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Reid calls on lenders to halt foreclosures in all 50 states

Updated 12:58 p.m.
foreclosures100810.jpgSenate Majority Leader Harry Reid (D-Nev.) called on major lenders to halt foreclosures across the country Friday following Bank of America's announcement it was stopping proceedings until it finishes reviewing possible paperwork problems.

Reid, who had sent a letter to major banks asking them to suspend foreclosures in Nevada, extended his concern to include all 50 states.

"I thank Bank of America for doing the right thing by suspending actions on foreclosures while this investigation runs its course," said Reid. "I urge other major mortgage servicers to consider expanding the area where they have halted foreclosures to all 50 states as well."

He emphasized, "My primary focus is to protect Nevada homeowners who have been hardest hit by foreclosures in the most recent economic downturn."

Reid is the latest Democratic leader to join a growing chorus of lawmakers and state attorneys general who have called for greater scrutiny of the foreclosure process and a nationwide moratorium. Homeowner advocates say that lenders have used dubious paperwork to expedite the eviction of homeowners behind on their payments.

Pressure on the banks continues to grow on Capitol Hill, where Senate Banking chairman Chris Dodd (D-Ct.) said Friday the committee will hold hearings investigating the foreclosure paperwork morass on Nov 16.

Bank of America said Friday it is halting all foreclosure sales and foreclosure proceedings nationwide while it reviews the documents being used to justify homeowner evictions.

It is the first bank to put a moratorium on foreclosures in all 50 states. Previously, Bank of America, JPMorgan Chase and others were only pausing foreclosures in states where a court has to participate in foreclosure proceedings.

"Bank of America has extended our review of foreclosure documents to all fifty states," the bank said in a statement. "We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions are accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus."

MORE FROM THE WASHINGTON POST ABOUT THE TURMOIL IN THE FORECLOSURE SYSTEM:

Full Coverage: Foreclosure system in chaos

Related stories: Northern Virginia firm MERS has a role in the the foreclosure mess

Obama rejects bill that would affect foreclosures

Problems run deeper than flawed paperwork

See photos: Thousands of foreclosures put on hold

User poll: Is a national moratorium on foreclosures a good idea?

By Jia Lynn Yang  | October 8, 2010; 11:25 AM ET
Categories:  Housing  
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Comments

Well It is about DAM Time! Can't wait for the results.

Posted by: Anonymous | October 8, 2010 11:44 AM | Report abuse

Funny how a slight miscue carries a $39 penalty from the bank. But the bank "certifies" all the foreclosure documents are in order, without actually verifying, and that okey dokey with them AND the government. 'Bout time some of the loosey-goosey wink-wink nod-nod of the high profit days comes back to haunt outfits like Bank of America. What goes around comes around. Permitting false statements to a judge should carry a stiff penalty for the key employees at BoA. Say about 25 years per count.

Posted by: BlueTwo1 | October 8, 2010 11:49 AM | Report abuse

What about those of us that have just lost our homes???? Life happens to all of us and it sucks..but we do what we have to do..And now they could come after us for the deficiency of the sale?? This is the biggest load of BS I have ever seen. After fighting with them for 2 years, doing everything Countrywide/BofA said to do..they now decide to rethink their mistakes..I want help now too..how can I get help in getting this crap off my credit..and out of my life?

Posted by: Anonymous | October 8, 2010 11:50 AM | Report abuse

Finally the humans that work in BOA are showing some humans side. The stories one hears from people who are losing their home are horrific.

Posted by: Anonymous | October 8, 2010 11:51 AM | Report abuse

Maybe they'll help the recovery by actually hiring enough people to do the paperwork in a legally acceptable manner. Of course, if that means a loss of corporate profits, I am sure there are plenty of Teabagger morons who will find something inherently evil in B of A having to follow the law.

Posted by: Anonymous | October 8, 2010 11:51 AM | Report abuse

I don't see what the big deal is not reading the documents. I mean our congress passes 2000 page bills without reading them.

Too bad we couldn't put a freeze on that bad legislation for the same reason.

Posted by: Cryos | October 8, 2010 11:53 AM | Report abuse

I think just about everybody knows what the results will be. Cleaner paperwork that proves what the banks were already saying before - "We own the house and we're foreclosing on the defaulting borrower."

Posted by: Anonymous | October 8, 2010 11:53 AM | Report abuse

What about those of us that have just lost our homes???? Life happens to all of us and it sucks..but we do what we have to do..And now they could come after us for the deficiency of the sale?? This is the biggest load of BS I have ever seen. After fighting with them for 2 years, doing everything Countrywide/BofA said to do..they now decide to rethink their mistakes..I want help now too..how can I get help in getting this crap off my credit..and out of my life?

Posted by: Anonymous | October 8, 2010 11:50 AM
=====================
Maybe this isn't you but if you took out a loan you couldn't afford with an ARM that is your problem and I hope your credit is shattered. You shouldn't be allowed to buy another home.

This sucks for people who weren't living beyond their means or got nailed when the market dropped but I have absolutely no sympathy for people working a chump job who think they should stay in a home they paid an interest only loan on. They are part of the problem not the solution.

Posted by: Cryos | October 8, 2010 11:56 AM | Report abuse

This is absurd, what did Obama tell these banks. There is no way that they should stop foreclosures.

Posted by: Jsuf | October 8, 2010 11:57 AM | Report abuse

I think just about everybody knows what the results will be. Cleaner paperwork that proves what the banks were already saying before - "We own the house and we're foreclosing on the defaulting borrower."

Posted by: Anonymous | October 8, 2010 11:53 AM
================
Yep. This is more political for democrats to seem like the people's champions before the elections.

Everything goes this year. Vicious lies, fake lawsuits against the federal govt like in W Virginia, etc as the desperate politicians lose their grasp.

Posted by: Cryos | October 8, 2010 11:58 AM | Report abuse

I feel sorry for our future.

Posted by: Anonymous | October 8, 2010 11:58 AM | Report abuse

To Anonymous - If you lost your home recently, you should contact an attorney to go through all of the paperwork the bank or its attorney submitted to the court/seizing authority. If any malfeasance has been committed, it should be enough to set aside the foreclosure, even if someone else has already moved in (hey, they took their chances exploiting someone else's misfortune). Good luck to you.

Posted by: Anonymous | October 8, 2010 11:59 AM | Report abuse

Too bad you didn't feel sorry for the future while the GOP was digging this hell pit. Now you want to blame the people trying to shovel us out? BS, own the mess you made.

Posted by: Nymous | October 8, 2010 12:01 PM | Report abuse

BOFA is up to their tricks again. Do NOT let them get away with the self-controlled moratorium. The President and Congress must control this situation and require a National Foreclosure Moratorium, until ALL investigations are completed. This is securities fraud at it's maximum. The banks are foreclosing because the have sold the mortgages (fraudently) as securities. BOFA and others had and have no intentions or wishes of keeping people in their homes. This is a big ponzi scheme that SEC and DOJ has let the banks get away with. SEC and DOJ knows what is going on and should order that NO more foreclosures will take place, until the banks are investigated for securities fraud. This is another Madoff situation and they know it, so the President needs to call for a National Foreclosure Moratorium, so these crooks can be investigated and locked up, before they scatter like roaches to never be found again.

Posted by: awesomelm | October 8, 2010 12:02 PM | Report abuse

Forgive my oversimplification for the sake of clarity:
person wants to buy a home so goes to a bank & "borrows" the money & borrower agrees to pay bank back with interest...pretty standard so far...the bank then SELLS the mortgage, as a MBS (MOrtgage Backed Security)to an investor, thereby removing said mortgage from the bank's balance sheet.
The bank has already been paid for the borrower's mortgage when it was sold to an investor & the bank now acts as a "servicer" on behalf of the investor.
When the financial crisis hit we the taxpayer, via AIG, who had insured the MBSs of a massive amount of these investors, paid 100 cents on the dollar for these securites thereby making the investor whole.
Also, the FED bought over a trillion dollars worth of these MBSs.
So at this point we have a borrower who owes X amount of dollars but the bank has sold the mortgage and the investor has already been made whole. So who is getting the borrower's money if they are in good standing and making payments or the home if they are in foreclosure?
Not the bank, they sold the mortgage, not the investor because the taxpayers already paid them....
Answer is: that money is no longer owed to anyone if that mortgage was either insured by AIG or purchased by the Federal Reserve. The taxpayers already paid for the home, & not just subprime, also well performing mortgages. If the money is owed to anyone it's the taxpayers.
In fact, if you are making a mortgage payment, your mortgage was probably paid off by taxpayers through AIG or the FED 2 years ago and you don't even know it!
So who is getting all this money from mortgage payments?

Posted by: dawnaia | October 8, 2010 12:04 PM | Report abuse

I'm not currently in foreclosure as of yet but of course BOA is where I pay my mortgage to. I have received letter saying they want to help me keep my home. So I have done the necessary paperwork in order to keep my home. I had a loss of income in my family so they claim to have this program called makinghomesafforable so I'm assuming they are trying to do a re-modification to get the mortgage to something suitable. I don't want to be out on the street and I don't want my credit to be worth squat. So I'm gonna work with them to see how BOA and the FHA folks handle and break it down. But is about time they come to there senses.

Posted by: Anonymous | October 8, 2010 12:08 PM | Report abuse

Well, I have a home loan with BOA. They don't care about people. I have paid on time and still do. Wanted to have my mortgage refinanced and have filled the same paperwork out 6 times, yes you read it right six times. The last 2 times I just sent a copy of what I already sent before. Obama should have given the people of this country the bail out money, not the banks! If we had the money, the banks would have realized they would have to deal with us and not hide the money and make it work only for themselves. Besides, we are the ones who have to pay it back. Trust the banks with billions, not the people who are responsible for paying it back. I'm sure I'll get the paper work again, they keep claiming they can't find it or I didn't send it all back, blah, blah, blah. Just to lazy to care and don't want to refinance anyway (they will make less money)I'm sure this will only last for about a week and they will roll out with a comment that states they did everything right!

Posted by: Anonymous | October 8, 2010 12:09 PM | Report abuse

Nymous: The fact that you try to blame one party is ridiculous. The democrats started the whole thing with the Community Reinvestment Act under Clinton. Granted the republicans didn't change anything, you can't blame one party. Furthermore, blame Americans for trying to live beyond their means. There isn't just one party at fault. Frankly, the banks need to continue foreclosures in order to get these housing prices back to a sustainable level.

Posted by: Jsuf | October 8, 2010 12:15 PM | Report abuse

Will someone please call the "village idiots" over at the White House & tell them get the RTC up and running again so the banks can "off-load" their "bad-paper" which will "free-up" the banking system, restore the economy & put people back to work!!

Posted by: mikeconville | October 8, 2010 12:19 PM | Report abuse

I say get the mortgage deadbeats out of those houses and sell them to somebody that will actually make their payments on them. That would help the economy instead of just letting them stay there and wreck the places.

Posted by: brewstercounty | October 8, 2010 12:21 PM | Report abuse

It wasn't supposed to be like this. IT WASN'T SUPPOSED TO BE LIKE THIS! That notary bill that just stealthed its way through Congress was supposed to have been signed yesterday! If somebody hadn't shot their big mouth off, all those foreclosures would have just gone through and we would have no liability. DAMN, life is unfair!

Signed,
Bank of America

Posted by: nicekid | October 8, 2010 12:21 PM | Report abuse


What about those of us that have just lost our homes???? Life happens to all of us and it sucks..but we do what we have to do..And now they could come after us for the deficiency of the sale?? This is the biggest load of BS I have ever seen. After fighting with them for 2 years, doing everything Countrywide/BofA said to do..they now decide to rethink their mistakes..I want help now too..how can I get help in getting this crap off my credit..and out of my life?

Posted by: Anonymous | October 8, 2010 11:50 AM
=====================
Maybe this isn't you but if you took out a loan you couldn't afford with an ARM that is your problem and I hope your credit is shattered. You shouldn't be allowed to buy another home.

This sucks for people who weren't living beyond their means or got nailed when the market dropped but I have absolutely no sympathy for people working a chump job who think they should stay in a home they paid an interest only loan on. They are part of the problem not the solution.

Posted by: Cryos | October 8, 2010 11:56 AM | Report abuse

=====================
EXCUSE ME FOR HAVING PEOPLE DIED IN MY IMMEDIATE FAMILY AND HAVING TO PAY 5 DOLLARS A GALLON FOR GAS TO TRAVEL ACROSS COUNTRY. I really think that those that gives opinions about those of us that was able to afford the homes but because of medical, job loss or DEATH that you fall behind. I was ONLY a month in half behind on my payments AND Countrywide said "don't pay so you can qualify for the HOPE loan"..WTH, THANK YOU MR. PRESIDENT for allowing these people to do this to hard working HONEST Americans!

Posted by: Anonymous | October 8, 2010 12:23 PM | Report abuse

Reply to Dawnaia: Very well-stated. So, the question is, why can't Congress and SEC recognize this and stop the banks from foreclosing and stealing more money? Since the banks are already paid, they have no right to foreclose. SEC, what are you going to do? Get off of your hands and file a TRO, at least against the major banks, stopping ALL their foreclosures and evictions! SEC, you can't say that you don't know about this one. This one will show if SEC is a valid regulator or just a worthless government agency that needs to be dismantled.

Posted by: awesomelm | October 8, 2010 12:24 PM | Report abuse

Hearing and reading a lot of opinions about who is really at fault for the state of the economy. Just wondering how many people out there are ready to accept the fact that it is ALL OF OUR FAULTS. None of this mess could have ever taken place without either everyones involvement or permission in some way at every level in our society. Maybe, just maybe, after this disaster we might finally take heed and start using a home as a place to live and enjoy instead of a get rich quick scheme whereby everyone becomes infected with greed and panic over an artificially inflated housing market and answers yet another cattle call into financial oblivion. I am through pointing the blame at others and am making the change starting with myself. Never again will I chase a bastardized version of the American dream. Its time to send a message back through our society once penned by a very wise man for a very unwise society, "Neither a lender nor a borrower be."

Posted by: jaybee61 | October 8, 2010 12:24 PM | Report abuse

Everyone should go hire a nice attorney and file an action to quiet title. ALL OUR HOMES HAVE CLOUDED TITLES.

FILE CLAIMS AGAINST YOUR TITLE INSURANCE COMPANIES.

FILE CLAIMS AGAINST THE LAWYERS THAT PERFORMED YOUR FORECLOSURE FOR GROSS NEGLIGENCE.

IF YOU WERE FORECLOSED FILE AN ACTION TO QUIET TITLE. YOU WILL BE SURPRISED AND COMPEL DISCOVERY OF THEIR ACCOUNTING ABOUT YOUR PARTICULAR LOAN ACCOUNT. THE DISCOVERY SHOULD INCLUDE THE INCEPTION, AGGREGATION, SECURITZATION AND ALLEGED DEFAULT.

ONCE THOSE NUMBERS COME OUT EVERY ONE WILL REALIZE THEIR HOMES HAVE BEEN PAID OFF IN FULL MANY YEARS AGO AND NO ONE BOTHERED TO INFORM THEM.

AND WITH FRAUDULENT DOCS AND FRAUDULENT ACCOUNTING THESE THIEVES HAVE TAKEN OVER 7,000,000 OF HOMES. BIG BANKSTERS, SMALL BANKSTERS AND THE FLOOD OF NEW PREDATORY SERVICERS LIKE KONDOUR FINANCIAL, MARIX, ETC.

KONDOUR TAKES CAR OF SOME OF THE DIRTY LAUNDRY FOR GMAC AND MARIX FOR EMC AND JP MORGAN.

POR MORE INFO VISIT WWW.LIVINGLIES.WORDPRESS.COM
WWW.4CLOSUREFRAUD.ORG
WWW.MSFRAUD.ORG

PELUCHEVEN@HOTMAIL.COM

Posted by: Anonymous | October 8, 2010 12:29 PM | Report abuse

Reply to jaybee61: You are right. We ALL are to blame, but the banks are at fault with purposeful criminal intentions. These banks are not trying to work with homeowners to solve the problem; mainly reasonable modifications. Regardless of the reason for the defaults, the best way to resolve this it so modify all of the loans. The banks will still get paid 8 to 10 times more than they loaned out. This will keep people in their homes and drastically improve the economy.

Posted by: awesomelm | October 8, 2010 12:32 PM | Report abuse

Judges should be asking the BIG question-

How many months is the mortgagee behind in their payments? Right now, the average time between the start of the foreclosure process to eviction is 545 days. If someone hasn't made any payments in six months, they are Dead-Beats, not squatters.

This is a freakin' no-brainer.

When a Dead-Beat squats:

Property taxes aren't paid
Utilities aren't paid
Houses get torn-up and abused
Pensioners, Seniors, pension funds and other investors take a hit for non-payment, which means dividends for their livelihood.

Either the respective counties need to start enforcing tax sales othewise, we'll all get hit.

For the banks, outsource the process to law firms, since they have configuration controls and check-sheets to ensure that all of the paperwork is complete.

Until we rid ourselves of dead-beat and entitlement demanding parasites, we're all screwed. It's called personal responsibility.

Democrats, the Party of Fools and Food Stamps.

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | October 8, 2010 12:36 PM | Report abuse

another unintended consequence of the orgy of mortgage issuance and sophisticated derivatives which Wall Street used to create false value which they could sell, over and over, and over again.

Now that all this phony paper is coming home to roost, it is difficult to sell a piece of property legally when you know there are several creditors standing in line to claim a piece of what you defrauded them a couple years ago. Methinks B of A's decision is largely based on the fact a lot of foreign investors are asking for some payback for the billions they invested in bad paper and they now want some payback.

For those of you who are still claiming there is too much regulation of the financial services industry and it will get in the way of a recovery, welcome to your future nightmare. When you sell something you don't really own, or the value of which cannot be verified, this is the result: an entire business frozen in time because no one can trust the documentation necessary to make a sale. Had some regulations been in place when Countywide was inflating the value of sub prime mortgages or when Goldman Sachs was creating mortgage backed securities from portfolios of loans which were bound to fail, this might have been averted. But, you are right, such messy requirements would have prevented Wall Street from reaping massive profits and giving huge bonuses for investments which were, in fact, a very exotic Ponzi scheme. And, just look at all the good they did with that freedom and flexibility!

Posted by: bobfbell | October 8, 2010 12:36 PM | Report abuse

That's true IF these banks are trying to plan up some scheme to protect just the bank then our President needs to be in tune to their music. People are sick and tired of being tricked, trapped and conned into lengthy contractual agreements who no one ever really can fully understand UNLESS you can afford a lawyer ALL THE DANG TIME doing business in this crazy society of businesses. It's also known that people can or will try be shifty as well but if there are suspicions on the consumer, then by all means the institutions should do extensive background checks. I got stuck in ARM but was told was a 30year fixed rate mortgage. After 4 years I was notified to think about refinancing my rate???!@#$%^&*() SAY WHAT????
tricked,screwed,jewed and tatoo'd was an old saying.
The words BUYER BEWARE should be posted everywhere to remind consumers.
The TRUST factor today sucks EVERYWHERE.....

Posted by: Anonymous | October 8, 2010 12:38 PM | Report abuse

So, the question is, why can't Congress and SEC recognize this and stop the banks from foreclosing and stealing more money?
Posted by: awesomelm | October 8, 2010 12:24 PM
Recognize it? They orchestrated it! You think they don't know they paid off almost every mortgage using taxpayer money via AIG & the FED????
They KNOW but were convinced by Wall Street that this was the only way to save the system. Pay off all the mortgages but don't tell the mortgage holders about it and let the banks PRETEND everything was fine and they still have all the mortgages and we still owe the banks the money. This is TARP 2 in disguise. The banks are being paid by borrowers for mortgages they sold to investors years ago and the investors were all made whole by the taxpayer 2 years ago.
This is the biggest scam in the history of the world.

Posted by: dawnaia | October 8, 2010 12:38 PM | Report abuse

Should BofA actually clean up their mess, they might stop foreclosing on mortgages they don't own, and on homes with no mortgages.

brewstercounty wrote: "I say get the mortgage deadbeats out of those houses and sell them to somebody that will actually make their payments on them. That would help the economy instead of just letting them stay there and wreck the places."

Great idea! We can let them run and wreck the banks.

Ooops, that's been done.

BTW, why your problem with the rule of law? Who appointed you Peoples Commissar of Economic Recovery and Confiscation, comrade?

@Jsuf: The CRA had nothing to do with this crisis. Put down your crack pipe and read "A Failure of Capitalism" by conservative icon Richard Posner.

You can read, can't you?

Boy, all the Teahadists have some primal urge to see other people hurt. Tells us all we need to know about them.

Posted by: Anonymous | October 8, 2010 12:39 PM | Report abuse

Should BofA actually clean up their mess, they might stop foreclosing on mortgages they don't own, and on homes with no mortgages.

brewstercounty wrote: "I say get the mortgage deadbeats out of those houses and sell them to somebody that will actually make their payments on them. That would help the economy instead of just letting them stay there and wreck the places."

Great idea! We can let them run and wreck the banks.

Ooops, that's been done.

BTW, why your problem with the rule of law? Who appointed you Peoples Commissar of Economic Recovery and Confiscation, comrade?

@Jsuf: The CRA had nothing to do with this crisis. Put down your crack pipe and read "A Failure of Capitalism" by conservative icon Richard Posner.

You can read, can't you?

Boy, all the Teahadists have some primal urge to see other people hurt. Tells us all we need to know about them.

Posted by: Garak | October 8, 2010 12:43 PM | Report abuse

for those who have lost their homes any where in the USA, for those who recently bought a home of any kind, for those still allegedly current, regardless of who the SERVICER is you should consider filing an action to quiet title.

Also file a gross negligence law suit against the title company, the title insurer, the "lender", the foreclosure lawyer (Trustee) and all the minions iin between.

Make sure you all press for a full disclosure of the total accounting of your loan account from the point they sold it forward to the investors, the issuance of the bonds that were fraudulently sold to the investors, the accounting of all the commissions and fees these thieves took from that point all the way to the settlement, 1st tier, 2nd tier and third tier Yield Spread Premiums, the fees charge for the aggregation of your note without your authorization, the bifurcation of your payments into different payment stream in direct violation of your promissory note, the fees charged and paid to your local friendly loan officer, mortgage company, direct endorsement lender, and warehouse lender under the table such as the payments made by INDYMAC to all their mortgage broker after settlement without prior and proper disclosure to the consumer in accordance to TILA, RESPA, etc.

We have now proven that all foreclosures in all 50 states are a total fraud and an illegal and criminal activity.

The next step is to show the American people that the PRETENDER LENDERS are stealing homes that which have loans that are not in default and that most people need to get their loan accounting reflect the whole story and not half truths

Posted by: pelucheven | October 8, 2010 12:49 PM | Report abuse

Judges should be asking the BIG question-

How many months is the mortgagee behind in their payments? Right now, the average time between the start of the foreclosure process to eviction is 545 days. If someone hasn't made any payments in six months, they are Dead-Beats, not squatters.

This is a freakin' no-brainer.

When a Dead-Beat squats:

Property taxes aren't paid
Utilities aren't paid
Houses get torn-up and abused
Pensioners, Seniors, pension funds and other investors take a hit for non-payment, which means dividends for their livelihood.

Either the respective counties need to start enforcing tax sales othewise, we'll all get hit.

For the banks, outsource the process to law firms, since they have configuration controls and check-sheets to ensure that all of the paperwork is complete.

Until we rid ourselves of dead-beat and entitlement demanding parasites, we're all screwed. It's called personal responsibility.

Democrats, the Party of Fools and Food Stamps.

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | October 8, 2010 12:36 PM | Report abuse

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
So what is the homeowner suppose to do when the are in the process of the modification and they are told they can't pay ANY amount or it will cut off the mod? What if they can get back on their feet and want to start paying back what they can and BofA says you can't..your still screwed..

Posted by: Anonymous | October 8, 2010 12:50 PM | Report abuse

for those who have lost their homes any where in the USA, for those who recently bought a home of any kind, for those still allegedly current, regardless of who the SERVICER is you should consider filing an action to quiet title.

Also file a gross negligence law suit against the title company, the title insurer, the "lender", the foreclosure lawyer (Trustee) and all the minions in between.

Make sure you all press for a full disclosure of the total accounting of your loan account from the point they sold it forward to the investors, the issuance of the bonds that were fraudulently sold to the investors, the accounting of all the commissions and fees these thieves took from that point all the way to the settlement, 1st tier, 2nd tier and third tier Yield Spread Premiums, the fees charge for the aggregation of your note without your authorization, the bifurcation of your payments into different payment stream in direct violation of your promissory note, the fees charged and paid to your local friendly loan officer, mortgage company, direct endorsement lender, and warehouse lender under the table such as the payments made by INDYMAC to all their mortgage broker after settlement without prior and proper disclosure to the consumer in accordance to TILA, RESPA, etc.

We have now proven that all foreclosures in all 50 states are a total fraud and an illegal and criminal activity.

The next step is to show the American people that the PRETENDER LENDERS are stealing homes that which have loans that are not in default and that most people need to get their loan accounting reflect the whole story and not half truths

for more information on all of these frauds and illiegal activity, visit

www.livinglies.wordpress.com
www.4closurefraud.org
www.msfraud.org
foreclosurehamlet.org
fraud digest
and many on line sources that will give you all a better idea of how these pretenter lenders have lied to every one.

Posted by: pelucheven | October 8, 2010 12:53 PM | Report abuse

for those who have lost their homes any where in the USA, for those who recently bought a home of any kind, for those still allegedly current, regardless of who the SERVICER is you should consider filing an action to quiet title.

Also file a gross negligence law suit against the title company, the title insurer, the "lender", the foreclosure lawyer (Trustee) and all the minions in between.

Make sure you all press for a full disclosure of the total accounting of your loan account from the point they sold it forward to the investors, the issuance of the bonds that were fraudulently sold to the investors, the accounting of all the commissions and fees these thieves took from that point all the way to the settlement, 1st tier, 2nd tier and third tier Yield Spread Premiums, the fees charge for the aggregation of your note without your authorization, the bifurcation of your payments into different payment stream in direct violation of your promissory note, the fees charged and paid to your local friendly loan officer, mortgage company, direct endorsement lender, and warehouse lender under the table such as the payments made by INDYMAC to all their mortgage broker after settlement without prior and proper disclosure to the consumer in accordance to TILA, RESPA, etc.

We have now proven that all foreclosures in all 50 states are a total fraud and an illegal and criminal activity.

The next step is to show the American people that the PRETENDER LENDERS are stealing homes that which have loans that are not in default and that most people need to get their loan accounting reflect the whole story and not half truths

for more information on all of these frauds and illiegal activity, visit

www.livinglies.wordpress.com
www.4closurefraud.org
www.msfraud.org
foreclosurehamlet.org
fraud digest
and many on line sources that will give you all a better idea of how these pretenter lenders have lied to every one.

Posted by: pelucheven | October 8, 2010 12:57 PM | Report abuse

So now BOA says to halt and we are to feel really good about this after the screwing of all of these people. It's all about $$$.
Are they going to give back the homes that they took from all of these people? How about the $$ that they have recieved from reselling these homes? Let us not be gulable here people...

Posted by: jonacameronsr | October 8, 2010 12:59 PM | Report abuse

I'm sure Roger Ailes will make have his flunkies at Fox "News" refer to this as an outrage. Get ready for the next Teabagger rally - only this time we'll see them railing and carrying on on behalf of the banks. "Baaaaaaa! Bleeeeeat!"

And remember, teabaggers, it's "bad" to suggest that a billionaire pay his fair share in taxes, and it's "good" to block a proposal to stop further tax incentives for shipping our jobs overseas.

And don't forget to rail against the "700 billion bailout" along with the venal hacks you'll be voting for who are still conning you with their campaign ads -- don't any of you con artists and dupes let any pesky facts stand in the way of your righteous indignation.

Even though, the nation's largest banks have already repaid the Treasury, AIG is solvent and paying back and some of the bonds may actually collect dividends - which means we will probably be making money off the deal ultimately - you go ahead and spit and hack, you inept ignorant morons.

Posted by: jKO2010 | October 8, 2010 1:01 PM | Report abuse

Right now, the average time between the start of the foreclosure process to eviction is 545 days.

------------------------

That's ridiculous.

Posted by: Benson | October 8, 2010 1:03 PM | Report abuse

Never mind what I signed for if the bank screwed up some paper work awhile selling my loan and I don't make payments I should get to own my home free and clear! The new American Dream!

Posted by: FLvet | October 8, 2010 1:07 PM | Report abuse

I love that the Teabaggers are so insane that yesterday when there was news that President Obama had vetoed the Foreclosure Documents Bill, they were railing against him.

According to what they've been spoonfed at the 24-hour infomercial for the Republicans that is also known as Fox "News" these protections aren't doing anything except helping "lazy" people who shouldn't have ever taken out a mortgage in the first place.

You really have to wander where these venal insipid lowlifes come from. Misuse is their middle name so it's no wonder they have a cognitive impairment when it comes to protecting people from isuse.

Posted by: jKO2010 | October 8, 2010 1:13 PM | Report abuse

I love that the Teabaggers are so insane that yesterday when there was news that President Obama had vetoed the Foreclosure Documents Bill, they were railing against him.

According to what they've been spoonfed at the 24-hour infomercial for the Republicans that is also known as Fox "News" these protections aren't doing anything except helping "lazy" people who shouldn't have ever taken out a mortgage in the first place.

You really have to wander where these venal insipid lowlifes come from. Misuse is their middle name so it's no wonder they have a cognitive impairment when it comes to protecting people from misuse.

Posted by: jKO2010 | October 8, 2010 1:14 PM | Report abuse

Never mind what I signed for if the bank screwed up some paper work awhile selling my loan and I don't make payments I should get to own my home free and clear! The new American Dream!

_________________

AWESOME....LMAO

Posted by: Anonymous | October 8, 2010 1:15 PM | Report abuse

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
So what is the homeowner suppose to do when the are in the process of the modification and they are told they can't pay ANY amount or it will cut off the mod? What if they can get back on their feet and want to start paying back what they can and BofA says you can't..your still screwed..

Posted by: Anonymous | October 8, 2010 12:50 PM
=============
The banks shouldn't be making modifications in many cases particularly principal changes. Why should someone who bought a small house on a good salary pay $50K for some shelf stocker to own the same home.

Oh that's right the "rich people and evil profit corporations will pay."

I'm not stupid enough to believe that.

If someone Keeping this bubble afloat is only costing more money in the long term. Let housing prices drop to where they should.

Posted by: Cryos | October 8, 2010 1:17 PM | Report abuse

Some people just do not get it. I confess I am a dead beat in accordance to some of the people writing their opinions here and whose attitudes almost put them at the edge of being nazi's.

I am a dead beat because my son has been suffering of leukemia and I had a job which did not provide any insurance and even though I did buy my home and put almost 40% down, I was not able to continue paying my mortgage, it was my sons treatment or the home.

But I am dead beat.

I am a dead beat because like millions of American the economy has ruined the job prospects for many, who at the time they did buy or refinance their homes were in fact able to afford them, base of course on the misrepresentation and concealment of the banking establishment of the FACTS of every one of our own transactions.

For those who think that the world is still flat. I would challenge you to go through the motions of doing something very simple. Call your Pretender Lender/ Servicer and ask them who the true creditor is and who the investors are.

Once you go through that exercise you will realize that that is the point. They do not want you to know who the true creditor is and they do not want the true creditor to know who is actually in default or not. Besides most investors have been paid in full already through Credit Default Swaps and other exotic insurance products.

We do not want a free house we want justice. We want a full accounting of our loan and to show what the hell hapenned to all the money that came into and out of our loan account.

Then we can determine if we are really in default.

This mees will actually help to clean the bowels of this mess these pretender

for those who think that we bought or refinance our homes irresponsibly, remember we did not set up the loans, we did not set up the underwriting, we did not sell securities, we did not set up the Pyramid scheme. we did not do the appraisal, we did not evade taxes by not paying the counties for all those unregistered transfers in order to devoid the counties and our communities of billions in income.

So when we accuse some one of being a dead beat let us get the whole story straight.

dehumanizing the other party only reaffirms to me that Hitler is alive and kicking in our midst

Posted by: pelucheven | October 8, 2010 1:18 PM | Report abuse

this is an election time ploy...
nothing more...
after nov 2...
the foreclosures will continue...
at a higher and faster rate...

Posted by: DwightCollins | October 8, 2010 1:18 PM | Report abuse

I got stuck in ARM but was told was a 30year fixed rate mortgage.
Posted by: Anonymous | October 8, 2010 12:38 PM
===========
No offense but I shouldn't be responsible for your screw up. Same goes if I do something stupid I don't expect you to pay for it.

Posted by: Cryos | October 8, 2010 1:20 PM | Report abuse

"BOFA is up to their tricks again. Do NOT let them get away with the self-controlled moratorium. The President and Congress must control this situation and require a National Foreclosure Moratorium, until ALL investigations are completed. This is securities fraud at it's maximum. The banks are foreclosing because the have sold the mortgages (fraudently) as securities. BOFA and others had and have no intentions or wishes of keeping people in their homes. This is a big ponzi scheme that SEC and DOJ has let the banks get away with. SEC and DOJ knows what is going on and should order that NO more foreclosures will take place, until the banks are investigated for securities fraud. This is another Madoff situation and they know it, so the President needs to call for a National Foreclosure Moratorium, so these crooks can be investigated and locked up, before they scatter like roaches to never be found again."
__________________________________________


I love it when people such as yourself have no clue what they're talking about.

Posted by: JDB1 | October 8, 2010 1:24 PM | Report abuse

All those banks and lenders worked hand in hand
whenthe times were good. Remember 8-10% interest
rates?
Now the poor puppies have problems. Oh! They cut all the possible and fishy corners and they can not handle the loans, titles because,then, their slogan was "We process loans, we DO NOT process papers" Greed, Greed !
No they cry and the Government just started trembling .....
They are fully responsible for this mess and tey MUST pay.
Corvus corvo oculum non eruet !
or its English equivalent
Raven, he will rescue the eye is not a crow.

What a pity!

Posted by: bhj2008 | October 8, 2010 1:24 PM | Report abuse

Posted by: pelucheven | October 8, 2010 12:53 PM
================
Your situation is disheartening and sorry to hear it, but telling people to sue everyone with some scum lawyer.

You even admit your situation is something beyond your control but yet is your problem since you can't make the payments.

If you're not making your agreed upon payments all the rest of your post is an excuse for you to try to duck your obligations.

Posted by: Cryos | October 8, 2010 1:25 PM | Report abuse

This about these guys smelling an election year issue.

The Obama loan modification program has been a complete joke and waste of $$$ because it focuses on those who can't pay their mortgages to begin with and end up redefaulting.

Meanwhile, those busting their butts to pay their underwater mortgages continue to get screwed and subsidize the deadbeats.

If Reid and Dems really cared, they would have tried to address the real problem of underwater loan long, long ago. Instead they do these empty gestures at the big banks. What a joke.

Posted by: loux24 | October 8, 2010 1:29 PM | Report abuse

his is an election time ploy...
nothing more...
after nov 2...
the foreclosures will continue...
at a higher and faster rate...

Posted by: DwightCollins | October 8, 2010 1:18 PM
==========
Exactly.

Angle is pulling ahead so Reid is trying to appear as the people's champion.

Democrats have no shame and the media just acts oblivious.

Posted by: Cryos | October 8, 2010 1:29 PM | Report abuse

Thank you Anonymous,
Also , latest from the 4closurefraud.org

PalmBeachPost.com
By Kimberly Miller
Palm Beach Post Staff Writer
Florida foreclosure firm’s title insurer won’t insure firm’s foreclosure titles

The title insurance arm of one of the state’s largest foreclosure law firms is refusing to cover properties foreclosed on by its own attorneys citing potential defects in court filings.

New House Title, which is owned by the same people who run the Tampa-based Florida Default Law Group, sent notice to a Boca Raton real estate attorney Wednesday that a 2009 foreclosure was off limits.

What Attorney Robert Feldman found interesting in New House’s denial for the Deerfield Beach condominium is the foreclosure was handled by the Florida Default Law Group.

“It is somewhat surprising that now they won’t even insure their own work,” Feldman said.

The New House email faults JPMorgan Chase for the rejection.

Chase is one of three national lenders, including Ally Financial Inc., and Bank of America, that has suspended some foreclosure proceedings to review and correct flawed documents that may have been used to take people’s homes.

“We have become aware of potential defects with affidavits submitted by the servicer, JPMorgan Chase or an affiliate, in foreclosure actions, which raise concerns about the insurability of the title of the subject property,” said the e-mail sent by Fran Morrison, a closing processor with New House Title. “Until these defects have been remedied, we are unable to proceed with the sale or closing of the foreclosed properties.”

Title insurance protects homeowners against financial loss from defects in the title, liens on the title or if the title is not what it is represented to be.

WELL THERE YOU GO DEAD BEAT HATERS OUT THERE.

THESE THIEVES ARE OK WHEN THEY STEAL YOUR HOME BUT THEY WILL NOT EAT THE CRAP THEY CREATE.

ACTION TO QUIET TITLE FOR EVERY ONE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Posted by: pelucheven | October 8, 2010 1:33 PM | Report abuse

Ok, I've read all the comments.

Here is what I've seen:

1) Mortgages lost by the holders/servicers. When people go to pay, they are told that mortgage does not exist. No payment will be accepted because the mortgage does not exist. (By the way, these holders are reputable, supposedly well-run banks.) You've got to wonder about the accuracy of the banks' record-keeping system when such things occur.
(2) Foreclosure of loans that are not in default. All payments made, but one day either (a) a process server shows up at the door and serves notice of an eviction action on a homeowner; or (b) a stranger shows up at the door claiming to have bought the home at a foreclosure sale.
(3) Foreclosure of loans that are in default, but notice of foreclosure is not given and/or notice of sale is not given. In each case the law requires certification under penalties of perjury that the notices actually be given.

Frankly, (A) The banks/servicers need to read and apply six sigma to their internal processes, and (B) The worse than useless pontificating idiots need to be thrown out of office -- legislative, executive, and judicial -- and we need to reorganize our governments -- all of them. The "courage" of a pocket veto of an atrocious bill that would nationally enshrine "robo-fraud-notarizations" as the national standard is no courage at all, and the drafting (by "Republicans") and passage of such a monstrosity by both "Republicans" and Democrats shows that both are so debased, clueless, and deficient in the character needed to legislate to achieve sensible and fair laws.

Posted by: Anonymous | October 8, 2010 1:34 PM | Report abuse

The Dumbocrat Party will love to stop foreclosures of the deserving and shaft the honest. It's their way. If you are deadbeat that overbuys a house then you will be rewarded. If you lived within your means and took care of yourself then you will be punished.

Throw these clowns out in November. Please.

Posted by: wj03412000 | October 8, 2010 1:36 PM | Report abuse

They don't have much of a choice; there is an Ajka aluma sludgefest in toxic mortgages, and Bushvilles springing up everywhere. We are up the creek with a fan right now (had a paddle somewhere but lost it) and everything is getting a proverbial covering. It's so bad that Snafu city is about to be foreclosed on and is moving to the Fubar provence.

Posted by: glenglish | October 8, 2010 1:36 PM | Report abuse

And in other news about Harry the horse's asp Reid:

Angle 50, Reid 46 in today's Nevada Senate poll.


Posted by: screwjob21 | October 8, 2010 1:41 PM | Report abuse

And in other news about Harry the horse's asp Reid:

Angle 50, Reid 46 in today's Nevada Senate poll.


Posted by: screwjob21 | October 8, 2010 1:41 PM | Report abuse

Anonymous wrote- So what is the homeowner suppose to do when the are in the process of the modification and they are told they can't pay ANY amount or it will cut off the mod? What if they can get back on their feet and want to start paying back what they can and BofA says you can't..your still screwed..
-----------------------------
I sign a contract, I live up to the contract or face the consequences. If the Mortgager is able to modify the contract, it is being done by their good graces, not because I am "entitled" to it.

The name of what a homeowner should do is called "Jingle-Mail." Send the bank the keys to the house.

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | October 8, 2010 1:44 PM | Report abuse

This is a triumph of law over justice. Haven't paid your mortgage in a year? No problem. Failed to cross a "t" on page 5 of an affidavit? Dreadful problem. As usual with our archaic and corrupt legal system, the winners will be the crooks and deadbeats.

Posted by: Anonymous | October 8, 2010 1:46 PM | Report abuse

Thank you Democrats for "standing" by the American people for NOT letting these Banks and Mortgage Companies and those affiliated with mortgage servicing continue to conduct "MORTGAGE FRAUD" against Middle Class Americans.

Posted by: lcarter0311 | October 8, 2010 1:46 PM | Report abuse

Anonymous said....

"I am sure there are plenty of Teabagger morons who will find something inherently evil in B of A having to follow the law."

Why, Anonymous, do leftist always resort to name calling? Children, when they are about to lose an argument, generally fall back on the same tactic, i.e., "you're ugly".

Following the law has little if anything to do with this. It's all about politics.

I was going to recommend you educate yourself, but then again, nah....just keep calling people names, you're better off that way.

Posted by: Anonymous | October 8, 2010 1:47 PM | Report abuse

Thank you Democrats for "standing" by the American people for NOT letting these Banks and Mortgage Companies and those affiliated with mortgage servicing continue to conduct "MORTGAGE FRAUD" against Middle Class Americans.

Posted by: lcarter0311 | October 8, 2010 1:50 PM | Report abuse

Refuting The SEC's Lies At The Core Of The "Flash Crash" Analysis
submitted by Tyler Durden on 10/08/2010

It is time for the SEC to reissue their flash crash report, and to reconsider their Waddell and Reed scapegoating campaign. Why? Because apparently Schapiro's pawns never realized that the market is sufficiently intelligent to do a complete forensic analysis on W&R's trade into the flash crash, and to take the "regulator's" word for less than face value (after the Madoff catastrophe, what other option is there). We now have prima facie evidence that the SEC is lying. We wonder: just how many pieces of silver did it cost the HFT lobby to bribe Schapiro and her Princeton physicist (what is it about this university and the caliber of "talent" it generates?) Gregg Berman to skew the data so much it is beyond laughable. In our ongoing expose of what really happened on May 6, Zero Hedge is happy to have collaborated with both W&R and Nanex to bring our readers the full truth behind the flash crash. Here it is...

Straight from forensic trade experts: Nanex.

We have obtained the Waddell & Reed (W&R) trade executions in the June 2010 eMini futures contract for May 6, 2010. There were 6,438 trades totalling 75,000 contracts. We matched them by time, price and size to the 147,577 trades (844,513 contracts) in the CME time and sales data between 14:32 and 14:52 (they matched exactly). One-second resolution charts of the W&R trades along with other eMini trades are shown below in various time frames.

The SEC report identified a Sell Algorithm selling 75,000 contracts as the cause of the flash crash. If the "Sell Algorithm" in the SEC report refers to the Waddell & Reed trades, then there is a problem. A big one. Looking at the trades in context with the other trades during that time, they appear insignificant. The W&R trades also do not occur near the ignition point (14:42:44.075) we identified earlier. Furthermore, the W&R trades are practically absent during the torrential sell-off that began at 14:44:20. The bulk of the W&R trades occurred after the market bottomed and was rocketing higher -- a point in time that the SEC report tells us the market was out of liquidity.

Something is very wrong here.

Posted by: pauldia | October 8, 2010 1:53 PM | Report abuse

This is a good news but little too late for many families. They should reopen cases of previous foreclosures and give people back their foreclosed houses if there is shred of deception of fraud even going back five years. People need to start suing banks/Loan officers and whoever is involved making American families destitute.

Posted by: Jim110 | October 8, 2010 1:55 PM | Report abuse

First off, banks don't foreclose if you make your payments. Now we are going to stop them because folks didn't bother to read the contract? So we have the same idiots who passed bills they didn't bother to read excusing lowlifes from honoring their contracts. November can't come soon enough.

Posted by: mgrantham2 | October 8, 2010 1:56 PM | Report abuse

I realize that most of you reading this will be skeptical, but I have definitive proof that MANY foreclosures that have and will take place are ILLEGAL. If you want that proof, Washington Post, look up my email and contact me. This is not based on basic information, but specific to each loan. The surprise to me is how long it's taken for someone to stand up and say it. I've tried to get this information out and no one will listen. I wonder why.......

Posted by: cbenedon | October 8, 2010 1:57 PM | Report abuse

Hey, don't you just Love It. Eight years of zero to poor oversight of the Banks and the US Finacial system under Bush Jr and his Republican Cronys in Congress resulting in a System wide melt-down with the greatest Job losses and the most foreclosures on private residences since the Great Depression, And the current Republican Tea Party Blames Obama and the Democrats for it!

Well, if the citizenry decides to vote the same far Right Clowns back into ANY kind of majority in November, all I can say is better invest in Gold, sell all your stocks ASAP and wait for the next Crash, cause the Banks and Financers will take this as a 'GO' and return to their Bucaneering ways. No Question about It.

Posted by: Anonymous | October 8, 2010 1:57 PM | Report abuse

Too little... TOO LATE... the government FORCED the banks to make loans to people who could not afford them... and when the bubble burst (as it had too eventually)... their foolish spending of money caused MILLIONS of people to lose their jobs... and so be unable to pay their mortgages... and NOW 3 weeks before HARRY loses his job he wants to do something about it!!!! If the people of Nevada fall for this they deserve the government they get, unfortunately, they impose him on the rest of us too.... ELECTIONS matter!

Posted by: Anonymous | October 8, 2010 1:58 PM | Report abuse

pelucheven wrote:
"Some people just do not get it. I confess I am a dead beat in accordance to some of the people writing their opinions here and whose attitudes almost put them at the edge of being nazi's."

>>>Excuse me. The Nazi's stole property
>>>from others. What do you think
>>>squatting is?


pelucheven wrote:
"I am a dead beat because my son has been suffering of leukemia and I had a job which did not provide any insurance and even though I did buy my home and put almost 40% down, I was not able to continue paying my mortgage, it was my sons treatment or the home.

But I am dead beat."

>>> Ever hear of Medicaid or The City of Hope hospital?

pelucheven wrote:
"I am a dead beat because like millions of American the economy has ruined the job prospects for many, who at the time they did buy or refinance their homes were in fact able to afford them, base of course on the misrepresentation and concealment of the banking establishment of the FACTS of every one of our own transactions."

>>>Strange. I received the loan
>>>documentation, which explained my
>>>obligations. I also put away money
>>>for "rainy days." Yes, I just had a
>>>monsoon and survived, because of >>>forward looking planning.

pelucheven wrote:
"For those who think that the world is still flat. I would challenge you to go through the motions of doing something very simple. Call your Pretender Lender/ Servicer and ask them who the true creditor is and who the investors are.

Once you go through that exercise you will realize that that is the point. They do not want you to know who the true creditor is and they do not want the true creditor to know who is actually in default or not. Besides most investors have been paid in full already through Credit Default Swaps and other exotic insurance products."

>>>Delay the process and economic recovery.

pelucheven wrote:
We do not want a free house we want justice. We want a full accounting of our loan and to show what the hell hapenned to all the money that came into and out of our loan account.

>>>This is what makes a person a Dead-Beat. They accepted money for the purchase of a home and now have the audacity to ask where the money came from, instead of "manning-up" and accepting responsibility for their actions. No one place a revolver to anybody's head to sign-off on the paperwork.

Yes, you are a Dead-Beat, because the investors are those who are senior citizens, pensioners and others who placed their faith in you and you have told them, no dividends, becuase they are greedy and choose to squat, rather than man-up and get an apartment.

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | October 8, 2010 1:58 PM | Report abuse

30% of Nevada's homes under foreclosure belong to illegal aliens.

No wonder Reid is trying to protect them. They can't vote for him without a Nevada address.

Posted by: Patriot12 | October 8, 2010 1:58 PM | Report abuse

First off, banks don't foreclose if you make your payments. Now we are going to stop them because folks didn't bother to read the contract? So we have the same idiots who passed bills they didn't bother to read excusing lowlifes from honoring their contracts. November can't come soon enough.

Posted by: mgrantham2

~~~

Banks obviously did NOT read their own contracts, either, which is the reason for STOPPING all foreclosures.

Now what a contradiction on the Banks part.

Posted by: lcarter0311 | October 8, 2010 2:00 PM | Report abuse

pelucheven wrote:
"Some people just do not get it. I confess I am a dead beat in accordance to some of the people writing their opinions here and whose attitudes almost put them at the edge of being nazi's."

>>>Excuse me. The Nazi's stole property
>>>from others. What do you think
>>>squatting is?


pelucheven wrote:
"I am a dead beat because my son has been suffering of leukemia and I had a job which did not provide any insurance and even though I did buy my home and put almost 40% down, I was not able to continue paying my mortgage, it was my sons treatment or the home.

But I am dead beat."

>>> Ever hear of Medicaid, The City of Hope hospital or St. Jude Medical Center?

pelucheven wrote:
"I am a dead beat because like millions of American the economy has ruined the job prospects for many, who at the time they did buy or refinance their homes were in fact able to afford them, base of course on the misrepresentation and concealment of the banking establishment of the FACTS of every one of our own transactions."

>>>Strange. I received the loan
>>>documentation, which explained my
>>>obligations. I also put away money
>>>for "rainy days." Yes, I just had a
>>>monsoon and survived, because of
>>>forward looking planning.

pelucheven wrote:
"For those who think that the world is still flat. I would challenge you to go through the motions of doing something very simple. Call your Pretender Lender/ Servicer and ask them who the true creditor is and who the investors are.

Once you go through that exercise you will realize that that is the point. They do not want you to know who the true creditor is and they do not want the true creditor to know who is actually in default or not. Besides most investors have been paid in full already through Credit Default Swaps and other exotic insurance products."

>>>Delay the process and economic recovery.

pelucheven wrote:
We do not want a free house we want justice. We want a full accounting of our loan and to show what the hell hapenned to all the money that came into and out of our loan account.

>>>This is what makes a person a Dead-Beat. They accepted money for the purchase of a home and now have the audacity to ask where the money came from, instead of "manning-up" and accepting responsibility for their actions. No one place a revolver to anybody's head to sign-off on the paperwork.

Yes, you are a Dead-Beat, because the investors are those who are senior citizens, pensioners and others who placed their faith in you and you have told them, no dividends, because they are greedy and choose to squat, rather than man-up and get an apartment.

"Life is tough, being stupid is tougher." -John Wayne

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | October 8, 2010 2:04 PM | Report abuse

@anonymous.....If you actually think the CRA had nothing to do with the housing crisis than you are insane. By relaxing the standards of mortgages that Fannie and Freddie would buy, it presented the opportunity for exotic mortgages to be created.

Posted by: Jsuf | October 8, 2010 2:05 PM | Report abuse

Wow. Thank you Harry. This means I can skip sending in my mortgage payment each month. Hey. The bank can't foreclose thanks to Harry.

MMM. Wonder if banks will ever again offer mortgages? Heck. Not my problem. Thanks Harry. Another Dem free lunch for us!

Posted by: cpameetingbook | October 8, 2010 2:08 PM | Report abuse

Tent Cities. The shocking reality from the failed Trickle Down era in America.

Foreclosed office buildings would make conversion condos for those forclosed out of houses / only fair...

- Balkingpoints / www

Posted by: RField7 | October 8, 2010 2:08 PM | Report abuse

Simple solution: why doesn't the government simply pay off everyone's mortgage? What's another ten trillion dollars in federal debt at this point? The Fed can print up the money, the Chinese can buy the treasury notes, and we can continue to go on about our business of avoiding any personal responsibility.

Posted by: CadronBoy | October 8, 2010 2:15 PM | Report abuse

Signing a contract without reading it ALL is not the issue here. It's not like people had the opportunity to negotiate to change those boilerplate docs. It's about the brokers and banks telling things to these people that weren't true and/or part and parcel of ARM and hybrid products that people couldn't really afford, but were told they could, or was made to sound better than it was. I have the information if anyone who can help wants it. Try me at realmortgageinfo [at]gmail [dot] com, if you're a reporter or in the Senate and are actually willing to do something about it.
I will also help those who are being foreclosed on, if I can.
cb

Posted by: cbenedon | October 8, 2010 2:16 PM | Report abuse

NV amended their foreclosure law about 15 months ago, taking steps which would avoid the problems which are occuring with most foreclosures. To foreclose in NV, the lender and the homeowner must meet with a state mediator, who reviews the docs to make sure that the lender even has legal standing to foreclose, and that no possibility of a mortgage mod exists. Either Harry Reid is trying to look like a "saviour" in the hopes of garnering votes, or he is simply unaware of the change in the NV foreclosure law. His call for a cessation of foreclosures "to protect the people of NV" will have no impact on the process - the voters are already protected by the change in the foreclosure law of which he appears to have had no involvement.

Posted by: lou4747A | October 8, 2010 2:16 PM | Report abuse

I would like to tell and call a dead beat to my sons face. And I hope you never have to see your family and those who you love the most whither away.

And those around you judge without actual knowledge. You act just as the robo signers, without actual knowledge. Forget about the facts the victims are the guilty ones, the banks are ok.

I know i am winning my own battle and soon every one of those who today judge without ACTUAL knowledge will be calling on my door to get the info to get their loan fixed

Posted by: pelucheven | October 8, 2010 2:18 PM | Report abuse

Should ANYBODY be paying their mortgages?

After all, what are they going to do, send you a nastygram?

This is getting ridiculous.

Posted by: Benson | October 8, 2010 2:19 PM | Report abuse

Should ANYBODY be paying their mortgages?

After all, what are they going to do, send you a nastygram?

This is getting ridiculous.

Posted by: Benson | October 8, 2010 2:20 PM | Report abuse

The foreclosure moratorium is only temporary.
Unless there is job growth and wages increase, there will be a flood of foreclosed homes driving home prices down when the moratorium ends.
And the moratorium will end. What then -- the second and more serious recession? Worse times may be coming.
Rudy Haugeneder
Victoria, BC, Canada

Posted by: Rudy7 | October 8, 2010 2:29 PM | Report abuse

Do you people understand what is about to happen?

Sure, some people will get more free rent (if they stop making their payments). Yes, some of the business practices were not kosher.

Look at the big picture.

This is going to take down the biggest banks in the country.

They can't foreclose, take what is owed them and service their own debts or generate cash from selling the properties. It will also send a big signal to people who have been thinking about a strategic default and give them the green light.

Unbelievable!

Posted by: ConcernedCitizenCA | October 8, 2010 2:32 PM | Report abuse

Only fools pay mortgages and rents ... the smart ones squat and the political parties needs everyone's votes ... Banks can foreclose after a month!

Posted by: free_np | October 8, 2010 2:34 PM | Report abuse

pelucheven wrote:
We do not want a free house we want justice. We want a full accounting of our loan and to show what the hell hapenned to all the money that came into and out of our loan account.

>>>This is what makes a person a Dead-Beat. They accepted money for the purchase of a home and now have the audacity to ask where the money came from, instead of "manning-up" and accepting responsibility for their actions. No one place a revolver to anybody's head to sign-off on the paperwork.

Yes, you are a Dead-Beat, because the investors are those who are senior citizens, pensioners and others who placed their faith in you and you have told them, no dividends, because they are greedy and choose to squat, rather than man-up and get an apartment.

"Life is tough, being stupid is tougher." -John Wayne

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | October 8,
================
To Computer_Forensics_Expert_Computer_Expert_Witness: you compassionless, self-righteous sanctimonious arrogant nincompoop, shove it up where the sun don't shine and go to hell!!!! If life ever throws you a curve ball and you get knocked down into the muck and I see you, I'll be sure to just kick dirt in your face and say "get a job." You deserve it!!!!!

Posted by: Anonymous | October 8, 2010 2:38 PM | Report abuse


Democrat Harry Reid follows the Obama left-wing liberal political line that will do more damage to the U.S. economy. Lender get “stuck” in financial chaos while rejected borrows who cannot make house payments are “off the hook” by Obama government edict. Buyers are stymied while low life non payers get to stay in a house they cannot afford.

Protest for the good of the American people and vote Republican. Get rid of Reid and replace him with an honest Republican Angel God sent for Nevada and the U.S. Congress. She will bring light and goodness to the Senate.

Posted by: klausdmk | October 8, 2010 2:51 PM | Report abuse

Gee, isn't that special, Harry. Unless you've been a cave for the past few days, the banks are already looking out for their own interests on this and voluntarily suspending proceedings where they belive it is prudent. They don't seem to need any government interference in their private affairs to do this.

And, if your cave-mail is down, you might not know that this stoppage threatens to cripple the housing market for active buyers and disrupt their sales and purchases.

It may sound so wonderfully populist to "halt foreclosures." But, this will not stop the foreclosures -- only make their impact worse.

The banks need to clean up this yet another mess of theirs (including the ever-under-regulated and undersupervised FnMA). And, the government should take an active interest in seeing that this is done. But, the last thing we need right now is is the government issuing another stop-drilling order and throwing more chaos into the mix.

I feel genuinely sorry for the homeowners going into foreclosure. But, they are where they are and some or many are there by their own doing. The government and many of the lenders have provided alternatives to those who deserve them. The process needs to go on promptly to its painful and unfortunate conclusion so the market which the other 95% of us need will be able to function normally.

Posted by: DOps | October 8, 2010 2:51 PM | Report abuse

Gee, isn't that special, Harry. Unless you've been a cave for the past few days, the banks are already looking out for their own interests on this and voluntarily suspending proceedings where they belive it is prudent. They don't seem to need any government interference in their private affairs to do this.

And, if your cave-mail is down, you might not know that this stoppage threatens to cripple the housing market for active buyers and disrupt their sales and purchases.

It may sound so wonderfully populist to "halt foreclosures." But, this will not stop the foreclosures -- only make their impact worse.

The banks need to clean up this yet another mess of theirs (including the ever-under-regulated and undersupervised FnMA). And, the government should take an active interest in seeing that this is done. But, the last thing we need right now is is the government issuing another stop-drilling order and throwing more chaos into the mix.

I feel genuinely sorry for the homeowners going into foreclosure. But, they are where they are and some or many are there by their own doing. The government and many of the lenders have provided alternatives to those who deserve them. The process needs to go on promptly to its painful and unfortunate conclusion so the market which the other 95% of us need will be able to function normally.

Posted by: DOps | October 8, 2010 2:55 PM | Report abuse

This halting of foreclosures is only delaying the inevitable. The housing market needs to crash. Prices are still too inflated.

Posted by: Jsuf | October 8, 2010 3:43 PM | Report abuse

*******ATTENTION********

EFFECTIVE IMMEDIATELY ALL FORECLOSURES WILL STOP. IF FACT NO ONE HAS TO PAY ANY OBLIGATIONS.

DOUBLE DIP WIL BE WORSE!

LOOK FOR TARP III IN 2012.

RECOVERY WILL OCCUR BY THE CLOSE OF THE DECADE.

Posted by: Anonymous | October 8, 2010 4:26 PM | Report abuse

Here are the results:

1) No private lending- Why would any bank/investment firm/private individual lend if they cannot take the collateral when the individual refuses/can't pay?

2) Subsequent housing market enters 2nd crash- And this time will make the last crash look like the good ole days!

3) Congress will make the case that the Federal augment must fully take over mortgage lending- And that the taxpayer must bear 100% of the risk, regardless if they want to or not.

4) Home values jump enormously- On the full faith and credit of the American taxpayer. Until...

5) Prices become so overinflated, and Congress has ordered the printing of so much money, that we finally capsize in to INFLATION!!!!!


Don't believe it? Neither did Germany post WW I. "Economics in One Lesson" You should go check it out at the library.

Thanks again, you lowlife Reid! Why don't you do us all a favor, and go on a permanent retirement vacation on some beautiful island in the Gulf. I'm sure you, like your heroes Kennedy and Byrd, have amassed enough embezzlement and kickback money to make Congress lucrative. Not to mention your taxpayer funded retirement check and free health care for life.

Don't go away mad, Harry! Just go away.

Posted by: waterloom | October 8, 2010 4:48 PM | Report abuse

Do you people understand what is about to happen?

Sure, some people will get more free rent (if they stop making their payments). Yes, some of the business practices were not kosher.

Look at the big picture.

This is going to take down the biggest banks in the country.

They can't foreclose, take what is owed them and service their own debts or generate cash from selling the properties. It will also send a big signal to people who have been thinking about a strategic default and give them the green light.

Unbelievable!

Posted by: ConcernedCitizenCA | October 8, 2010 2:32 P
==============
To this and similar posts; exactly.

Reid is willing to sacrifice the fragile US economy to try to save his own job. Real classy.

People that try saying this has no risk have absolutely ZERO clue about economics or business.

Posted by: Cryos | October 8, 2010 5:48 PM | Report abuse

**TIME FOR OBAMA TO START BEING INTELLECTUALLY HONEST!! TELL THE TRUTH! **

Why are Americans turning against Obama you ask?? For starters, he starts his speeches – regardless of subject -- with: “It has taken eight years of Bush policies that drove us into the ditch, and we are not going to give the keys back to them!” He then follows up with a couple of lines regarding “The Party of No!” Thank God for the latter!!

Thomas Sowell states it most succinctly in this excellent column:
"Another political fable is that the current economic downturn is due to not enough government regulation of the housing and financial markets. But it was precisely the government regulators, under pressure from politicians, who forced banks and other lending institutions to lower their standards for making mortgage loans.
These risky loans, and the defaults that followed, were what set off a chain reaction of massive financial losses that brought down the whole economy.
Was this due to George W. Bush and the Republicans? Only partly. Most of those who pushed the lowering of mortgage lending standards were Democrats-- notably Congressman Barney Frank and Senator Christopher Dodd, though too many Republicans went along.
At the heart of these policies were Fannie Mae and Freddie Mac, who bought huge amounts of risky mortgages, passing the risk on from the banks that lent the money (and made the profits) to the taxpayers who were not even aware that they would end up paying in the end.
When President Bush said in 2004 that Fannie Mae and Freddie Mac should be reined in, 76 members of the House of Representatives issued a statement to the contrary. These included Barney Frank, Nancy Pelosi, Maxine Waters and Charles Rangel.
If we are going to talk about "the policies that created this mess in the first place," let's at least get the facts straight and the names right."

Posted by: wheeljc | October 8, 2010 7:54 PM | Report abuse

Isn't it amazing how these blowhards in Congress are always there to lock the barn door after the horse has ben stolen!

Where in the hell have they been for the past three years when the crap was happening?

Goodbye Harry, you are not up to the task.

Posted by: 15of18 | October 8, 2010 9:55 PM | Report abuse

If you are planning a mortgage refinance then you should search online for "123 Mortgage Refinance" before you decide they can find 3% refinance and also instant analysis of your mortgage.

Posted by: Anonymous | October 9, 2010 2:51 AM | Report abuse

Halt foreclosures, huh. So how much money is the taxpayer going to have to give the banks for them to do that? Remember this whole economic disaster was completely avoidable. These irresponsible a'holes in congress like Reid are the only reason we are living through these times. Their fingerprints are all over it. The fact that even 1% of people in Nevada would re-elect that guy or any encumbant for that matter is amazing. You people deserve your misery if you keep voting for these proven fools.

Posted by: Anonymous | October 9, 2010 4:26 PM | Report abuse

Hey what do you expect? some stuff coming in the direction of the public. It must be election time.

Posted by: Anonymous | October 10, 2010 12:20 AM | Report abuse

Computer_Forensics_Expert_Computer_Expert_Witness
wrote:
How many months is the mortgagee behind in their payments? Right now, the average time between the start of the foreclosure process to eviction is 545 days. If someone hasn't made any payments in six months, they are Dead-Beats, not squatters.

When a Dead-Beat squats:

Property taxes aren't paid
Utilities aren't paid
Houses get torn-up and abused
Pensioners, Seniors, pension funds and other investors take a hit for non-payment, which means dividends for their livelihood.

Until we rid ourselves of dead-beat and entitlement demanding parasites, we're all screwed. It's called personal responsibility.
________________
Based on the number 545, that is year and a half (!!!) of not paying the mortgage. Should people live in a home for free? I know I certainly do not.

My neighbor is behind on her mortgage, community dues, utilities, and has numerous lawsuits but now, she is filing Chapter 13 to protect her house. The woman hasn't worked for a few years, choosing to stay at home with her young son instead of getting daycare,hangs out with other moms at the playground or heads to the pool daily.

I have to pay for HER lifestyle choices (in raised dues and necessary increased taxes) when I am working an eight hour day, traveling two hours a day to and from work, paying my bills, taking care of my house, AND my son? Someone, please tell me why this is reasonable?

Posted by: Anonymous | October 14, 2010 11:36 AM | Report abuse

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