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Fraud? What Fraud? There's no Fraud here! (Yes there is)
Langly
Registered User regular
Registered User regular
So Bank of America, Chase and GMAC Mortgage have all put tens of thousands of foreclosures on hold due to an investigation into their admitted abuse of foreclosure affidavits.
Here's what that means. In the heat of the Housing Crisis, banks were getting up to 1800 foreclosure statements a week, rather than the normal very low amount that they were used to. They had too many, so they just kind of started signing shit, on other people's word that everything was fine. Usually this would just be sloppy business practice, except that signing these things is a federal promise. You are swearing under oath that you've read the document, that everything is cool.
They forged millions of documents. The fine for doing this one time is $25,000.
Much bigger than even Kuribo's Shoe, I'd wager.
Now, not even this would be a big deal, because plausible deny-ability, right? Just say that you read them! Who can prove otherwise? It's not like anyone would be dumb enough to just admi-
Oh.
Oh.
So, if this progresses to a suit, which it is by the state of Ohio, these companies stand to lose an untold amount of money, but who gives a shit about them they deserve it. What this is really going to do is to halt home sales on a huge scale, until it can all be straightened out. Not only that, but
Dang, mortgage lenders, dang.
http://www.npr.org/templates/story/story.php?storyId=130421557
Here's what that means. In the heat of the Housing Crisis, banks were getting up to 1800 foreclosure statements a week, rather than the normal very low amount that they were used to. They had too many, so they just kind of started signing shit, on other people's word that everything was fine. Usually this would just be sloppy business practice, except that signing these things is a federal promise. You are swearing under oath that you've read the document, that everything is cool.
They forged millions of documents. The fine for doing this one time is $25,000.
That's $25,000 per homeowner, and there have been millions of foreclosures. This isn't just another shoe dropping for the mortgage industry.
"That is so much bigger than a shoe," Cordray exclaims.
Much bigger than even Kuribo's Shoe, I'd wager.
Now, not even this would be a big deal, because plausible deny-ability, right? Just say that you read them! Who can prove otherwise? It's not like anyone would be dumb enough to just admi-
But bank employees admitted in depositions that they were not actually reviewing the documents — but were signing off anyway.
Oh.
Oh.
So, if this progresses to a suit, which it is by the state of Ohio, these companies stand to lose an untold amount of money, but who gives a shit about them they deserve it. What this is really going to do is to halt home sales on a huge scale, until it can all be straightened out. Not only that, but
If judges start digging deeper into the foreclosure mess, Black says, they're also going to find that many loans from the housing bubble were so badly documented that many are unenforceable. That'll be an even bigger mess.
Dang, mortgage lenders, dang.
http://www.npr.org/templates/story/story.php?storyId=130421557
Langly on
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Yes.
And give it to meeeee
e: in all seriousness, your money in a checking or savings account is insured by the federal government up to USD $250,000.
e2: this is why no one really "loses" money when bank robberies are one of the most commonly committed and least often caught crimes in america.
e3: everyone just go watch Heat.
If everything is as poorly documented as the article makes it seem, I don't know how it could be resolved.
haha like that means anything
PSN/Steam/NNID: SyphonBlue | BNet: SyphonBlue#1126
he already moved to CA for work
but maybe I could rent it from him!
how many of you assholes have more than 250 THOUSAND dollars in any bank
whoops is the answer none of you
then dont fuck up the economy and let what happens happen because it wont affect you
seriously how do so many people function in the real world without knowing about basic shit like the fdic i learned about them in middle school and the insurance warning is easily visible in almost every bank
I assume the people who are so scared that the economy is going to fail and are going to pull their money out, also believe there with be no federal government at that point to pay the insurance money.
I was in one where i got a check for $10, i think the lawyers got paid the same as in your suit. i was all WHOOPIE!
If you keep following that logic though, you get to a point that paper money would be useless then if the government collapsed, and only actual goods would be of value. I'm not going to trade my food, water, medicine, or ammunition to you for worthless paper in the wastelands. I'm going to barter for it or shoot you and steal your supplies.
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But hot damn sonny boys
Hot damn
BUY GLEN BECK GOLD COINS
sane, dumb people
Stickin people up for bottle caps
they're going to issue fines of billions of dollars to the banks that they just bailed out with billions of dollars
(nah just kidding, a few people will get fired or resign and get their giant severance check. The american people are safe again)
That's not even gonna happen. The banks will go "Mistakes were made, blah blah blah, make sure this won't happen again blah blah blah We deeply regret blah blah blah"
and then nothing will actually happen
PSN/Steam/NNID: SyphonBlue | BNet: SyphonBlue#1126
I never said it made any goddamn sense, just that is what the crazys are thinking.
Seriously
They're already trying to pass legislation making it easier for banks to push this kind of foreclosure documentation through, so they'll probably just make it retroactive and no one will so much as lose their year-end bonus over this.
sketchyblargh / Steam! / Tumblr Prime
Nah, obama has already said that he'll veto it.
What if you do have over $250,000 in the bank like....some people I know?
What then Mench? Should they pull out the excess of 250K and put it in another bank account in another bank?
Coran Attack!
So they'll tie it into the next defense authorization bill and then if he vetoes it WHY DOES OBAMA HATE THE TROOPS AND WANT THEM TO DIE
PSN/Steam/NNID: SyphonBlue | BNet: SyphonBlue#1126
It must suck to find out that you lost your home when there was no reason to lose it, but whoops! You can't get anything back!
America...FUCK YEAH!
But seriously, it's amazing that we let these people get away with shit like this. We need a good uprising. Some angry mob justice just to get some of these suit wearing fuckers to fear for their lives a bit and dial back the avarice, greed, and laziness.
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The economy would be fixed by the end of the week.
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Does anyone know where Carmen Sandiego is?
Coran Attack!
Hiding in a cave somewhere on the Afghanistan-Pakistan border with Osama Bin Laden.
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Played by Anne Hathaway
Coran Attack!
Helen Mirren
Fixed
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