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Don't any of these people have lives?
So people who don't pay their mortgages, should be able to keep their houses?
Or are we arguing something else here?
Wow, that completely ignores everything that is wrong with the system Harry Guerrilla.
Some of these people did the wrong thing, like buying too much house, just like the banks.
We shouldn't excuse one, without knowing the intimate details behind their eviction.
A lot of these people bought homes they could afford and the bank arbitrarily increases their payment until they can't afford it. It is all $$$$ in the bank's eye.
That is the point, they can't find work therefore they protest the reasons why they can't find work.
Wow, that completely ignores everything that is wrong with the system Harry Guerrilla.
A lot of these people bought homes they could afford and the bank arbitrarily increases their payment until they can't afford it. It is all $$$$ in the bank's eye.
I'm betting that you are unable to prove this, or at least no more than a rare exemption. Now I have argued that this is going to be a problem soon but it's certainly not now. Rates have not gone up. Just the opposite.
I am not sure exactly what happened, but this is essentially what happened to my brother with variable rates or something... they had to just walk away earlier this year after the bank screwed them.
A lot of these people bought homes they could afford and the bank arbitrarily increases their payment until they can't afford it. It is all $$$$ in the bank's eye.
About a year ago, several of the nation’s biggest banks were caught in scandal over “robo-signing” — approving foreclosures without verifying basic information about the loan and fabricating documents to present to courts. For several months, a group of state attorneys general has been attempting to negotiate a settlement with the banks for their mortgage misdeeds.
However, those talks have broken down (as CAP warned they would), with the AG’s fracturing between those who want to craft a settlement quickly and those, like New York Attorney General Schneiderman, who want a deeper investigation into the banks’ activities. Meanwhile, as American Banker reported today, the banks have not stopped fabricating documentation in order to foreclose on borrowers:
Some of the largest mortgage servicers are still fabricating documents that should have been signed years ago and submitting them as evidence to foreclose on homeowners.
The practice continues nearly a year after the companies were caught cutting corners in the robo-signing scandal and about six months after the industry began negotiating a settlement with state attorneys general investigating loan-servicing abuses.
Several dozen documents reviewed by American Banker show that as recently as August some of the largest U.S. banks, including Bank of America Corp., Wells Fargo & Co., Ally Financial Inc., and OneWest Financial Inc., were essentially backdating paperwork necessary to support their right to foreclose.
In several instances, banks were signing over documents from lenders that no longer exist. For example, one Bank of America executive “signed a mortgage assignment on July 29 of this year that purported to transfer ownership of a mortgage from New Century Mortgage Corp. to a trustee, Deutsche Bank.” However, “New Century, a subprime lender, went bankrupt in 2007; and the Deutsche Bank trust that purported to hold the loan was created for a securitization completed in 2006 — about five years before Juarez signed it over to the trust.”
Goldman Sachs has reportedly agreed to “compensate some home loan borrowers for wrongful foreclosures,” as well as put an end to robo-signing. Given the way that the banks have handled the fallout from this scandal thus far, that is a promise that should definitely be taken with a grain of salt.
That is the point, they can't find work therefore they protest the reasons why they can't find work.
The authorities need to break out the fire hoses. Even if they are unsuccessful blasting them off a property, the OWS squatters will get a long overdue bath.
If those OWS loonies really want to help, they can sell their assets and pay off the mortgages they don't like. How exactly will squatting help? All that does is slow the process and decrease the value of the property due to the added haz mat remediation costs.
Any evidence the increases were arbitrary??? If you have an ARM, rate increases occur and are not arbitrary. if they were, there would be a case against the bank as it would violate the terms of the ARM. I believe in most cases it is related to the Prime Rate and if it goes up, so does the interest on the mortgage.
I know somewhere that they can get three hots and a cot. . .
You don't get it. People are no longer expected to understand the agreements they sign when borrowing hundreds of thousands of dollars. Lot's of people now view paying off the principle balance of their mortgage as a goal, not an obligation. In this instance, they are trying to find an out based on Greedy Bankers playing around with the Prime or Libor rates. It's quite sad when I think about how fast the US is devolving.
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