Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

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  • Fri, Oct 01, 2010 - 02:28am

    #1
    Davos

    Davos

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    Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

Video on 0-Hedge Page

  • Fri, Oct 01, 2010 - 03:54am

    #2
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

if this is true then people should be going to jail.

also, if you know anyone getting foreclosed tell them to hire a competent real estate lawyer.  a good lawyer could get to the bottom of any funny business in a few days and, if there is any, could tear it apart in court.  i wonder if this is going to make it into the national news…

 

  • Fri, Oct 01, 2010 - 05:54am

    #3
    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

Good find thanks Davos.

  • Fri, Oct 01, 2010 - 07:54am

    #4
    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

http://www.youtube.com/watch?v=MbvSemVgF28

  • Fri, Oct 01, 2010 - 12:05pm

    #5
    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

It is unfortunate, however, that Grayson is a, in Davos’ words, a moron.   Grayson has no credibility. and has the habit of investive and destructive hyperbole and uses tactics of personal destruction.  It also would be unfortunate, that if he says is true, he will be a lost voice because of his reputation.

 

  • Fri, Oct 01, 2010 - 12:35pm

    #6
    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

Greyson IS a moron. He was okay in my book UNTIL he voted for “Healthcare” – at which time he became a hypocrite who nurses one side of the Fed while mauling the other.

I posted this however to shed light on how bad this situation is.

I suspect the lobbyrats will bribe the empirical bread and circus rats (Grayson et al) and they’ll turn yet one more trick for the bankrats. I expect a law like: The bankrats can take any property they want, all they have to do is send a postcard to the “owner”. Of course, this will be touted in the name of TBTF, we need to protect the banks.

Utter and absolute BS.

  • Fri, Oct 01, 2010 - 01:39pm

    #7
    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

Davos:   AGREED!!!

 

  • Fri, Oct 01, 2010 - 04:48pm

    #8
    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

First, I’ll admit I only watched the first 30 seconds or so, but let me tell you, he’s an idiot; and has NO IDEA what he’s talking about.

there is no mortgage “fraud”, the servicers are just processing the foreclosure documents too fast, and the people signing the foreclosure documents are not physically verifying every detail of every foreclosure (that is the complaint; and admission by GMAC & Chase).

This does not equate to fraud.  it’s just laziness and bad management.

The people foreclosed on are almost always (99.xxx% of the time) being done so correctly (except for the affadavit being not personally verified) and all this will do is delay the eventual final crash of the housing market.

These people will still get foreclosed on, rightfully so, just 6 to 12 months down the road, if even that long.

That does not mean the banks are saints, or even good businesses, but it’s certainly not fraud.

  • Fri, Oct 01, 2010 - 07:53pm

    #9
    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

Sorry Justin I respectfully disagree.

In many cases people are being told by the bank that they are eligible for restructuring and TOLD to stop making payments or make lower payments.  After anywhere from 5 to 9 months goes by they are sent a notice that they’re not eligible and that they are now in arrears.  They are then notified that they are already in foreclosure which in several cases (these have been well documented by some advocates and followed up by the Philadelphia Inq)  has been filed months prior to the home owner being notified.

There is another well documented case where the community board of a condo foreclosed on a soldier while he was deployed.  His wife told them repeatedly that he was deployed but the head of the board testified that the soldier was not deployed.  The house was foreclosed upon and then sold to the brother of the board head.  This one aroused such anger that criminal charges have indeed been filed.

Then they are told they must come up with a very large sum of cash to stop the process.  The drowning man reaches a hand out for help and is told over and over that a life ring will arrive shortly.  Then they drop a brick on his head.

 

  • Fri, Oct 01, 2010 - 08:14pm

    #10
    Peak Prosperity Admin

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    Re: Must Watch Video, MASSIVE Mortgage Fraud in Foreclosure

I agree Land2341. Greyson is right on this one. He is a pretty good attack dog on the banks. In spite of whatever else he may be or do he is spot on with his attacks on the Fed and the banks. I don’t know any victims personally but have followed this pretty closely now for many years and the fraud and audacity of the servicers and banking institutions is truly boundless. That is what you reap when sow moral hazard by allowing banks and financials to survive past thier useful life span.

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