Bank employees and executives at any level should be going to jail for these illegal activities. Immunity??? Politicians in negotiation should be thrown in jail also…….
Let me get this straight. The banks continue to engage in overtly criminal acts (aka “Robosigning”) and to rectify this the states’ attorneys general are proposing a $25 billion “payoff” to grant immunity?
this is outrageous!! The State and Feds are so in the pocket of these banks they literally let them steal. After creating the financial meltdown – they now continue to bail them out by giving them imunity!? How about the legitimate homeowners that find themselves out of a job and unable to pay the mortgage through no fault of their own? I say if these banks can’t produce the records to prove they hold the mortgage – throw their foreclosure action out the door!!Let them absorb the loss for their shoddy handleing. When are we going to insist that those that created the mess need to be held accountable? I for one am relly sick and tired of this collusion between our elected officials and big business – am I the only one that sees this?? dosen’t this stuff tick other people off too?
Read the history of this and you will find there were no victims of this activity. Doesn’t make it right but there were no wrongful foreclosures as a result of robo signings. People are responsible for reading what they sign and in this case the argument is not that they were tricked or defrauded but the procedure was not correct. Plantiff lawyers looked high and low for clients/victims of Robo signing and they could not find any. Bottom line was that only the people who were not making their house payments were being forclosed upon, it was not because they ran afoul of some bank’s small print. This is a government action to extort money to help fund their state’s deficits – and who’s going to complain when our creditors are the ones getting the short end of the stick?
Bob, I couldn’t agree with your comments more. I actually think it is more of a crime to let the people who took out irresponsible mortgages and bought homes they couldn’t afford to stay in their houses while people like me bought responsibly and have been making my mortgage payments on time every month.
Bob, if there truly are no victims here, then why are the banks worried about civil lawsuits? Would the cost to defend against these cases, that presumably they would win if there were no victims, really exceed $25 billion?
cmon, you can’t figure that out?? The banks are worried about having to forgive billions of dollars in mortgages due to a technicality that doesn’t affect the validity of the documents signed by the borrower.
There are no victims, just opportunists. And lawyers.
It is obvious that the state government is wanting to correct a housing market approaching depression levels. The only way to do that is to get these properties off their books and into the hands of investors. The market will come back, but foreclosures are killing the market right now. Lets get them all sold and then you might be able to sell your house in a few years and get all your money back out of the deal.
If you notice its the “big banks” looking for the immunity. They now control 75% of banking in the US – they sold these bad mortgages off after originating them because they knew they were junk – the loss is already in the hands of the investors – not the banks – they just want to escape the liability for their shoddy practices!
Good point, that’s a large amount of extortion money. Perhaps “wide immunity” anticipates a looming class action. I’m probably missing something between the lines.
It’s not just the robo-signing; the banks have been violating many parts of both the FIRREA act of 1989 and the FDIC improvement act of 1994 since they were passed. If these laws were followed in the first place, we could have avoided the bubble that was created.
Also, Bob, the foreclosures are not just people that took out irresponsible mortgages, it is also people that could afford the mortgage when they took it out, but because of the extremely un-prudent policies enacted during the Bush Administration, the market burst and many people who previously could afford the mortgage now cannot even find a job.
I find it ironic that the rating companies that erroneously listed CDO’s as Class A investments, which was one of the main reasons for the bubble creation, is now going to have the power to disuade the market from investing in our bonds? The rating companies have lost all credibility in their rating of CDO’s in the first place.
Steve
You lost me when you brought in Bush, there is enough blame to include both Dems and Republicans. I believe personal responsibility is still the driving force behind the collapse – from individual investors not doing their homework to barrowers who focused on interest only and/or easy money . The government did not twist anyone’s arm to purchase homes they couldn’t ultimately afford.
“un-prudent policies enacted during the Bush Administration” I would like to add that these policies where the result of the Bank oversight committees of the Senate and the House. May I remind you that they were both led by Democrats. Bwarney Fwank, and Chris Dudd.
the bankers committed fraud
the bankers made $billions in this fraud
the bankers paid themseleves big bonuses for the success of this fraud
the bankers got bailed out by the taxpayers
the bankers used bailout money to lobby our government
the bankers contributed “generously” to elect puppets in the government
So……
the bankers did not go to jail
the bankers got to keep all their criminally earned money
the bankers got to keep their bonuses
And……
What do you think the odds are they will get their immunity from their paid servants masquerading as the peoples’ representatives in our government?
For those who would blame the buyers of the homes for this mess….
Compare the homes that they now live in (or do not any longer) and then compare that to the homes of these brokers and bankers.
Who got the best deal?
Bank employees and executives at any level should be going to jail for these illegal activities. Immunity??? Politicians in negotiation should be thrown in jail also…….
Let me get this straight. The banks continue to engage in overtly criminal acts (aka “Robosigning”) and to rectify this the states’ attorneys general are proposing a $25 billion “payoff” to grant immunity?
this is outrageous!! The State and Feds are so in the pocket of these banks they literally let them steal. After creating the financial meltdown – they now continue to bail them out by giving them imunity!? How about the legitimate homeowners that find themselves out of a job and unable to pay the mortgage through no fault of their own? I say if these banks can’t produce the records to prove they hold the mortgage – throw their foreclosure action out the door!!Let them absorb the loss for their shoddy handleing. When are we going to insist that those that created the mess need to be held accountable? I for one am relly sick and tired of this collusion between our elected officials and big business – am I the only one that sees this?? dosen’t this stuff tick other people off too?
Another instance of our government protecting big banks, and apparently handing over $$$ too. Unbelievable.
Read the history of this and you will find there were no victims of this activity. Doesn’t make it right but there were no wrongful foreclosures as a result of robo signings. People are responsible for reading what they sign and in this case the argument is not that they were tricked or defrauded but the procedure was not correct. Plantiff lawyers looked high and low for clients/victims of Robo signing and they could not find any. Bottom line was that only the people who were not making their house payments were being forclosed upon, it was not because they ran afoul of some bank’s small print. This is a government action to extort money to help fund their state’s deficits – and who’s going to complain when our creditors are the ones getting the short end of the stick?
Bob, I couldn’t agree with your comments more. I actually think it is more of a crime to let the people who took out irresponsible mortgages and bought homes they couldn’t afford to stay in their houses while people like me bought responsibly and have been making my mortgage payments on time every month.
Bob, if there truly are no victims here, then why are the banks worried about civil lawsuits? Would the cost to defend against these cases, that presumably they would win if there were no victims, really exceed $25 billion?
cmon, you can’t figure that out?? The banks are worried about having to forgive billions of dollars in mortgages due to a technicality that doesn’t affect the validity of the documents signed by the borrower.
There are no victims, just opportunists. And lawyers.
It is obvious that the state government is wanting to correct a housing market approaching depression levels. The only way to do that is to get these properties off their books and into the hands of investors. The market will come back, but foreclosures are killing the market right now. Lets get them all sold and then you might be able to sell your house in a few years and get all your money back out of the deal.
If you notice its the “big banks” looking for the immunity. They now control 75% of banking in the US – they sold these bad mortgages off after originating them because they knew they were junk – the loss is already in the hands of the investors – not the banks – they just want to escape the liability for their shoddy practices!
Good point, that’s a large amount of extortion money. Perhaps “wide immunity” anticipates a looming class action. I’m probably missing something between the lines.
It’s not just the robo-signing; the banks have been violating many parts of both the FIRREA act of 1989 and the FDIC improvement act of 1994 since they were passed. If these laws were followed in the first place, we could have avoided the bubble that was created.
Also, Bob, the foreclosures are not just people that took out irresponsible mortgages, it is also people that could afford the mortgage when they took it out, but because of the extremely un-prudent policies enacted during the Bush Administration, the market burst and many people who previously could afford the mortgage now cannot even find a job.
I find it ironic that the rating companies that erroneously listed CDO’s as Class A investments, which was one of the main reasons for the bubble creation, is now going to have the power to disuade the market from investing in our bonds? The rating companies have lost all credibility in their rating of CDO’s in the first place.
Steve
You lost me when you brought in Bush, there is enough blame to include both Dems and Republicans. I believe personal responsibility is still the driving force behind the collapse – from individual investors not doing their homework to barrowers who focused on interest only and/or easy money . The government did not twist anyone’s arm to purchase homes they couldn’t ultimately afford.
“un-prudent policies enacted during the Bush Administration” I would like to add that these policies where the result of the Bank oversight committees of the Senate and the House. May I remind you that they were both led by Democrats. Bwarney Fwank, and Chris Dudd.
Let me think about this……
the bankers committed fraud
the bankers made $billions in this fraud
the bankers paid themseleves big bonuses for the success of this fraud
the bankers got bailed out by the taxpayers
the bankers used bailout money to lobby our government
the bankers contributed “generously” to elect puppets in the government
So……
the bankers did not go to jail
the bankers got to keep all their criminally earned money
the bankers got to keep their bonuses
And……
What do you think the odds are they will get their immunity from their paid servants masquerading as the peoples’ representatives in our government?
For those who would blame the buyers of the homes for this mess….
Compare the homes that they now live in (or do not any longer) and then compare that to the homes of these brokers and bankers.
Who got the best deal?