Mortgage Fraud

[indago]

From Associated Press 21 May 2012:
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A southwestern Illinois prosecutor is suing 22 local and national banks and mortgage companies for allegedly side-stepping mortgage fees related to the sales of home loans.  ...The lawsuit claims that the companies used an electronic mortgage database system that tracked the transfers of loans between lenders and Wall Street securities entities.  ...Kelly says the database allows the financial institutions to avoid transparency in transference of property and to evade county recording fees every other citizen has to pay.
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Some Counties in Michigan did this in November 2011:


Journalist Todd A. Heywood wrote for The Michigan Messenger 15 November 2011:

Class action lawsuit filed against MERS over unpaid taxes

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.

[UncommonSense]

From Associated Press 21 May 2012:
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A southwestern Illinois prosecutor is suing 22 local and national banks and mortgage companies for allegedly side-stepping mortgage fees related to the sales of home loans.  ...The lawsuit claims that the companies used an electronic mortgage database system that tracked the transfers of loans between lenders and Wall Street securities entities.  ...Kelly says the database allows the financial institutions to avoid transparency in transference of property and to evade county recording fees every other citizen has to pay.
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So what is your position?  The story has potential merit, but I'm curious why you'd post it without adding some color.

[Gina]

I am sorry indago but your posts are boring and you either need to get some personality or something.  You just post a snippet and no message or anything.  We at CC do give ANYONE a chance.  Make it count dude.

[vesta111]

I am sorry indago but your posts are boring and you either need to get some personality or something.  You just post a snippet and no message or anything.  We at CC do give ANYONE a chance.  Make it count dude.

This may have merit Gina, in the last 18 years we have sent our money for mortgage to at least 4 different places. 

At no time were we advised about the interest rate going up or down, at not time were we asked if we wished to move to another company or what the new company had for by laws.

Another odd thing, we found papers that stated we had paid off most of the principle but each payment only put less then $100 towards the principle, yet we cannot deduct the interest from our income tax.

Very odd world out there for people that have no experiences in realestate or tax law.

We never refinanced our home as others did, we are not young and adding another 20 years to the lifetime of the mortgage was out of the question.

So here we sit with the market going up, down and side ways and wondering if we should borrow from a 401k plan to pay off the debt as tomorrow who knows what the 401k will be worth.

[Zeus]

This may have merit Gina, in the last 18 years we have sent our money for mortgage to at least 4 different places. 

At no time were we advised about the interest rate going up or down, at not time were we asked if we wished to move to another company or what the new company had for by laws.

Another odd thing, we found papers that stated we had paid off most of the principle but each payment only put less then $100 towards the principle, yet we cannot deduct the interest from our income tax.

Very odd world out there for people that have no experiences in realestate or tax law.

We never refinanced our home as others did, we are not young and adding another 20 years to the lifetime of the mortgage was out of the question.

So here we sit with the market going up, down and side ways and wondering if we should borrow from a 401k plan to pay off the debt as tomorrow who knows what the 401k will be worth.

Doesn't matter how many mortgage companies hold the mortgage. Each and every holder is bound by the terms of the mortgage.

As far as borrowing from a 401K plan to pay off a mortgage there are many considerations to undertake. If the 401K plan is pretax dollars is probably is not a good idea unless one has an unusually high mortgage rate.

[obumazombie]

On our last mortgage, I refinanced with our local bank, wanting to keep the associated economic benefits, well, local. They quickly sold the local mortgage to a national company. I did not like that one bit. If I would have known the local bank was going to do that, I would have never refinanced with them.

[Gina]

On our last mortgage, I refinanced with our local bank, wanting to keep the associated economic benefits, well, local. They quickly sold the local mortgage to a national company. I did not like that one bit. If I would have known the local bank was going to do that, I would have never refinanced with them.

That happened to us. Local bank sold it to Bank of America.  Will be going to a credit union come fall.

[SSG Snuggle Bunny]

I agree there needs to be transparency. For the borrower there is transparency but most of them throw the resale notices that come in the mail away while they keep the Sharper Image catalog.

Your mortgage will be re-sold, count on it. Lenders will take cash payment over a 30-year note any day.

If the filing fees were paid I would imagine that would dent the resale market. Fluidity is one aspect that makes those products attractive.

Block the resale and loans might get harder to make. That will dent not only the banks but everything back up the food chain from the new home construction to those who supply them to the lumberjacks that cut the wood and the road crews that build roads for lumberjacks. You'll also annihilate large swathes of the financial market and many genuine job-creating ventures that are propped-up by derivatives.

Transparency is a must-have, it strengthens the markets, but reckless vengeance-seeking can do more harm than good. I HOPE the suit isn't just seeking vengeance.

[indago]

From Detroit WXYZ Channel 7 News:
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Oakland County is celebrating a major win over mortgage giants Fannie Mae and Freddie Mac. The county said U.S. District Court Judge Victoria Roberts ruled in favor of the county on Friday, saying the lenders were not exempt from the real estate transfer tax. Oakland County Treasurer Andy Meisner explained that when a house is sold, the seller pays the county $1.10 for every $1,000 in value, and pays the state $7.50 for every $1,000 in value. Meisner said the lenders failed to pay those fees because they claimed they were tax-exempt as government entities.
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See the video; it's really good...

[Gina]

no

[Zeus]

On our last mortgage, I refinanced with our local bank, wanting to keep the associated economic benefits, well, local. They quickly sold the local mortgage to a national company. I did not like that one bit. If I would have known the local bank was going to do that, I would have never refinanced with them.

Very few originators hold the paper,they just don't have the funds to do so.

[Evil_Conservative]

On our last mortgage, I refinanced with our local bank, wanting to keep the associated economic benefits, well, local. They quickly sold the local mortgage to a national company. I did not like that one bit. If I would have known the local bank was going to do that, I would have never refinanced with them.

They sell off the loans because the smaller banks don't always service your loan type.  I work for a major bank who processes the loans sold to us by smaller banks and brokers.

[indago]

I am sorry indago but your posts are boring and you either need to get some personality or something.  You just post a snippet and no message or anything.  We at CC do give ANYONE a chance.  Make it count dude.

Boring?  You want to see BORING...

and one for bally also

me?

it also comes up with slang for Vagina

Wow!

call her GinaBug....that is my nickname...I don't know why

Yep!  you know I love you

I would get a 5 in that area  But I wouldn't want to hurt his heart......he is afterall a sick sick man.....mentally

awwwwwww thank you    You wanna be my FB friend and you can see alot of pics    just pm me

Glad someone noticed

I feel like I just got stoned or something after reading that

only accompanied with one of these

I hate the word vajayjay and vagina.......   just sounds so ew

Yeh, you are right.  I'll find something else to suck on.

[LC EFA]

Boring?  You want to see BORING...

That looks a lot like a personal attack there.

Thin ice indago.

You are skating on it.

[indago]

That looks a lot like a personal attack there. Thin ice indago. You are skating on it.

Oh, and THIS wasn't???

[obumazombie]

Oh, and THIS wasn't???

Dude, that set you off, seriously ? I won't even read a thread that is link only. I want the OP's opinion of the link before I will even risk wasting my time on it. I just ignore it, and go to the next. Is it that hard to include your cut on the links you are posting ? In no way, shape, manner or form was that a personal attack. It was very good advice.

[remington762700]

Dude, that set you off, seriously ? I won't even read a thread that is link only. I want the OP's opinion of the link before I will even risk wasting my time on it. I just ignore it, and go to the next. Is it that hard to include your cut on the links you are posting ? In no way, shape, manner or form was that a personal attack. It was very good advice.

I completely agree. If this link is all that's provided why engage the OP at all. Wouldn't it be more constructive to debate the writer of the article?

[UncommonSense]

Oh, and THIS wasn't???

Indigo...Your gonna have to put some armor on if your going to stand in a hail storm.  I have a little extra if you need to borrow some.

In all fairness to Gina she called your post boring, not exactly a, and while I thought there was some potential interest to the story you posted, I have to say, and I can't believe I'm saying this, but I agree with Obuma.  If your going to post a link give your thoughts on it.  People here can't don't want to (and can't) debate the author, but we can't discuss/ debate your conclusions.

Cheers

[Gina]

**** off, indago.  Go suck a liberal cock.   

[Evil_Conservative]

FFS, who let the school kids in?

[Gina]

FFS, who let the school kids in?

I don't know but he/she sure is a thinskinned skink.  Grow some balls little one and then come back and post something we might be interested in. 

[txradioguy]

FFS, who let the school kids in?

It's getting to be about the time they are on summer vaction.

[Gina]

It's getting to be about the time they are on summer vaction.

They are teachers?

[txradioguy]

They are teachers?

I always have a theory that during the summer....around spring break and at Christmas...we see an uptick in trolls.

The reason being all the little Indoctrination School attendees have nothing to do all day so they find Conservative websites to sign up for in order to try and convert us.

[Gina]

I always have a theory that during the summer....around spring break and at Christmas...we see an uptick in trolls.

The reason being all the little Indoctrination School attendees have nothing to do all day so they find Conservative websites to sign up for in order to try and convert us.

You would think they would continue to try to educate themselves.  Oh well, guess that is why our public schools suck and only breed violence and pregnancies.