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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (39723)	10/18/2010 11:05:48 AM
From: Dan Meleney	Respond to of 78751

Mortgage Walkaways: Jon Stewart did a piece on the Mortgage Bankers Association walkaway. Hypocrisy at its best. thedailyshow.com

To: Spekulatius who wrote (39723)	10/18/2010 12:13:50 PM
From: Jurgis Bekepuris	2 Recommendations Read Replies (3) \| Respond to of 78751

OT. Obviously "strategic default" is everyone's personal decision. However, don't minimize the issue of morality. Teaching general population to renege on contracts, lie and steal is pretty easy. And then you end up with countries like Russia, Greece or half of "developing" world where crime and corruption is rampant because there are few consequences and it's the way to "get ahead". And turning around to get people to be moral again takes much longer and it's much harder. One of the reasons USA attracted me was that it was much more moral - and safe - society than Eastern Europe where I came from. Do we want to move in the wrong direction? I do agree that corporations, businesses and rich should have the same consequences of reneging on their contracts, lying and stealing. However, the fact that they can get away with it should lead us to find ways to prevent it and not to encourage others to follow the lead of the crooked. :/

To: Spekulatius who wrote (39723)	10/18/2010 12:43:27 PM
From: Madharry	Respond to of 78751

BTW i heard some lawyer from secutity mortgage industry group on cnbc saying that what they were doing perfectly fine and the it was permitted under the ucc code. however from what i learned in banking that is not entirely true. If i understand what they were doing they were filing the mortgage as mersa, and then assigning the note to whomever, which they can certainly do, however, the new mortgage holder never filed the mortgage under their own name. Now that is a very questionable practice in my view, and i dont think this lawyer is on firm ground at all because real estate transactions are not covered by the uniform commercial code. that is why a mortage has to be filed by the owner of the paper to be valid. now it sounds to me that if i own a property and mersa has filed on it but doesnt hold the mortgage they would be required to release that mortgage within a reasonble amount of time, and failure to do so might make them vulnerable to legal action. furthermore if i own a property like this. i can see all sorts of problems down the road getting clear title as i can prove i paid the bank off i dont know that i can prove i paid mersa off if push comes to shove. this is a big can of worms in im opinion and there be costs and fines galore over this issue.