Bank foreclosure cover seen in bill at Obama's desk

[XDMAR]

(Reuters) - A bill that homeowners advocates warn will make it more difficult to challenge improper foreclosure attempts by big mortgage processors is awaiting President Barack Obama's signature after it quietly zoomed through the Senate last week.
The bill, passed without public debate in a way that even surprised its main sponsor, Republican Representative Robert Aderholt, requires courts to accept as valid document notarizations made out of state, making it harder to challenge the authenticity of foreclosure and other legal documents.



Bank foreclosure cover seen in bill at Obama's desk | Reuters

 

[texas skeeter]

WELL, pay your damn bills and you got NOTHING to worry about!!!!!!!!!! its ALREADY easy enough to STAY in a "NOT PAID FOR HOUSE" for months even after foreclosure or eviction has started!!! Im SICK and TIRED of all the breaks they give to DEADBEAT LOSERS WHO DONT PAY THEIR BILLS!!!! society has gotten bad when people get mad at the auto-REPO guy when he shows up to take "BACK" a car one missed paying for!!!!! again, PAY YOUR F----ing BILLS!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[Clockwork]

I'm with Skeeter, man. A person should make it an absolutely part of their lifestyle to settle all debts and not send more than they can afford to pay. If you can't afford a house with your salary, don't buy a house. I realize that things come up, people lose their jobs, etc, but as much as it really sucks you can sell the thing and live elsewhere within your means.

 

[SiscoKid]

I didn't see the little red arrow in this thread so I better get in a post.

Ya know, I been in this old house for 32 years. I been working on it for 31. One day I will get it just the way I want it. Even though the blood suckers keep raising the appraisal, the note is still under $500. Refinanced it twice to lower rate, 6% now, don't owe enough to refinance it again.

Wife has brother and sister who within the last couple years have built brand spanking new big brick homes. She is constantly whining that she will never see a "new" house. Of course, she's not paying the house note either.

I'm not sure what her bro and sis are paying but it has to be in the neighborhood of $1200 -1500 a month. They both have spouses working full time too.

If I had to pay that kind of house note, I would sleep a lot less than I manage to do now.

 

[Mic]

I'm in with Skeeter and Clockwork. I think most people view it as the big corporations (credit card companies or banks giving loans) are screwing us by trying to take our home. Nope - you made an agreement, own up to it.

 

[berto40]

There are a lot of different people to blame this issue on! It wasn't only the banks that created this jam. Bank's for lending people money on inflated property values, tricky financing, stupid homeowner's that were biding above the sale price on houses,(evidence is on those stupid realestate shows on TV), the greedy realtor that comes back and tells you to bid over the sales price because there are 10 other people that want the house...(he doesn't care 3% on $500,000 is a lot more than 3% on $435,000), the appraisers that were also inflating the appraisals, kick backs from the realtors...etc...etc... and the list goes on... All in all, a lot of people were trying to make a pipe dream a realilty. Most people know they dang well shouldn't be in a half million dollar house...shame on them for not downsizing when they had the chance, shame on them for not having a little corner with some stashed cashed for those rainy days...

 

[Texas1911]

There are a lot of different people to blame this issue on! It wasn't only the banks that created this jam. Bank's for lending people money on inflated property values, tricky financing, stupid homeowner's that were biding above the sale price on houses,(evidence is on those stupid realestate shows on TV), the greedy realtor that comes back and tells you to bid over the sales price because there are 10 other people that want the house...(he doesn't care 3% on $500,000 is a lot more than 3% on $435,000), the appraisers that were also inflating the appraisals, kick backs from the realtors...etc...etc... and the list goes on... All in all, a lot of people were trying to make a pipe dream a realilty. Most people know they dang well shouldn't be in a half million dollar house...shame on them for not downsizing when they had the chance, shame on them for not having a little corner with some stashed cashed for those rainy days...

+1

The banks, lenders, investors, and buyers are all to blame for this. When the Fed unleashed cheap credit on the market, the banks and lenders just took off with it. They would fake paychecks, overlook alot of things, and generally do whatever they could to get people approved, even deferring payment for years. On the same hand you had people signing on $250,000 homes that they couldn't even afford the property tax on, much less the mortgage, and even worse, the deed wasn't even worth $150,000 in solid asset. The market had grown so inflated that it pushed honest buyers out of the market.

Fact remains if lenders would have been honest, and buyers would have been honest, we would not have had this issue.

 

[texas1willy2]

Obama pocket vetoes a bill because of worries over mortgages

Obama pocket vetoes a bill because of worries over mortgages - The Oval: Tracking the Obama presidency

 

[Huntinggal]

Agreed that there are a lot of people at fault here and while I don't agree with much that Obama does I think this is a good thing. These banks have already admitted to wrong doing and some of these homes shouldn't have been foreclosed on. The banks know they were wrong nobody should be making it easier for them to get away with it.

 

[Greg_TX]

When we were buying our current house, the realtor and builder looked over our financial info and told us we should be able to afford a house that costs about twice what we paid for this one. I knew it was B.S.; I knew what we paid a month in bills, what the previous mortgage cost us, and what was left over at the end of the month. I knew what we could afford and it wasn't close to what they were claiming. People plug numbers into these mortgage calculators and see that big number and think that's what they should go for. If you don't have a handle on your budget and don't know what you're spending, don't cry that you're the victim when you get in over your head. What I don't understand is that when our loan was being worked on, the underwriters took everything but blood samples to finally approve us (with excellent credit) - where the hell were these underwriters when banks were giving out loans to people they knew had little or no chance to pay the bill?

 

[texas skeeter]

There are a lot of different people to blame this issue on!

The banks, lenders, investors, and buyers are all to blame for this.

I mean NO Offence but this is EXACTLY what im talking about, as smart as the 2 Gentlemen above are they see "OTHER" people to blame?? the fact of the matter is, ONLY the BUYER is to blame!!!!! NO-ONE put a gun to their head to sign the Loan Papers and buy that WAY overpriced/Shady dealed/Forged documented house!!! just because someone "WILL" sell you and lend to you on a million dollar house when you ONLY make 60k a yr, DOESNT mean one should sign the note!!!!!!!!!!!!!!!!!! where the heck did common sense ever go???? in the end its ONLY THE BUYERS FAULT!!!!!!!!!!!! there are SHADY Salesmen out there every day, it doesnt mean you have to buy!!!!!

 

[MR Redneck]

I for one have never liked borrowing money. Sometimes people have to for things like a house and cars. Hell, I lived in my shop forever till I had the money to buy a house. After I bought one the county dug a big drainage hole on the property next to it and altered a road causing my house to flood out when the hole filled full of water! I really hate the people who run the county I live in!!!

 

[Texas1911]

I mean NO Offence but this is EXACTLY what im talking about, as smart as the 2 Gentlemen above are they see "OTHER" people to blame?? the fact of the matter is, ONLY the BUYER is to blame!!!!! NO-ONE put a gun to their head to sign the Loan Papers and buy that WAY overpriced/Shady dealed/Forged documented house!!! just because someone "WILL" sell you and lend to you on a million dollar house when you ONLY make 60k a yr, DOESNT mean one should sign the note!!!!!!!!!!!!!!!!!! where the heck did common sense ever go???? in the end its ONLY THE BUYERS FAULT!!!!!!!!!!!! there are SHADY Salesmen out there every day, it doesnt mean you have to buy!!!!!

When you knowingly entice people for your own benefit and gain, at their peril, you are at fault in part. It is a measure of ethics.

If you walk into a school and start trying to sell marijuana to kids, do you prosecute the dealer or the kids?

If you give inside information to someone whom then goes and buys stock on that tip, who goes to jail?

Ethics is the core of our system, and in this case it was a breech of ethics on both ends of the spectrum. In order to remedy the situation, both the banks and the buyers need to be punished. They both saw gain and threw caution to the wind, well ... they lost.

 

[Texas1911]

I mean NO Offence but this is EXACTLY what im talking about, as smart as the 2 Gentlemen above are they see "OTHER" people to blame?? the fact of the matter is, ONLY the BUYER is to blame!!!!! NO-ONE put a gun to their head to sign the Loan Papers and buy that WAY overpriced/Shady dealed/Forged documented house!!! just because someone "WILL" sell you and lend to you on a million dollar house when you ONLY make 60k a yr, DOESNT mean one should sign the note!!!!!!!!!!!!!!!!!! where the heck did common sense ever go???? in the end its ONLY THE BUYERS FAULT!!!!!!!!!!!! there are SHADY Salesmen out there every day, it doesnt mean you have to buy!!!!!

Then do you also support the bailout of the banks?

 

[texas skeeter]

i agree with you 100% there Texas on the shady tactics!! but its still and ONLY the buyers fault if and when that person gets in over their head on the largest purchase of their life.....

 

[texas skeeter]

Then do you also support the bailout of the banks?

not at all!!!!!! if any bank was gonna fail, so be it!!! nor the auto co's!!! nor the Ins co's!!! there would have been good banks out there to pick up the new business that didnt finance any of that bad paper. same goes for the other 2 groups. so the good businesses that practiced safe business tactics didnt reap the reward of the possible whole bunch of new business if the people that were bailed out actually had to close the doors in which thats what should have happened!!!!

 

[Vance]

It's my understanding that Obama is not going to sign it.

As for the bail outs. Sorry, skeet, I'll have to disagree with you. Had it not been done, most experts agree that we'd have gone into an extremely deep depression. I still remember back in the 80's when my bank changed names via buyout at least 3 times before the current bank took over. And those day's weren't anything like we've just been through.

We tax payers are lucky that they're all paying that money back. I just wished they'd open the strings up more and start lending again to responsible parties.

 

[Texas1911]

not at all!!!!!! if any bank was gonna fail, so be it!!! nor the auto co's!!! nor the Ins co's!!! there would have been good banks out there to pick up the new business that didnt finance any of that bad paper. same goes for the other 2 groups. so the good businesses that practiced safe business tactics didnt reap the reward of the possible whole bunch of new business if the people that were bailed out actually had to close the doors in which thats what should have happened!!!!

It's somewhat hypocritical to argue that the banks had absolutely no responsibility or fault in people signing, then to not support the bailout of the banks when the people default.

 

[Texas1911]

As for the bail outs. Sorry, skeet, I'll have to disagree with you. Had it not been done, most experts agree that we'd have gone into an extremely deep depression. I still remember back in the 80's when my bank changed names via buyout at least 3 times before the current bank took over. And those day's weren't anything like we've just been through.

I will only buy the notion that we had to do it in order to stave the failure of the American gluttonous consumer. In short, that it was a political save your ass move in Congress.

 

[Vance]

I will only buy the notion that we had to do it in order to stave the failure of the American gluttonous consumer. In short, that it was a political save your ass move in Congress.

I'd agree with you, if it weren't that it was a global issue and that most all free world government's were doing the same thing with their own bailout packages.

But yes .. global gluttony created the mess not just home grown.