PRETENDER LENDERS ARE ARGUING FOR FREE HOUSE FOR THEMSELVES

Nov 19, 2010

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

Editor’s Note: I thought this exchange between myself and a reader might be instructive.

2010/11/17 at 12:10 am

BILL RILEY: What I do find funny is that the people on this site think that they are going to get there property for free. I am sure a bunch of them refied and spent money on other things. My favorite to read is the ones who think they had a fraud committed because the paperwork was not right and so they get a free house. I guess if you demand the right paper work someone will come up with it and they will have to move. The guy who says hey I am an American I just want to see the right paperwork. Ultimately if you have not been paying the mortgage and the house is worth less than what you borrowed you know that the game is up regardless of the perfect paperwork. After not paying for 6 months that should give you a clue.

Why dont you all come clean and just admit you are trying to get a free house and really have no where else to go? That would show a lot more dignity and garner some respect.

billh899@gmail.com

Bill riley

NEIL GARFIELD: Bill Riley: Maybe some homeowners are looking for a free ride but the overwhelming majority simply want truth and justice. You paint all people who have been the victims of appraisal fraud, predatory lending and violations of nearly every lending law in existence as not having integrity. YOU would be more credible if you addressed the facts. It’s not that they can’t afford the bogus deals they were sold on false pretenses, it is all about that they SHOULDN’T have to pay on a deal to an unknown new party who never lent them the money.

YOU ARE ARGUING FOR A FREE HOUSE MORE THAN THEY ARE. IN YOUR SCENARIO THE FREE HOUSE GOES TO COMPANIES WHO COMMITTED A PONZI STYLE SCHEME OF FRAUD.

What homeowners want, is what every other victim of fraud wants — to be put back in the position they were in before the fraud. That is now impossible. What we are all looking for is a resolution to the crisis caused by the banking industry where everyone is at the table and nobody is excluded and normal market forces are at work. Under the proposals advanced on this blog by me and other contributors, the thousands of homeowners seeking a modification of their loan (not extinguished as you state as a “fact”) get the matter settled. It is not their fault that the title is all screwed up. They didn’t set up the obligation, note or mortgage and they didn’t perform the closing. Why should homeowners take the responsibility for the screw-ups of the so-called professionals? They just signed what was put in front of them like everyone else does when they go to closing. If the failure to perfect the lien gives them a little more negotiating power, that is only justice, giving them the opportunity to make right what was done wrong.

Posted in bubble, Corruption, Eviction, securities fraud |