The Administration Knew Months Ago About Foreclosure Irregularities

[Kathianne]

according to WaPo:

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/09/AR2010100904237.html

Seems they wanted to have the banks let some foreclosures go, in return for continuing their practices. Wonder who would get the 'breaks' and who wouldn't? That's not the role of government:


Foreclosure alarms rang months ago

By Zachary A. Goldfarb
Washington Post Staff Writer
Sunday, October 10, 2010; A1

Consumer advocates and lawyers warned federal officials in recent years that the U.S. foreclosure system was designed to seize people's homes as fast as possible, often without regard to the rights of homeowners.

In recent days, amid reports that major lenders have used improper procedures and fraudulent paperwork to seize properties, some Obama administration officials have acknowledged they had been aware of flaws in how the mortgage industry pursues foreclosures.

But the officials said they could take only limited action to address the danger. In part, this was because they wanted lenders' help carrying out federal programs to modify mortgages that had fallen into default or were poised to do so...

This whole debacle most certainly could lead to further erosion of home values and sales. More banks in trouble. This is beyond a doubt the worst economic team ever assembled.

[Psychoblues]

according to WaPo:

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/09/AR2010100904237.html

Seems they wanted to have the banks let some foreclosures go, in return for continuing their practices. Wonder who would get the 'breaks' and who wouldn't? That's not the role of government:



This whole debacle most certainly could lead to further erosion of home values and sales. More banks in trouble. This is beyond a doubt the worst economic team ever assembled.

These practices go back for decades, Kathianne. President Obama and his economic team had absolutely nothing to do with how the housing and mortgage industries were driven into the ground but they are doing their damned level best to get us out of this abyss that gwb left us in. Are you aware of how close we came to falling head on into a depression deeper and wider than the Great Depression of the 30's?

Some people will take just any opportunity to condemn the most functional government that we've had for at least that last 9 1/2 years.

It doesn't take a bloodhound to smell bullshit like that, Kathianne!!!!!!!!!

Love :laugh2:

Psychoblues

[Kathianne]

These practices go back for decades, Kathianne. President Obama and his economic team had absolutely nothing to do with how the housing and mortgage industries were driven into the ground but they are doing their damned level best to get us out of this abyss that gwb left us in. Are you aware of how close we came to falling head on into a depression deeper and wider than the Great Depression of the 30's?

Some people will take just any opportunity to condemn the most functional government that we've had for at least that last 9 1/2 years.

It doesn't take a bloodhound to smell bullshit like that, Kathianne!!!!!!!!!

Love :laugh2:

Psychoblues

That's silly. Both the banking people, Congress, the President, and news outlets contend it's less than a year in practice. Cause is the amount of foreclosures, something easy enough to have predicted given employment abyss. Thanks for nothing, Obama.

[Psychoblues]

That's silly. Both the banking people, Congress, the President, and news outlets contend it's less than a year in practice. Cause is the amount of foreclosures, something easy enough to have predicted given employment abyss. Thanks for nothing, Obama.

Not at all true, Kathianne. Get yourself an education about the current housing and mortgage industry abyss and get back with me. What is happening now is the same as what was happening in 2008 and was even forecast by the bush team to be worse that it is turning out at this time. This is a many many billion dollar situation. It is bound to have some very serious backlogs, administrative snafus and overall meat for whoever wants to condemn it but remember all that condemnation without something productive to add is always on the backs of those that can least afford the mistakes.

Bitchin' for bitchin's sake is not a pretty thing, Kathianne. Especially when the bitchin' is coming from someone that clearly doesn't understand the problem.

Love :laugh2:

Psychoblues

[Kathianne]

Not at all true, Kathianne. Get yourself an education about the current housing and mortgage industry abyss and get back with me. What is happening now is the same as what was happening in 2008 and was even forecast by the bush team to be worse that it is turning out at this time. This is a many many billion dollar situation. It is bound to have some very serious backlogs, administrative snafus and overall meat for whoever wants to condemn it but remember all that condemnation without something productive to add is always on the backs of those that can least afford the mistakes.

Bitchin' for bitchin's sake is not a pretty thing, Kathianne. Especially when the bitchin' is coming from someone that clearly doesn't understand the problem.

Love :laugh2:

Psychoblues

Nope, the 'get the info' would be on your part. This has to do with the documents, not Fannie/Freddie and loans that shouldn't have been made going back at least 6 presidents worth.

[Psychoblues]

Nope, the 'get the info' would be on your part. This has to do with the documents, not Fannie/Freddie and loans that shouldn't have been made going back at least 6 presidents worth.

I don't understand your confusion, Kathianne. But I do understand that this mortgage and housing mess is absolutely no fault of President Barack Hussein Obama or his economic team. They are working with and through what they inherited and apparently doing quite well as it appears they are beating forecast levels of industrial correction. Again I ask you. Do you know just how close we were to falling into a depression much deeper and wider than the Great Depression of the 1930's? It took real economic genius's to take the US from a multi billion dollar surplus to a multi trillion dollar deficit. You may whine that President Barack Hussein Obama is spending even more trillions of dollars but he was left no choice even by the gwb standards. This country HAD to be rescued and thank GOD we elected a President that has the guts to do what is necessary regardless the political fallout from even his own party. You do understand that I am a fiscal conservative, don't you, Kathianne?

Love :laugh2:

Psychoblues

[Kathianne]

I don't understand your confusion, Kathianne. But I do understand that this mortgage and housing mess is absolutely no fault of President Barack Hussein Obama or his economic team. They are working with and through what they inherited and apparently doing quite well as it appears they are beating forecast levels of industrial correction. Again I ask you. Do you know just how close we were to falling into a depression much deeper and wider than the Great Depression of the 1930's? It took real economic genius's to take the US from a multi billion dollar surplus to a multi trillion dollar deficit. You may whine that President Barack Hussein Obama is spending even more trillions of dollars but he was left no choice even by the gwb standards. This country HAD to be rescued and thank GOD we elected a President that has the guts to do what is necessary regardless the political fallout from even his own party. You do understand that I am a fiscal conservative, don't you, Kathianne?

Love :laugh2:

Psychoblues


Just reiterating what you've said, ignoring the current mess that seriously threatens to throw the economy into round 2 of the recession doesn't further your argument. Neither does saying you're a fiscal conservative who argues that people should pay for a service, when necessity says they need it, not when it's due.

[Psychoblues]

Just reiterating what you've said, ignoring the current mess that seriously threatens to throw the economy into round 2 of the recession doesn't further your argument. Neither does saying you're a fiscal conservative who argues that people should pay for a service, when necessity says they need it, not when it's due.

I don't think you said a doggone thing in that screed that makes any sense at all, Kathianne. Perhaps you need to go to bed and address this conversation later on today.

Love :laugh2:

Psychoblues

[red states rule]

Since I work on default correspondenc, I will share what I know. In most cases, the homeowner can no longer afford their current mortgage payment due to a reduction in income and/or expenses

In most of the cases I deal with, the borrower has NOT sent in the required financial documentation to show thier income and expenses. We send the h/o letters and make many phone calls trying to inform them what we need for the review process

If we cannot get the needed documents, the foreclousre process moves forward

Once the foreclosure sale takes place it is amazing how quickly the h/o calls, provides the needed documents, and demands the forclousre sale be rescinded

In most cases the borrower has not paid anything on the mortgage for months (I have seen some where the last payment was made in 2008) and has lived free in the home

Yet the liberal media and the current administration wants to blame the banks and the mortgage servicer. Nobody seems to want to hold the borrower accountable for their debt and their uncooperative attitude

On the other hand, when the borrower works with the loan servicer I have seen many loans modfiied and the interest rate reduced to as low as 2% - and the rate will stay on the loan for about 5 years before being slowly increased to the orginial interest rate

[Kathianne]

I don't think you said a doggone thing in that screed that makes any sense at all, Kathianne. Perhaps you need to go to bed and address this conversation later on today.

Love :laugh2:

Psychoblues

My dear, there is no way that I'm going to converse by linking to what you've or I've written in the past few days. Nothing here is in 'code.' It's a continuing dialogue. Now being fair, I wouldn't pull something up from weeks, months, or years ago. Just within the past 56 hours.

[red states rule]

I don't understand your confusion, Kathianne. But I do understand that this mortgage and housing mess is absolutely no fault of President Barack Hussein Obama or his economic team. They are working with and through what they inherited and apparently doing quite well as it appears they are beating forecast levels of industrial correction. Again I ask you. Do you know just how close we were to falling into a depression much deeper and wider than the Great Depression of the 1930's? It took real economic genius's to take the US from a multi billion dollar surplus to a multi trillion dollar deficit. You may whine that President Barack Hussein Obama is spending even more trillions of dollars but he was left no choice even by the gwb standards. This country HAD to be rescued and thank GOD we elected a President that has the guts to do what is necessary regardless the political fallout from even his own party. You do understand that I am a fiscal conservative, don't you, Kathianne?

Love :laugh2:

Psychoblues

and yet Obama said his stimulus would put people back to work, and his HAMP would solve the mortgage crisis

Bottome line is, like his other economic programs, these are more failures that taxpayers paid for

[revelarts]

I'm not surprised to hear Many Major Banks are foreclosing on people by hook and crook. I tried to point out other illegal and ruthless practices about a year ago here and was told how good and kind the banks where by someone here that worked at a bank. That Obama was forcing the banks to do this or that. Well, not All Banks or Banking depts are scum but some are. The fact that the gov't hasn't sent anyone to jail over the MULTITUDE of various frauds committed by the banks over the past few years shows the banks power over and collusion with the gov't. And a bit of Gov't ineptitude where it's still honest.

[Kathianne]

It appears the President certainly from the article, perhaps Congress by implication, let this go on, in favor of their plan to 'save' some of these bad mortgages. Many are going to blame them if the housing crisis begins anew.

[Psychoblues]

My dear, there is no way that I'm going to converse by linking to what you've or I've written in the past few days. Nothing here is in 'code.' It's a continuing dialogue. Now being fair, I wouldn't pull something up from weeks, months, or years ago. Just within the past 56 hours.

I don't understand that either, Kathianne. I referred to your speaking in "code" on another post in another thread but I have made no such mention in this one. Seriously,Kathianne, get a grip!!!!!!!!

Love :laugh2:

Psychoblues

[Kathianne]

I don't understand that either, Kathianne. I referred to your speaking in "code" on another post in another thread but I have made no such mention in this one. Seriously,Kathianne, get a grip!!!!!!!!

Love :laugh2:

Psychoblues

Believe it or not, it is possible to overlap conversations where there are links. You can do it, I know you can. See you already put together the code deal. Just a tad more thought and perhaps we'll have us a real discussion. It could happen.

[Psychoblues]

Believe it or not, it is possible to overlap conversations where there are links. You can do it, I know you can. See you already put together the code deal. Just a tad more thought and perhaps we'll have us a real discussion. It could happen.

Sorry, Kathianne. I'm still not getting what you are trying to say. I guess I'm just a dumbo in that respect. What I do get is that you are trying to blame all this housing, mortgage and subsequent foreclosure mess on the Obama administration and that just isn't true. You refuse to discuss the issue and you refuse to relent your position. That doesn't make for a good conversation or debate.

Love:laugh2:

Psychoblues

[Kathianne]

Sorry, Kathianne. I'm still not getting what you are trying to say. I guess I'm just a dumbo in that respect. What I do get is that you are trying to blame all this housing, mortgage and subsequent foreclosure mess on the Obama administration and that just isn't true. You refuse to discuss the issue and you refuse to relent your position. That doesn't make for a good conversation or debate.

Love:laugh2:

Psychoblues

No, your assumption is wrong. :laugh2:

[Trigg]

Nope, the 'get the info' would be on your part. This has to do with the documents, not Fannie/Freddie and loans that shouldn't have been made going back at least 6 presidents worth.

Exactly


Owning a home is not a right and unfortunately the gov. decided it was. The banks were giving loans to people who never should have qualified.

Interest only loans and second mortgages given to people who should have been denied. People who should have been told "go home and save up for a few more years".

[DragonStryk72]

These practices go back for decades, Kathianne. President Obama and his economic team had absolutely nothing to do with how the housing and mortgage industries were driven into the ground but they are doing their damned level best to get us out of this abyss that gwb left us in. Are you aware of how close we came to falling head on into a depression deeper and wider than the Great Depression of the 30's?

Some people will take just any opportunity to condemn the most functional government that we've had for at least that last 9 1/2 years.

It doesn't take a bloodhound to smell bullshit like that, Kathianne!!!!!!!!!

Love :laugh2:

Psychoblues


So, how many more years does he get of having no responsibility for the things he has let slide before it's his admin that's at fault?

[fj1200]

Do you know just how close we were to falling into a depression much deeper and wider than the Great Depression of the 1930's? It took real economic genius's to take the US from a multi billion dollar surplus to a multi trillion dollar deficit. You may whine that President Barack Hussein Obama is spending even more trillions of dollars but he was left no choice even by the gwb standards. This country HAD to be rescued and thank GOD we elected a President that has the guts to do what is necessary regardless the political fallout from even his own party.

:laugh:

[Kathianne]

So, how many more years does he get of having no responsibility for the things he has let slide before it's his admin that's at fault?

And PB is mixing the stories. One is years, decades old. That idea probably originated with Nixon, but Carter started the ball rolling. I don't think it's really stopped today.

The other? A result of the horrendous economy has left people unable to pay mortgage, thus as time rolls on, the numbers keep increasing of those going into foreclosure. The banks/loan companies, have been failing to give proper notices, get notarizations and other irregularities. Seems the administration knew of the problem, as did some in http://www.debatepolicy.com/images/editor/color.pngCongress by the looks of what has transpired over the past few weeks. There's a program put in place to help those with the least experience and other hardships, avoid foreclosure at third missed payment, (often far more), the government would 'pick it up', to be paid back when homeowner more able.

More of the same, Obama and banks rubbing each other backs. Banks not cited for unfair practices and due process. Obama gets to keep his program, with those that couldn't keep up with mortgages even before the meltdown. However, with the sunlight inadvertently creeping in, things might change.

[Psychoblues]

:laugh:

:laugh:

Love :laugh2:

Psychoblues

[DragonStryk72]

And PB is mixing the stories. One is years, decades old. That idea probably originated with Nixon, but Carter started the ball rolling. I don't think it's really stopped today.

The other? A result of the horrendous economy has left people unable to pay mortgage, thus as time rolls on, the numbers keep increasing of those going into foreclosure. The banks/loan companies, have been failing to give proper notices, get notarizations and other irregularities. Seems the administration knew of the problem, as did some in http://www.debatepolicy.com/images/editor/color.pngCongress by the looks of what has transpired over the past few weeks. There's a program put in place to help those with the least experience and other hardships, avoid foreclosure at third missed payment, (often far more), the government would 'pick it up', to be paid back when homeowner more able.

More of the same, Obama and banks rubbing each other backs. Banks not cited for unfair practices and due process. Obama gets to keep his program, with those that couldn't keep up with mortgages even before the meltdown. However, with the sunlight inadvertently creeping in, things might change.

All that aside, however much Hoover made mistakes, or Roosevelt made mistakes, you didn't hear them whining to the cameras about how it was the prior administration's fault. All you heard from them was what they were gonna do about it. I can respect someone who has the personal integrity to take on a burden and handle it with determination, even if I do not agree with what they're doing.

[Psychoblues]

All that aside, however much Hoover made mistakes, or Roosevelt made mistakes, you didn't hear them whining to the cameras about how it was the prior administration's fault. All you heard from them was what they were gonna do about it. I can respect someone who has the personal integrity to take on a burden and handle it with determination, even if I do not agree with what they're doing.

Just what can you tell us about what President Hoover or President Roosevelt said back in the late 20's and about all the 30's? I'd be interested to know what you know about all that, aside or not, don't 'cha know?

Right now we have a situation where the party that has driven this country into such an abyss is now apparently blaming the current administration for all the ills we continue to experience. Howza 'bout we give this Prez about 8 years like we did the last one to see some improvement. The last one destroyed a world of improvement by his predecessor and damn near destroyed the nation as a result of the ineptitude of his military leadership and his failure to recognize financial and economic disasters that his most close advisers warned him about and generally correct and publicly forecast.

I'm certain gwb wishes a million times for a redo but the nation gave him his chance. He lost the congress, both chambers, and the White House due to a number of factors but the deployment of our finest into an ill advised and illegal war ranks right up there as high as anything!!!!

It's GREAT to see you, DS72!!!!!!!!!!!!!!

Love :laugh2:

Psychoblues

[Kathianne]

All that aside, however much Hoover made mistakes, or Roosevelt made mistakes, you didn't hear them whining to the cameras about how it was the prior administration's fault. All you heard from them was what they were gonna do about it. I can respect someone who has the personal integrity to take on a burden and handle it with determination, even if I do not agree with what they're doing.

Well actually FDR did blame Hoover and the Republicans for quite awhile. Hoover, I don't think he could come up with anyone to blame.

They didn't have the Rush, GWB, FOX, Beck, Geller, Koch Brothers, Tea Party, and capitalism to blame, whoops almost forgot the dumb voters. And they wonder why they are doing so badly. :laugh:

[fj1200]

Right now we have a situation where the party that has driven this country into such an abyss is now apparently blaming the current administration for all the ills we continue to experience. Howza 'bout we give this Prez about 8 years like we did the last one to see some improvement. The last one destroyed a world of improvement by his predecessor and damn near destroyed the nation as a result of the ineptitude of his military leadership and his failure to recognize financial and economic disasters that his most close advisers warned him about and generally correct and publicly forecast.

Which advisers were these that correctly and publicly forecast the disasters that the Fed didn't even forecast, correctly or publicly? And were they the same advisers that correctly and publicly forecast the problems that Fannie and Freddie would likely have, with suggestions for reform, while the Democrats in Congress incorrectly and publicly demonized?

Since when did the left give Bush 8 years before demonizing? I'm pretty sure they went after him before he even took office, protesting during the inauguration as I recall.

And are you referring to Clinton's leadership or the positive changes passed by the Republicans starting in '94? You might need to clear up your thought process there. ;)