Some vampire is on CNN TV bragging about how he sued his bank and won.

[LLStarks]

This guy has the fangs and dark clothes and everything.

[RB TexLa]

1. There was a thread on it. He thinks the lender shouldn't require him to carry insurance at

replacement value. He's a dickhead.

[DURHAM D]

3. Have you read the case?

He may be a dick head in your mind but not mine.

Why should he be required by his lender to insure his house for $1M (full replacement cost) if he didn't want to? He paid $180,000 for the house and thus his loan was for some amount less than that. Why insure for 10 times that amount? I'll answer - the lender wanted to be the insurer as well.

[RB TexLa]

4. In case he has a claim on the house that is for say half of replacement cost but over

what he borrowed. The lender has the right to require an acceptable amount of insurance coverage to protect their interest in the property. The lender may have placed a lender placed policy on it when he didn't comply with the insurance requirement but they accept insurance in the amount required from any insurer he may choose.

[DURHAM D]

8. Huh?

So lenders can't just make up some numbers and force borrowers to over insure? You good with that? Do you have a mortgage?

[RB TexLa]

10. Yes, it says in all mortgage notes that the lender will require acceptable insurance coverage

what they deem acceptable can change over the course of the loan. It's in the contract I read and signed. Of course I'm "good with that," or I would not have entered into a legally binding agreement with it.

[DURHAM D]

11. I gather you are not aware that this is a scam run by the lenders to collect additional fees.

Could happen to you. Good luck.

[RB TexLa]

12. It's not a scam.

[DURHAM D]

13. Do you or have you worked for a major lender? nt

[RB TexLa]

14. Where I work and what I do is personal, and information I do not share with strangers on an internet

message board.

[Boswell]

16. a CoC plant from HBGARY?

sure has the corporate line down pat

[RB TexLa]

17. Believing that people should honor a contract they signed is a "corporate line"?

It's not, it's just part of being a decent human being.

[Boswell]

24. seems the judge disagrees with you

but I'm sure Glenda or Flush will feed you some talking point to distract from the issue

[Maine_Nurse]

15. Thankfully I live somewhere where the lender can only require enough to cover their loan amount.

[bullimiami]

18. Right. The lender was forcing him to carry enough insurance to rebuild the house.

Which was like 5x the market value.

[SoCalDem]

6. A lot depends on the interpretation of "replacement cost"

If the house is on a historic registry or something like that, it might NEED to be replacement of that specific home, but once replaced, would it even still BE a "historic home"..or a reproduction?:)

or

replacement value of "A" home, worth what a $180K home bought when he did, would have appreciated/depreciated to at the time of its demise:)

[Ian David]

2. Is it Jonathon Sharkey?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1670878

[calimary]

5. Yeah! My husband just said - "they missed the 'elephant in the room' question:

hey, how 'bout those teeth!?'"

[SoCalDem]

7. maybe the $1k he got will go for some much-needed dentistry

:eyes:

[DURHAM D]

9. What? He spent good money to create that look.

[calimary]

19. Considering the look already, I'd expect maybe some piercings or implanted horns?

Or maybe a weird cheekbone or cleft chin job? He may be only halfway home.

[hardcover]

21. His name if Patrick Rodgers and lives in Philadelphia

What big fangs he has.

[rucky]

27. Who's the bloodsucker now, Wells Fargo?

MUAHAHAHAHA!

[Matariki]

29. ROFL

:rofl:

[XanaDUer]

20. Why does he need a home? Wouldn't he just need a coffin?

nt.

[Initech]

22. Was it a blood bank?

[Shagbark Hickory]

25. Good one!

lol

[beyurslf]

23. I am required to have replacement coverage on my home even though it

is more than double the amount of my mortgage. I think it is a bit crazy but I understand why for the most part. I did argue that total replacement cost for the flood insurance I am required to have. I have a two story house in a "flood zone" and only about 3 other houses in the neighborhood have 2 stories. I told them a flood that destroys my upstairs would wipe out half the city. They did agree that I only had to have coverage for my loan amount for my flood insurance after about 6 monhts of arguing about it.

[Shagbark Hickory]

26. Man, what I'd do for a channel that actually had news.

[tammywammy]

30. A guy that fought the bank and then tried to foreclose on one of their branches is news, I think

http://news.google.com/news/story?q=Patrick+Rodgers&um=1&ie=UTF-8&ncl=dJ4J9ppkNsl1xdM7RZ9GGZKJkLQBM&hl=en&ei=521gTenxCoXLgQf16oCKAg&sa=X&oi=news_result&ct=more-results&resnum=4&ved=0CDcQqgIwAw

[Matariki]

28. Goofy looking, but awesome action on his part.

Someone posted the story here the other day. It's righteous.