OBAMA Admin Plan To Punish Banks

http://www.huffingtonpost.com/2011/03/16/obama-administration-modify-mortgages_n_836350.html

WOW! That fixes everything!

Do some morons realize whatever he does to the banks will be passed on to the consumer! Noting gets fixed but passed alone! Obama knows that!

Thank you for posting the article, Tresa.

I sincerely hope the banks who used "robosigners" are fined. Where is the reprisal to the banks that frequently "lost" paperwork and refused to work with borrowers?

"The state and federal investigations began as a response to revelations that large banks employed workers who signed hundreds of foreclosure documents a day without reading them -- a violation of many states' laws. The probes then mushroomed into an acknowledgement among top officials that the mortgage servicing industry is deeply flawed and is likely abusing hundreds of thousands of homeowners a year."

unemployed2long/1208 wrote:WOW! That fixes everything!

Do some morons realize whatever he does to the banks will be passed on to the consumer! Noting gets fixed but passed alone! Obama knows that!

Worse than that.....it won't pass. It's all smoke & mirrors. Makes Tim Geithner look like he's earning his salary by doing something else besides outsourcing every American job he can lay his hands on.

Option 1--A few states file suit against banks in their state & they eventually reach some kinds of settlements but years from now.

Option 2--The banks propose some kind of deal for the whole country that absolves them of all wrongdoing from here to eternity.....& Congress passes it unanimously.....& later like 1208 says the country discovers that the whole deal just made the banks even richer.

Here's my idea--The banks should reduce the principal owed by 10% for every American citizen who owes a mortgage on a home or condo that they have lived in as their primary residence continuously for the past 5 years.

Phillymg wrote:Here's my idea--The banks should reduce the principal owed by 10% for every American citizen who owes a mortgage on a home or condo that they have lived in as their primary residence continuously for the past 5 years.

I like that idea!

Is there a way to stop the abuses many of these banks have already committed? Is there a way to make sure these same abuses don't occur again?

JaneWI wrote:Is there a way to stop the abuses many of these banks have already committed? Is there a way to make sure these same abuses don't occur again?

That's what the state attorney generals are looking at filing the lawsuits over. Unfortunately looks like none of the states will make a move till after the big meeting of state attorney generals in June.

This week, the state officials were supposed to be meeting with each of the five largest mortage firms--one a day--to negotiate a possible resolution. The attorneys general cancelled the talks after it appeared the banks weren't going to take the discussions seriously, according to people familiar with the matter. The state officials then declined to follow through on their plan to subpoena the banks for information.

I'm curious as to what the bank executives *did* to indicate their lack of seriousness.

Phillymg wrote:I'm curious as to what the bank executives *did* to indicate their lack of seriousness.

Thank you for replying. I would like to see that, as well. I hope the states do something that works in the real world, not just on paper.

The banks that sliced and diced my mortgage without my permission have broken the contract.
I am not yelling show me the note...I want to see the WET INK.

JaneWI wrote:Thank you for posting the article, Tresa.

I sincerely hope the banks who used "robosigners" are fined. Where is the reprisal to the banks that frequently "lost" paperwork and refused to work with borrowers?

"The state and federal investigations began as a response to revelations that large banks employed workers who signed hundreds of foreclosure documents a day without reading them -- a violation of many states' laws. The probes then mushroomed into an acknowledgement among top officials that the mortgage servicing industry is deeply flawed and is likely abusing hundreds of thousands of homeowners a year."

by dmbishop Today at 7:19 pm

The banks that sliced and diced my mortgage without my permission have broken the contract.
I am not yelling show me the note...I want to see the WET INK.

I am doing the same dmbishop.

When I read the above article that I posted, I Actually Felt A Glimmier Of Hope!
Everyone can have their opionion, & bash the article, then Obama
(or in reverse order = or All Obama!)

But I felt Positive!! & it felt Good!
But I Have to Believe in Our President, As That Is All I Have ... I Sure Have No Trust For The Repug's ,,,

I Do Beleive The 50 State Attorney Generals Have & Are Putting The Squeeze On The Banks, Exactly The One's Named In The Above Article = The Mortgage Servicers.

I Beleive That Obama, from the writing of this article, Is More Than Aware, & While The Repug's Would Not Be Quioted In The Above Article, Obama Is Standing Behind The Attorney Generals. (Strenght In Numbers, & Squeeze!)

It Was A Glimmer Of Hope, I Have Been Waiting For, Needed, & Need Less Stress, Less Negitive, & More POSITIVE!

So, I Posted The Article To Share Positive, The Feeling That Is So Fleeting, Not Just In My Tiny World, But All Around Us (er, Japan), too Many Negatives To Mention, They Have All Been Mentioned Here Somewhere, But

If anyone Is Out There Reading: Destitute, Disillusioned, ... On A Bleak Horizon
I Hope That The Above Article Can Bring Some Positive to Others,
Thinking OutSide The Box Of Negative = I Want That Hope & Change Feeling! Obama!

It Is Too Easy To Blame Everything On One Person (Obama)
This Is A BIG Country! We Have A Voice, & NOT Just The One Sending Faxes!
Unions Are Gathering In The Street, In Every State?
Warm Weather Is Coming, Now May Be Our Time To Stand Behind Our President,
Let The Repugls Know = There Are More Of Us Than Them!!

ok, on with the opinions that follow ....

PS = The Article Stated:

Obama Wants This Done In The NEXT 6 MONTHS

Repug's won't like it = their Bankster Buds

I Lend My Voice To Obama, is anyone listening
People Will Be In The Streets = Strength In Numbers!