Comments on: 32 More Foreclosures Dismissed for Lack of “Documentation” http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Wed, 28 Mar 2012 18:33:33 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Fellow American http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-14247 Fellow American Wed, 22 Apr 2009 02:41:52 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-14247 From what I have learned in the last six months or so is that banks have the legal right to practice "Fractional Reserve Lending" or "Fractional Reserve Banking" as it is called. Some one please correct me if I'm wrong but this allows banks to "LEND" out money,... are you ready,... that they don't even have!? WTF!? OK so to put it in laymen terms, for every, lets say, $1 a bank physically has on hand in deposit from clients, they can lend out $0.90. SO you can do the math from hear on up. I was amazed when I found this out. Am I the only person to have just find this out? Did anyone else already know about this? Well, let me get to my point with all this. If bank, then, are lending people "money" (credit) that they really don't have against customers "REAL" property (house, car)!? Why are banks being treated like the victims hear? Apparently they apparent losing a M!@#$ F!@#$% thing! Let me liken this to a over simplified example; If one of us asked our neighbor to borrow a hammer and he slipped a piece of paper our way with a picture of a hammer on it we would laugh. So again people across this nation are losing real tangible property to banks who "LOANED" the customers "MONEY" they didn't have in the first place. Bottom line. Things need to change fundamentally with that B!@@ S!@# system. Who ever let fly in the first place had to be in bed with the Bankers. Some one please correct me if I'm wrong. Or let me know if I'm is the ball park on this one. Please. Respectfully From what I have learned in the last six months or so is that banks have the legal right to practice “Fractional Reserve Lending” or “Fractional Reserve Banking” as it is called. Some one please correct me if I’m wrong but this allows banks to “LEND” out money,… are you ready,… that they don’t even have!? WTF!? OK so to put it in laymen terms, for every, lets say, $1 a bank physically has on hand in deposit from clients, they can lend out $0.90. SO you can do the math from hear on up. I was amazed when I found this out. Am I the only person to have just find this out? Did anyone else already know about this? Well, let me get to my point with all this. If bank, then, are lending people “money” (credit) that they really don’t have against customers “REAL” property (house, car)!? Why are banks being treated like the victims hear? Apparently they apparent losing a M!@#$ F!@#$% thing! Let me liken this to a over simplified example; If one of us asked our neighbor to borrow a hammer and he slipped a piece of paper our way with a picture of a hammer on it we would laugh. So again people across this nation are losing real tangible property to banks who “LOANED” the customers “MONEY” they didn’t have in the first place. Bottom line.

Things need to change fundamentally with that B!@@ S!@# system. Who ever let fly in the first place had to be in bed with the Bankers.

Some one please correct me if I’m wrong. Or let me know if I’m is the ball park on this one. Please.

Respectfully

]]> By: JR http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-12370 JR Sun, 22 Feb 2009 15:38:05 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-12370 I say this: those of you who are too ignorant of the law and the UCC and how it functions...those of you who pay what the lenders call "loans" when in fact they are not...those of you who submit like sheep who are led off a cliff - you get what you deserve. Pay your "mortgages" that make you indentured servants to the bank! - Don't complain when those of us who are not ignorant and have finally 1) figured out we've been taken for a ride and 2) have the guts and fortitude to stick it out and hold those greedy lenders accountable, finally get their "loans" canceled out. What is good for the goose is good for the gander. The judges will side with you too if you have your facts straight! They WILL uphold the laws of this land. If you people who are ignorant of how to cancel your false "loans" don't do so, you can keep paying into the system, and making all the other "lenders" rich...so be it! I say this: those of you who are too ignorant of the law and the UCC and how it functions…those of you who pay what the lenders call “loans” when in fact they are not…those of you who submit like sheep who are led off a cliff – you get what you deserve. Pay your “mortgages” that make you indentured servants to the bank! – Don’t complain when those of us who are not ignorant and have finally 1) figured out we’ve been taken for a ride and 2) have the guts and fortitude to stick it out and hold those greedy lenders accountable, finally get their “loans” canceled out.
What is good for the goose is good for the gander. The judges will side with you too if you have your facts straight! They WILL uphold the laws of this land. If you people who are ignorant of how to cancel your false “loans” don’t do so, you can keep paying into the system, and making all the other “lenders” rich…so be it!

]]> By: darla http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-11835 darla Tue, 07 Oct 2008 22:06:23 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-11835 This is really sad.....I would love to buy a large home, go on exotic vacations, buy all the electronic toys available. But instead I chose to work hard, save my money so I could retire with a reasonable income. Today I sit back and I watch my retirement drop 10 - 20% per week. Where did this weakness happen? Why can't people decide that they need to work for the nice things in life? Why should the government give these people my retirement so they could have things that I don't have? This isn't a funny problem as some of you suggest, this is a HUGE problem. I believe the first get of our jail free card was issued when our lawmakers decided to waive any income tax that these individuals would have to pay if they walked away from their home. This should never have been encouraged because we were giving them the signal that it is o.k. to walk away instead of try to work out the loan and the payments. Look at where we sit today, with derivatives that no one seems to be able to unwind in the stock market. People living in homes they couldn't afford because choosing to not take responsibility. Lawmakers that have make statements about the "affordability" of home loans, putting pressure on the lenders, and they don't want to take personal responsibility for it. We have lenders that have changed how their bonuses are calculated based on PRODUCTION dollars instead of performance, and they too don't want to take responsibility for it. If these CEO's were honorable people, and I say if, they would go back to the Chrysler days when the CEO accepted $1 when he asked the government for help to keep the company profitable. Is anyone doing that these days? Why aren't our lawmakers admitting their role in this debacle? This is really sad…..I would love to buy a large home, go on exotic vacations, buy all the electronic toys available. But instead I chose to work hard, save my money so I could retire with a reasonable income. Today I sit back and I watch my retirement drop 10 – 20% per week. Where did this weakness happen? Why can’t people decide that they need to work for the nice things in life? Why should the government give these people my retirement so they could have things that I don’t have? This isn’t a funny problem as some of you suggest, this is a HUGE problem. I believe the first get of our jail free card was issued when our lawmakers decided to waive any income tax that these individuals would have to pay if they walked away from their home. This should never have been encouraged because we were giving them the signal that it is o.k. to walk away instead of try to work out the loan and the payments. Look at where we sit today, with derivatives that no one seems to be able to unwind in the stock market. People living in homes they couldn’t afford because choosing to not take responsibility. Lawmakers that have make statements about the “affordability” of home loans, putting pressure on the lenders, and they don’t want to take personal responsibility for it. We have lenders that have changed how their bonuses are calculated based on PRODUCTION dollars instead of performance, and they too don’t want to take responsibility for it.

If these CEO’s were honorable people, and I say if, they would go back to the Chrysler days when the CEO accepted $1 when he asked the government for help to keep the company profitable. Is anyone doing that these days? Why aren’t our lawmakers admitting their role in this debacle?

]]> By: Marie http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7835 Marie Sat, 22 Mar 2008 02:54:21 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7835 Well, I must put in a reply to Joe. Sorry Joe but I always have paid my bills but have a limited income. I owned my home free and clear and have never had a loan but figured some of my equity could be used to remodel and start a small business. I was made promises!! I have paid faithfully and because of this underwriter, now I do not qualify to refinance as I was told, yet they have 2.5 times the interest on the loan as what I borrowed!!! Started at a 9.15 interest by Yearly says 11.09. I was brought into a bookstore, crammed into small quarters with others in line waiting to close loans and rushed through the paperwork!! I was tarpped into this scam 2 years back through solicitation. The underwriter deleted a life estate clause and did not tell the lender. Now he has closed up shop and is being sued by his parent Company. Yet, I cannot find help even through, FBI, Attorney General nor no one. Well, I must put in a reply to Joe. Sorry Joe but I always have paid my bills but have a limited income. I owned my home free and clear and have never had a loan but figured some of my equity could be used to remodel and start a small business. I was made promises!! I have paid faithfully and because of this underwriter, now I do not qualify to refinance as I was told, yet they have 2.5 times the interest on the loan as what I borrowed!!! Started at a 9.15 interest by Yearly says 11.09. I was brought into a bookstore, crammed into small quarters with others in line waiting to close loans and rushed through the paperwork!! I was tarpped into this scam 2 years back through solicitation. The underwriter deleted a life estate clause and did not tell the lender. Now he has closed up shop and is being sued by his parent Company. Yet, I cannot find help even through, FBI, Attorney General nor no one.

]]> By: JacMac http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7834 JacMac Mon, 07 Jan 2008 22:03:24 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7834 Gary, this is from one of your own, convicted for fraud, now turned consumer advocate. He says it best: "Consumers are sensationalized as villains by industry pundits and the media when, in reality, all mortgage fraud requires the orchestrated efforts and coaching of licensed real estate professionals. It takes a degree of savvy to navigate the complexities of a "self-imposed" industry culture that discourages transparency to protect income derived from contacts and a limited body of knowledge. Deceitful real estate agents and loan originators enlist the cooperation of title professionals and appraisers to exploit unsophisticated or otherwise vulnerable borrowers. The consumers targeted are often uninformed and desirous of homeownership or favorable refinance terms even though they lack a satisfactory employment, savings, or credit profile. As a group, consumers are decidedly guilty of lesser crimes than the trusted professionals who mastermind the blueprint of fraud and deceit." ~Ed Rybczynski POINT TO THE FRAUDULANT CONSUMER ALL YOU WANT. FRAUDULANT CONSUMERS DON'T FUND LOANS!!!! NOR DO THEY APPROVE THEM. NOR DO THEY SUBMIT THEM FOR APPROVAL. NOT W/O THE HELP OF THE MENDACIOUS MORTGAGE BROKER, THE LOW DOWN LYING LOAN OFFICER, THE AVARICE APPRAISOR and THE TOXIC TITLE OFFICER -- THAT IS, ALL OF THE RECALCITRANT REAL ESTATE PROFESSIONALS!!!! PROFESSIONALS Gary, this is from one of your own, convicted for fraud, now turned consumer advocate. He says it best:

“Consumers are sensationalized as villains by industry pundits and the media when, in reality, all mortgage fraud requires the orchestrated efforts and coaching of licensed real estate professionals. It takes a degree of savvy to navigate the complexities of a “self-imposed” industry culture that discourages transparency to protect income derived from contacts and a limited body of knowledge. Deceitful real estate agents and loan originators enlist the cooperation of title professionals and appraisers to exploit unsophisticated or otherwise vulnerable borrowers. The consumers targeted are often uninformed and desirous of homeownership or favorable refinance terms even though they lack a satisfactory employment, savings, or credit profile. As a group, consumers are decidedly guilty of lesser crimes than the trusted professionals who mastermind the blueprint of fraud and deceit.” ~Ed Rybczynski

POINT TO THE FRAUDULANT CONSUMER ALL YOU WANT. FRAUDULANT CONSUMERS DON’T FUND LOANS!!!! NOR DO THEY APPROVE THEM. NOR DO THEY SUBMIT THEM FOR APPROVAL. NOT W/O THE HELP OF THE MENDACIOUS MORTGAGE BROKER, THE LOW DOWN LYING LOAN OFFICER, THE AVARICE APPRAISOR and THE TOXIC TITLE OFFICER — THAT IS, ALL OF THE RECALCITRANT REAL ESTATE PROFESSIONALS!!!!
PROFESSIONALS

]]> By: I believe that banking institutions are more dangerous to our liberties than standing armies- Thomas Jefferson | Loan Modification & Loan Workout News http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7833 I believe that banking institutions are more dangerous to our liberties than standing armies- Thomas Jefferson | Loan Modification & Loan Workout News Mon, 07 Jan 2008 19:06:56 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7833 [...] State District Judge Kathleen Mc Donald O’Malley dismissed 32 more foreclosures for lack of “documentation”. Read the ruling [...] [...] State District Judge Kathleen Mc Donald O’Malley dismissed 32 more foreclosures for lack of “documentation”. Read the ruling [...]

]]> By: Foreclosure Warfare - "It is troubling that the plaintiff has filed this case before it had any interest in it" | Loan Modification & Loan Workout News http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7832 Foreclosure Warfare - "It is troubling that the plaintiff has filed this case before it had any interest in it" | Loan Modification & Loan Workout News Sat, 15 Dec 2007 15:27:57 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7832 [...] 32 more foreclosures were dismissed on November 14th by Ohio Federal judget Kathleen O’Malley, citing the reasoning of the Boyko decision.   Our investigations of this ruling uncovered the fact that the plaintiff was Household Realty Corporation, showing that this issue was not just a “Deutsche Bank problem”. [...] [...] 32 more foreclosures were dismissed on November 14th by Ohio Federal judget Kathleen O’Malley, citing the reasoning of the Boyko decision.   Our investigations of this ruling uncovered the fact that the plaintiff was Household Realty Corporation, showing that this issue was not just a “Deutsche Bank problem”. [...]

]]> By: Denise http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7830 Denise Sat, 24 Nov 2007 06:06:39 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7830 OMG thank you for finally saying the obvious!! This has been a huge white (no pun intended) elephant in the room for a long time! OMG thank you for finally saying the obvious!! This has been a huge white (no pun intended) elephant in the room for a long time!

]]> By: Gary Flavien http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7829 Gary Flavien Thu, 22 Nov 2007 23:41:22 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7829 hey i love your post. so far borrowers have in large part escaped scruntiny. banks have been pressured to provide credit to low- and moderate-income borrowers for decades (see community reinvestment act, among other requirements). obviously low- and moderate-income borrowers pose high credit risks. and now people accuse bank's of being reckless for lending to these same people that it was foced to lend to. and the high cost loan discrimination debate...people fail to mention that HMDA reporting does not include CREDIT HISTORY...THE COMMON ARGUMENT GOES SOMETHING LIKE THIS...SUCH AND SUCH MINORITY BORROWER RECEIVED A LOAN WITH A MARGIN OF 3% WHILE A WHITE BORROWER IN ANOTHER TOWN WITH A SIMILAR INCOME RECEIVED A LOAN WITH A 1% MARGIN...BUT WHAT ABOUT THE CREDIT HISTORY OF THE MINORITY AND WHITE BORROWER!??? DID THE MINORITY BORROWER DECALARE BANKRUPTCY WITHIN THE LAST YEAR??? HMDA REPORTING DOES NOT INCLUDE CREDIT HISTORY...FOR THIS REASON SUCH COMPARISONS ARE FLAWED...I THOUGHT IT WAS APPROPRIATE TO POINT THIS OUT BECAUSE I'VE READ SEVERAL ARTICLES THAT HAVE TRIED THIS APPROACH TO CLAIM INSTANCES OF LOAN DISCRIMINATION...INCOME IS ONE FACTOR OF MANY CONSIDERED DURING UNDERWRITING hey i love your post. so far borrowers have in large part escaped scruntiny. banks have been pressured to provide credit to low- and moderate-income borrowers for decades (see community reinvestment act, among other requirements). obviously low- and moderate-income borrowers pose high credit risks. and now people accuse bank’s of being reckless for lending to these same people that it was foced to lend to. and the high cost loan discrimination debate…people fail to mention that HMDA reporting does not include CREDIT HISTORY…THE COMMON ARGUMENT GOES SOMETHING LIKE THIS…SUCH AND SUCH MINORITY BORROWER RECEIVED A LOAN WITH A MARGIN OF 3% WHILE A WHITE BORROWER IN ANOTHER TOWN WITH A SIMILAR INCOME RECEIVED A LOAN WITH A 1% MARGIN…BUT WHAT ABOUT THE CREDIT HISTORY OF THE MINORITY AND WHITE BORROWER!??? DID THE MINORITY BORROWER DECALARE BANKRUPTCY WITHIN THE LAST YEAR??? HMDA REPORTING DOES NOT INCLUDE CREDIT HISTORY…FOR THIS REASON SUCH COMPARISONS ARE FLAWED…I THOUGHT IT WAS APPROPRIATE TO POINT THIS OUT BECAUSE I’VE READ SEVERAL ARTICLES THAT HAVE TRIED THIS APPROACH TO CLAIM INSTANCES OF LOAN DISCRIMINATION…INCOME IS ONE FACTOR OF MANY CONSIDERED DURING UNDERWRITING

]]> By: Gary Flavien http://loanworkout.org/2007/11/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7828 Gary Flavien Thu, 22 Nov 2007 23:24:23 +0000 http://loanworkout.org/2007/11/19/32-more-foreclosures-dismissed-for-lack-of-documentation/#comment-7828 yea i love that. does it make you happy to know that the government rewards people's imprudent and irresponsible financial decisions. ultimately we'll finance their decisions, and no one cares about the moral hazard these bailout efforts create. it's disgusting. yea i love that. does it make you happy to know that the government rewards people’s imprudent and irresponsible financial decisions. ultimately we’ll finance their decisions, and no one cares about the moral hazard these bailout efforts create. it’s disgusting.

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