Foreclosures Real Estate News

Foreclosures Short Sales Banking Mortgage Crisis

The quote of the year was "we'll find out what's in the health-care bill after it's passed into law." DemocRat Leader Nancy Pelosi made that statement when asked if she READ THE BILL. Now the same Democrats are screaming to the media that bank employees are signing off on millions of pages of bureaucratic home foreclosures without reading EVERY word.

Oct 2010 - Bank of America is suspending home foreclosures across the country because media reports say its employees had signed off on hundreds of thousands of foreclosure documents without reading them.

These foreclosure notices are simply legal BOILERPLATE formalities made after somebody stops paying their mortgage. But to a liberal, these are gaping loopholes waiting for Democrat Liberal Congressman Barney Frank to walk into and start an investigation.

One of the main reasons there are so many foreclosures in the first place is because the banking system has been undermined by the government for decades, with banks being forced to loan trillions to anyone who wanted it. And those most likely to walk away without any loss of down payment or equity – because they didn’t have any - are the same ‘poor’ people to whom the government has forced banks to lend.

The average period today between the first missed payment and foreclosure is OVER one year. So factually the banks are not rushing anyone into foreclosure. These foreclosure documents are procedural measures closing the case. If the homeowner had a valid reason to challenge them, the document would not reach that point, particularly in today’s market when banks don’t even want these homes and would be happy to negotiate any solution besides foreclosure.

Nothing that has been going on in the “robo-signing” scandal is going to give delinquent borrowers their houses free and clear, but what it may do is slow down the process to be more accurate.

The reason that the banks are stopping foreclosures is that they cannot prove clear title to actually foreclose when asked to produce it. And if you cannot obtain a clear title (without holes in the history) then no title insurer will insure the title and hence , no one will buy the now REO’s property. The banks (and originators) in their haste to securitize the original mortgages didn’t properly document title and thus now they have to be able to reverse engineer the title history in order to prove a) who actually has the right to foreclose and b) a clean title so the property can be resold.

Liberals screamed "racism" when banks hesitated to approve loan requests from minorities with poor credit scores
http://www.warriorsfortruth.com/banking-crisis-sub-prime-loans.html

Barney Frank was voting on Fannie Mae issues when his lover was a Fannie Mae Mortgage executive.
http://www.warriorsfortruth.com/barney-frank-herb-moses-fannie-mae.html

How America Get into the Current Financial Crisis
http://www.warriorsfortruth.com/current-u.s.-economic-crisis.html

U.S. Finance Fraud and Stimulus Money Bailouts
http://www.warriorsfortruth.com/stock-market-financial-money-news.html

The Root Cause of the Current Economic Crisis Began in 1999
http://www.warriorsfortruth.com/financial-bailout-news-u.s.html





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