate property owner of the right to their property. If my neighbor is in default, I don't want the bank foreclosing on my property. Or if the bank shows that my neighbor is in default, but in fact, my neighbor is not in default, I don't want to see my neighbor's house foreclosed.

The reason that liens and ownership are supposed to be clearly established at your local recorder's or clerk's office is that these are legal documents.

The robosigned documents have no legal value.

Again, the banks and Wall Street were cutting corners. First they did not vet the papers and facts on each loan as carefully as they should have. And then they circumvented state recording laws just to save a little money.

Now, of course, no title insurer can insure our properties.

Until business learns its proper place, and it does have one, and learns to respect the law and the reasons for laws, we will not have a functioning economy or society.

And by the way, I should hope that these businessmen do not raise their children to have as much contempt for the law and the rights of others as they themselves have. I seriously doubt that they do.

We should try robosigning some papers regarding the ownership of, let's say, BofA or Morgan Stanley. We could send them some robosigned documents and then let them challenge them in court.