Mortgage 'robo-signing' goes on
Photo
In this May 12, 2011 photo, Guilford County, N.C. registrar Jeff Thigpen shows a group of signatures on loan documents all "signed" by Linda Green in Charlotte, N.C., County officials in at least three states say they have found an alarming number of suspect signatures on mortgage documents filed over the last 12 years.
Mortgage industry employees are still signing documents they haven't read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures.
County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices, known collectively as "robo-signing," remain widespread in the industry.
The documents have come from several companies that process mortgage paperwork, and have been filed on behalf of several major banks. One name, "Linda Green," was signed almost two dozen different ways.
Lenders say they are working with regulators to fix the problem but cannot explain why it has persisted.
Last fall, the nation's largest banks and mortgage lenders, including JPMorgan Chase, Wells Fargo, Bank of America and an arm of Goldman Sachs, suspended foreclosures while they investigated how corners were cut to keep pace with the crush of foreclosure paperwork.
Critics say the new findings point to a systemic problem with the paperwork involved in home mortgages and titles. And they say it shows that banks and mortgage processors haven't acted aggressively enough to put an end to widespread document fraud in the mortgage industry.
"Robo-signing is not even close to over," says Curtis Hertel, the recorder of deeds in Ingham County, Mich., which includes Lansing. "It's still an epidemic."
In Essex County, Mass., the office that handles property deeds has received almost 1,300 documents since October with the signature of "Linda Green," but in 22 different handwriting styles and with many different titles.
Linda Green worked for a company called DocX that processed mortgage paperwork and was shut down in the spring of 2010. County officials say they believe Green hasn't worked in the industry since. Why her signature remains in use is not clear.
"My office is a crime scene," says John O'Brien, the registrar of deeds in Essex County, which is north of Boston and includes the city of Salem.
In Guilford County, N.C., the office that records deeds says it received 456 documents with suspect signatures from Oct. 1, 2010, through June 30. The documents, mortgage assignments and certificates of satisfaction, transfer loans from one bank to another or certify a loan has been paid off.
Suspect signatures on the paperwork include 290 signed by Bryan Bly and 155 by Crystal Moore. In the mortgage investigations last fall, both admitted signing their names to mortgage documents without having read them. Neither was charged with a crime.
And in Michigan, a fraud investigator who works on behalf of homeowners says he has uncovered documents filed this year bearing the purported signature of Marshall Isaacs, an attorney with foreclosure law firm Orlans Associates. Isaacs' name did not come up in last year's investigations, but county officials across Michigan believe his name is being robo-signed.
O'Brien caused a stir in June at a national convention of county clerks by presenting his findings and encouraging his counterparts to investigate continued robo-signing.
The nation's foreclosure machine almost came to a standstill when the nation's largest banks suspended foreclosures last fall. Part of the problem, banks contended, was that foreclosures became so rampant in 2009 and 2010 that they were overwhelmed with paperwork.
The banks reviewed thousands of foreclosure filings, and where they found problems, they submitted new paperwork to courts handling the cases, with signatures they said were valid. The banks slowly started to resume foreclosures this winter and spring.
The 14 biggest U.S. banks reached a settlement with federal regulators in April in which they promised to clean up their mistakes and pay restitution to homeowners who had been wrongly foreclosed upon. The full amount of the settlement has not been determined. But it will not involve independent mortgage processing firms, the companies that some banks use to handle and file paperwork for mortgages.
So far, no individuals, lenders or paperwork processors have been charged with a crime over the robo-signed signatures found on documents last year. Critics such as April Charney, a Florida homeowner and defense lawyer, called the settlement a farce because no real punishment was meted out, making it easy for lenders and mortgage processors to continue the practice of robo-signing.
Robo-signing refers to a variety of practices. It can mean a qualified executive in the mortgage industry signs a mortgage affidavit document without verifying the information. It can mean someone forges an executive's signature, or a lower-level employee signs his or her own name with a fake title. It can mean failing to comply with notary procedures. In all of these cases, robo-signing involves people signing documents and swearing to their accuracy without verifying any of the information.
Most of the tainted mortgage documents in question last fall were related to homes in foreclosure. But much of the suspect paperwork that has been filed since then is for refinancing or for new purchases by people who are in good standing in the eyes of the bank. In addition, foreclosures are down 30 percent this year from last. Home sales have also fallen. So the new suspect documents come at a time when much less paperwork is streaming through the nation's mortgage machinery.
None of the almost 1,300 suspect Linda Green-signed documents from O'Brien's office, for example, involve foreclosures. And Jeff Thigpen, the register of deeds in North Carolina's Guilford County, says fewer than 40 of the 456 suspect documents filed to his office since October involved foreclosures.
Banks and their partner firms file mortgage documents with county deeds offices to prove that there are no liens on a property, that the bank owns a mortgage or that a bank filing for foreclosure has the authority to do so.
The signature of a qualified bank or mortgage official on these legal documents is supposed to guarantee that this information is accurate. The paper trail ensures a legal chain of title on a property and has been the backbone of U.S. property ownership for more than 300 years.
The county officials say the problem could be even worse than what they're reporting. That's because they are working off lists of known robo-signed names, such as Linda Green and Crystal Moore, that were identified during the investigation that began last fall. Officials suspect that other names on documents they have received since then are also robo-signed.
It is a federal crime to sign someone else's name to a legal document. It is also illegal to sign your name to an affidavit if you have not verified the information you're swearing to. Both are punishable by prison.
In Michigan, the attorney general took the rare step in June of filing criminal subpoenas to out-of-state mortgage processing companies after 23 county registers of deeds filed a criminal complaint with his office over robo-signed documents they say they have received. New York Attorney General Eric Schneiderman's office has said it is conducting a banking probe that could lead to criminal charges against financial executives. The attorneys general of Delaware, California and Illinois are conducting their own probes.
The legal issues are grave, deeds officials across the country say. At worst, legal experts say, the document debacle has opened the property system to legal liability well beyond the nation's foreclosure crisis. So someone buying a home and trying to obtain title insurance might be delayed or denied if robo-signed documents turn up in the property's history. That's because forged signatures call into question who owns mortgages and the properties they are attached to.
"The banks have completely screwed up property records," says L. Randall Wray, an economics professor and senior scholar at the University of Missouri-Kansas City.
In the Massachusetts case, The Associated Press tried to reach Linda Green, whose name was purportedly signed 1,300 times since October. The AP, using a phone number provided by lawyers who have been investigating the documents since last year, reached a person who said she was Linda Green, but not the Linda Green involved in the mortgage investigation.
In the Michigan case, a lawyer for the Orlans Associates law firm, where Isaacs works, denies that Isaacs or the firm has done anything wrong. "People have signatures that change," says Terry Cramer, general counsel for the firm. "We do not engage in 'robo-signing' at Orlans."
To combat the stream of suspect filings, O'Brien and Jeff Thigpen, the register of deeds in North Carolina's Guilford County, stopped accepting questionable paperwork June 7. They say they had no choice after complaining to federal and state authorities for months without getting anywhere.
Since then, O'Brien has received nine documents from Bank of America purportedly signed by Linda Burton, another name on authorities' list of known robo-signers. For years, his office has regularly received documents signed with Burton's name but written in such vastly different handwriting that two forensic investigators say it's highly unlikely it all came from the same person.
O'Brien returned the nine Burton documents to Bank of America in mid-June. He told the bank he would not file them unless the bank signed an affidavit certifying the signature and accepting responsibility if the title was called into question down the road. Instead, Bank of America sent new documents with new signatures and new notaries.
A Bank of America spokesman says Burton is an assistant vice president with a subsidiary, ReconTrust. That company handles mortgage paperwork processing for Bank of America.
"She signed the documents on behalf of the bank," spokesman Richard Simon says. The bank says providing the affidavit O'Brien asked for would have been costly and time-consuming. Instead, Simon says Bank of America sent a new set of documents "signed by an authorized associate who Mr. O'Brien wasn't challenging."
The bank didn't respond to questions about why Burton's name has been signed in different ways or why her signature appeared on documents that investigators in at least two states have deemed invalid.
Several attempts by the AP to reach Burton at ReconTrust were unsuccessful.
O'Brien says the bank's actions show "consciousness of guilt." Earlier this year, he hired Marie McDonnell, a mortgage fraud investigator and forensic document analyst, to verify his suspicions about Burton's and other names on suspect paperwork.
She compared valid copies of Burton's signature with the documents O'Brien had received in 2008, 2009 and 2010 and found that Burton's name was fraudulently signed on hundreds of documents.
Most of the documents reviewed by McDonnell were mortgage discharges, which are issued when a home changes hands or is refinanced by a new lender and are supposed to confirm that the previous mortgage has been paid off. Bank of America declined comment on McDonnell's findings.
In Michigan, recorder of deeds Hertel and his counterparts in 23 other counties found numerous suspect signatures on documents filed since the beginning of the year.
In June, their findings led the Michigan attorney general to issue criminal subpoenas to several firms that process mortgages for banks, including Lender Processing Services, the parent company of DocX, where Linda Green worked. On July 6, the CEO of that company, which is also under investigation by the Florida Attorney General's office, resigned, citing health reasons.
Nov 21, 2011 at 1:49 p.m.
Suggest removal
It's terrible that illegal activities like these are still going on. People's lives are being ruined, we see it in our foreclosure law firm everyday. Even though things often look bleak, it's nice to be able to help people and see them realize there's always hope. I'm banking on that fact in regards to the whole real estate market as well.
http://creedandassociateslaw.com/realest...
Jul 22, 2011 at 3:30 a.m.
Suggest removal
Joeflint:
Not sure if that was the exact study that was locked in my memory banks, or not. Seems a bit different then the one I was remembering?
Nonetheless it's a very similar one, and shows the basic principal I was detailing. Thanks for the link.
Jul 21, 2011 at 9:27 a.m.
Suggest removal
I am worried about this new government program that ends TODAY. Haven't heard of it before today but anyway.
They'll cover $50k in past mortgage and help you for 2 years with payments.
My issue is if still unemployed those that like "entitlement " will NEVER find a job now.
WHO gets to pay for this????? Tax payers???
Jul 21, 2011 at 4:37 a.m.
Suggest removal
I believe you are talking about this:
http://en.wikipedia.org/wiki/Stanford_pr...
Jul 21, 2011 at 3:56 a.m.
Suggest removal
Professor;
You can pull up the 60 minute story, on-line I'm sure. It's a real good piece. The guys making the $10 an hour had no charges, or anything what so ever brought against them. So that is at least a good thing. They were lied to by the company employing them, who told them that everything was perfectly legit.
.
I forget the study that was done back in the 60's, which showed that the vast majority of people will do almost anything, if they believe the orders are coming from a higher-legit source.
The study took random people off the street, where they would be paid to to run a "test" for a doctor-physiologist. The test subject was hooked up to electrodes to his brain, and then was asked questions by the person off the street. If they answered a question incorrectly, the doctor would order the person to then administer a mild shock to the test subject. As long as the doctor was telling the person off the street that it was OK to do so, person after person had no problem administering a shock that would get greater and greater to the point of being lethal, and the person was screaming in complete agony. Of course the shock was not lethal, and the guy getting the shock was in fact an actor, an was all just part of the experiment (on the guy off the street). It just showed that most people will often do anything if they believe they are being told to do it by a higher-legit source. As one person after another would administer lethal dosages to a test subject as long as the the doctor told them to do it, and that he was taking all responsibility for anything that happened.
.
Very fascinating experiment, for sure. Just showing that very few will stand up and just flat out refuse to do a job on moral or ethical principal. I mean if you were hard up for work, and were offered a full time job signing documents, would you refuse it if you did in fact know that the documents were all fake, and part of a grand mortgage con?
These people did not know, but say they did, or say it was you in that situation. It's really a tough question. I'd like to think I'd tell them where they can go, but if your really hard up for work-need to take care of your family, that will often supersed being magnanimous in a situation.
Jul 20, 2011 at 10 a.m.
Suggest removal
In the unlikely event that anyone will be prosecuted for this, it will be the poor slob making $10/hr doing the actual work; certainly NOT the execs who came up with the idea. But, why bother prosecuting anyone here? Much more important to go after baseball players who allegedly lied to Congress about using steroids YEARS ago.
Jul 20, 2011 at 4:32 a.m.
Suggest removal
60 minutes had a great piece a while back on these "robo signings". Basically Bank Of America (and others) were using a subsidiary to sign BOGUS foreclosure papers, that they had crafted out. Claiming it was all legal, signed off by a judge, bank president, and everything to make it an official legal foreclosure. All the signatures were literally being contracted out to temporary workers making $10 an hour to sign "official" papers with a bogus bank president, or judges name. These workers literally signed papers ALL DAY for 40 hours a week. Just showing you how MASSIVE this foreclosure mess is...
The fact that Bank Of America is still even afloat, and operating in this country, just shows you how much in the tank big banking is with the hill. These institutions are so holy corrupt, unethical, and unscrupulous, that it is beyond mind boggling. Yet who is the 1st to be there when they are in trouble? OF COURSE, their friends on the hill, with YOUR tax $$$'s to bail them out!
Jul 20, 2011 at 4:20 a.m.
Suggest removal
joeflint:
You post is very accurate in many observations. There is no doubt that the US consumer is dying off in this current environment of high unemployment, rising taxes-fees, prices of commodities (oil, food, ext) increasing. So the answer (via fed policy) is to simply make up for that fall in consumption on a global level. That is why they are trying there hardest to devalue the dollar like they are. So it makes US goods cheaper to foreign buyers of our products. A policy that will have very grave consequences to US consumers purchasing power in the future, but a policy that our fed firmly belies is the only real way to avoid a depression like spiral all over again.
Jul 20, 2011 at 2:21 a.m.
Suggest removal
> Lenders say they are working with regulators to fix the problem but cannot explain why it has persisted.
Uh, greed? As in the very worst kind, short-term bonus without any regard of future consequence.
Switching subjects, I tend to agree with the last poster (fearandrhetoric) and here in a nutshell is why...
Since the Great Depression, some form of income floor has been in place to anchor our economy which at that time had in two decades switched from predominantly agrarian to predominantly industrial; the economy since the middle of the last century has been roughly 2/3-powered by consumer spending. In the past, if American consumers were broke, American corporations were in trouble.
Now with global markets, American companies do not necessarily rely on consumption by American consumers.
Perhaps, it has been argued, that this is why we're seeing this all-out attack on social programs as many lower economic class Americans are not only no longer needed or valued as workers but also not as consumers.
Jul 20, 2011 at 12:47 a.m.
Suggest removal
BTW,if anyone thinks that the economy is coming back in a generation to what it was, is absolutely NUTS! The answers that we require are certainly NOT being put forth by either political party. Tax cuts for the rich? Continued , endless conflicts overseas? The continued outsourcing of our middle class to China and India? What you are witnessing people is the destruction of a once great nation, by greed , and watered down politics. No answers, just status quo. None of the politicians today give a crap about the American people, they are just trying to campaign for their next election, or lobbying job. Pathetic excuse for a nation, we just vote when we feel like it, and those that do vote mainly do so in response to the commercials we watch. No due dilligence, no research, NOTHING. Free-market Capitalism without real rules and regulations is a HUGE failure. Human nature to step on your fellow man to get ahead has won out. Plutocratic Oligarchy.
Jul 20, 2011 at 12:41 a.m.
Suggest removal
Any references to Frank, Dodd, or for that matter Soros are not original thought or opinion. Just regurgitated Fox news garble. The mortage lending industry failed and destroyed the economy along with the very credit ratings agencies that rated the CDOs( Collateral Debt Obligations) as a triple A investment up until DAYS beofr the collapse of 2008. CDO is essentially a bundling of Mortages, credit card debt, student loans and the like into one entity and sold to investors at the encouragement of investment bankers. A triple A rating is essentially the same as a US bond. All of this is going on while the mortage lending industry is being de regulated to the point of an absolute free for all , and mortage underwriting could be done by a kindergartener.
When the president (Bush) is on National TV talking about how EVERY American owning a home no matter their financial means, I think that there is PLENTY of political blame to hash around. Because Bill Oreilly is going NUTS on Barney Frank doesnt make him any more culpable than anyone else who changed the rules and made off with trillions, thats right TRILLIONS of tax dollars.
Sure, no one FORCED anyone to take a mortage, but if you spent your life in a hole and had some cute banker telling you that you could afford this by doing that, you might be convinced anythng is possible, right? Especially with the incredibly inflating property values.
BTW the most right on post here is RAF, that IS a solution. No more selling mortages , force banks to DO THEIR JOBS, service these loans! How anyone could defend them is beyond me, but there certainly are some nuts that parrot whatever they hear on certain tv channels and radio stations. The best thing is that they are easily identifyable here. The same folks that absolutely RAIL on the auto bailout that saved upwards of 2 MILLION American Jobs and cost 1/40th of the bank bailout and are noticable silent on that one are shown for their true mindless opinions.
Grandys how does it feel to try to beat up on a stoner , and have him just knock you out? I know if I were trying to pound on someone for pot smoking and call themm stupid, i would bring a little more to the table than rhetoric.
Jul 20, 2011 at midnight
Suggest removal
frogger.. your right on that one...my point is for those two income families who lost both incomes and benifits and are now living in poverty or barley getting by. Also arms had a lot to do with it. Misleading lenders who said,well, we'd like you to do this arm, that's the only one you can get. Lots of brokers pulled that one too and it came out later that they too had lied.
Jul 19, 2011 at 11:08 p.m.
Suggest removal
916WI -- "They overextended themselves--they should treat it as a life lesson, rent for a couple of years and then attempt ownership again at a later date. Asking the banks to write down the mortgages and absorb the losses is laughable." ------------------------------ As opposed to what? To walk away from the underwater house, leaving the lender and banks to absorb even deeper losses. Oh, wait second. That's exactly what happened when the housing bubble burst. But instead of the banks taking the losses as part of doing business, they were spared the life lesson and bailed out by the very same taxpayers they shanked.
Jul 19, 2011 at 8:05 p.m.
Suggest removal
donnaw, answer what I asked gandys, what bill did Dodd, or Frank pass that made banks make loans to unqualified borrowers? I am not defending anyone, I am questioning the veracity of a poster on here. There are too many things thrown out to muddy these discussions that have no basis in fact, and are only used to inflame people.
Jul 19, 2011 at 6:58 p.m.
Suggest removal
pharm... Just google Dodd scandal and you will have hours of reading how many scandals Dodd was and is involved in with the housing and financial industry. Any wonder why he decided not to run? You are sticking up for a real crook!
Jul 19, 2011 at 5:53 p.m.
Suggest removal
im not sure if your post is directed at me or not, but since i specifically mentioned ARM's and you did as well, ill assume your post was directed at me. you read enough of my posts to bring up the ARM's anyways, did you miss the part where i said the signers are most def to be held responsible?? i blame the govt, the lenders, and the borrowers...i was just trying to get stubborn old grandy to realize that there is blame to be laid at the feet of some of the lenders too. no doubt about it. to blame only one or two legs of the tripod is to blatantly deny what really happened. now, if your post wasnt directed at me, then please attempt a juvenile insult at my mistake and i promise i wont be offended if you end it with a :)
Jul 19, 2011 at 5:37 p.m.
Suggest removal
Come on now........how clueless do you have to be?? An "adjustable rate mortgage"?? Imagine that--it has a rate that adjusts! Regardless of who you consider to be at fault here, these people can obviously not afford these homes. They overextended themselves--they should treat it as a life lesson, rent for a couple of years and then attempt ownership again at a later date. Asking the banks to write down the mortgages and absorb the losses is laughable.
Jul 19, 2011 at 4:18 p.m.
Suggest removal
omg. one second i guess you to be about 68 and the next i guess you to be about 13.
when they asked a question, to GET an answer, they were GIVEN misleading info.
i give up grandy. youre not here to have a conversation or expand your thought process. youre here for the digital version of hearing yourself talk. you said get, i said given. wow. just plain wow.
Jul 19, 2011 at 3:44 p.m.
Suggest removal
'YOU had better get a crystal clear explaination of anything you do not understand about the document'
from who?? the guy trying to deceive you?? this is exactly my point grandy. people werent given crystal clear explanations. some were given the exact opposite. ultimately i agree with you, the person who signs is responsible for what they sign. its their credit that takes a hit. its their house that gets foreclosed on, but to sit there and blame barney/frank and the people who signed while giving the profiting deceptive lenders a free pass is just ignorant. buuuuut i guess the good news is at least your consistent:)
Jul 19, 2011 at 3:39 p.m.
Suggest removal
"Grandy's ... did 4 million people know they would loose thier jobs, insurance, pay more for gas and every other thing you have to buy? Use some common sense man. These are things that no one can predict . But the practice of robo signing is illegal and needs to stop one way or another. There are many cases in the courts right now of people who are in forclosure that are not supposed to be, thanks to this practise."
There were plent who should have NEVER gotten the loan in the first place from the bank. Just because the bank thinks you can afford it doesn't mean you can. Banks use GROSS income - not take home.
A guy paying $600 a month in rent with two 450 car payments is barely getting by and then you give him a $1200 mortgage???????? DUH
Jul 19, 2011 at 3:32 p.m.
Suggest removal
Is this a new excuse not to pay your mortgage?
Jul 19, 2011 at 3:30 p.m.
Suggest removal
"Mortgage industry employees are still signing documents they haven't read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures."
Shouldn't they know what all the documents say by now. When I buy a car I don't read the contract because I have read it before.
Jul 19, 2011 at 3:30 p.m.
Suggest removal
I would question it, coming from you.
Jul 19, 2011 at 3:10 p.m.
Suggest removal
grandys, you have made my point about your lack of intelligence, integrity, comprehension, etc. I might add, your complete lack of any moral responsibility for spewing lies. Anybody that listens to you about any subject should be prepared to question your truthfulness.
Jul 19, 2011 at 2:52 p.m.
Suggest removal
grandys, again, unconnected, and showing your lack of integrity, intelligence, and comprehension. Show the proof that Frank/Dodd made banks give unqualified borrowers mortgages. Put up or shut up. You are continuing to make a fool of yourself.
Jul 19, 2011 at 1:52 p.m.
Suggest removal
grandys, show me how that statement has anything to do with your lie about Frank and Dodd forcing banks to lend to unqualified borrowers. You are showing less intelligence with each post if I have to remind you what the discussion is about every time.
Jul 19, 2011 at 1:42 p.m.
Suggest removal
no one forced anyone to sign but if you dont think some borrowers were misled about how their adjustable rate mortgages would adjust, and what that would do to their payment, then you just dont think. ehhhh nvrmnd youve already proven that.
Jul 19, 2011 at 12:56 p.m.
Suggest removal
grandys, if you are going to continue to lie, without a shred of proof, you are just showing your bias, lack of integrity, lack of intelligence, and sheer bullheadedness. Keep up the good work, you are a shining example of what is wrong in these discussions. Show where any politician made any bank lend to unqualified borrowers, or admit you can`t.
Jul 19, 2011 at 12:29 p.m.
Suggest removal
'calling people names shows your lack of a quality education.
Now go lay by your dish!'
you can keep blaming your hypocrisy on pot thats fine. im not reading anything into your post. its what you said old boy.
vato: of course their politicians. im not surprised by it, i cant believe you would be. for what its worth, the president lost my vote by his continuing assault on state legal medical marijauna patients/dispensaries. im on the richard pryor bandwagon now baby...VOTE NONE OF THE ABOVE!!
Jul 19, 2011 at 12:05 p.m.
Suggest removal
By the way, subprime lending never totally went away, and is back on the upswing.... ;-)
Jul 19, 2011 at 12:03 p.m.
Suggest removal
Selling mortgages will never stop. If there is a market, there's a way to make money on them. Isn't that the essence of capitalism and freedom?
Jul 19, 2011 at 11:23 a.m.
Suggest removal
If banks couldn't sell mortgages, they wouldn't be offering 15 or 30 year fixed rate loans. Do you want those to go away?
Jul 19, 2011 at 11:18 a.m.
Suggest removal
grandy your borderline ignorant. just kidding. way past the border. you call FRG a dog in the same post you try to insult him for calling you a name, not to mention the beyond juvenile insults you were tossing at mrs obama's backside just the other day...yet its me burning one that is at fault?? if you cant see the obvious, instant hypocrisy in that post maybe its you that needs to try burning one??
Jul 19, 2011 at 11:18 a.m.
Suggest removal
Grandy's ... did 4 million people know they would loose thier jobs, insurance, pay more for gas and every other thing you have to buy? Use some common sense man. These are things that no one can predict . But the practice of robo signing is illegal and needs to stop one way or another. There are many cases in the courts right now of people who are in forclosure that are not supposed to be, thanks to this practise.
Jul 19, 2011 at 11:05 a.m.
Suggest removal
If you are going to blame Frank, Dodd, or anyone else for something, prove it. Don`t change the subject because you can`t.
Jul 19, 2011 at 10:50 a.m.
Suggest removal
grandys, put up or shut up. Cite any bill passed by Barney Frank or any politician,that forced banks to give mortgages to unqualified buyers.
Jul 19, 2011 at 10:37 a.m.
Suggest removal
RAF - every once in a while we agree on something. This is one of those things. The practice of selling mortagages needs to stop. If my bank approves me for a mortgage, they should service that mortgage and work with me directly if there are problems. That would make banks a lot more responsible in their lending practices, and this outrageous speculation in mortgages would end.
Jul 19, 2011 at 10:25 a.m.
Suggest removal
calling people names shows your lack of education but calling someone a dog in the same post, or picking on someones weight shows??
a)quality education
b)intellect
c)hypocrisy
Jul 19, 2011 at 10:18 a.m.
Suggest removal
Sorry I meant "The Big Short" by Michael Lewis. Give it a read grandys618 and see what you think.
Jul 19, 2011 at 9:48 a.m.
Suggest removal
Yes, do not , in any case, read a book.
Jul 19, 2011 at 9:02 a.m.
Suggest removal
I recommend reading the book "The Great Short" if you want an unbiased explanation of the housing crisis, as opposed to listening to nit wits like grandys618.
Jul 19, 2011 at 6:52 a.m.
Suggest removal
The fix is easy, stop institutions from selling a mortgage. Require the institutions who authorize the loan to also hold and service the loan. That way they eat their own mess and don't pass it to others.
Before you post a comment, consider this:
Note: GazetteXtra.com does not condone or review every comment. Read more in our User Policy AgreementPost Comment
Commenting requires registration.