Comments on: Opening Address by FDIC Chairman Sheila C. Bair, Summit on Residential Mortgage Servicing for the 21st Century

By: acmodspecialists

acmodspecialists — Thu, 20 Jan 2011 05:43:02 +0000

I Vent, wow ! how well explained !

By: l vent

l vent — Thu, 20 Jan 2011 02:18:48 +0000

The question Sheila Baird needs to ask the banks/mortgage servicers is why were the loan modifications not given to homeowners in the first round? Simple answer, the mortgage debt no longer exists because a second bankster paid off the ORIGINAL MORTGAGE and charged homeowner’s a nominal fee to use their paid deeds and Mortgages as collateral in the mother of all Ponzi Schemes.They then proceeded to bundle up the UNSECURITIZED MORTGAGES (CDO’S) with the blessing of BIG NAME RATINGS AGENCIES, and lie to investors about the quality of these instruments in order to get backing. They then proceeded to wildly speculate (make bets) on different aspects of the faulty mbs’s (and other investments such as policeman and fireman’s pension plans and 401 k’s, car loans, commercial property) on wall street to create wealth off of our collateral. It was just one big casino up there on wall street for quite a while. They were making TRILLIONS (GOLDMAN SAKS, LEHMAN and OTHERS). They even found a way to bet on US FAILING it was called CREDIT DEFAULT SWAP INSURANCE with the backing of INSURANCE GIANT AIG!!! Then all of the OVERSPECULATING had to stop somewhere which they knew so they hopped on a SPECIAL PURPOSE VEHICLE called a REMIC then……. the bubble burst, Yep, the market crashed. GAME OVER. Not quite. Then came the massive tax-payer funded bailouts, and it was then time for the banksters to collect on PMI insurance and FRAUDCLOSE and collect on the CREDIT DEFAULT SWAP INSURANCE. It was all created out of pure deviciveness. I think it is time the BANKSTERS called it even with the HOMEOWNER’S. As for the 401 K money and other stolen investments, there needs to be justice for those unsuspecting vicims as well. An EXC– USE I have heard from some attorneys about the mortgage industry is “This is what they did” and the Constitution PROTECTS THEM from the GOVERNMENT. So this is what we will do, START FILING CRIMINAL LAWSUITS on the banksters and the wall street criminal enterprise.

By: housemanrob

housemanrob — Wed, 19 Jan 2011 22:04:45 +0000

In reply to fighting mad, mad as hell. Hear..hear!

By: fighting mad, mad as hell

fighting mad, mad as hell — Wed, 19 Jan 2011 19:23:48 +0000

Chairman Sheila C. Bair missed the mark completely, it’s obvious that she is either deep in denial of the facts or totally ignorant of the true facts and is putting on a dog and pony show.
Make the lenders do the what they should have from the start, give homeowners modifications or refinance the loans. If they had done this from the beginning, there would never have been a meltdown in the first place, even with all the scams and sleight of hand going on, things would have continued blissfully unaware of how everyone was being screwed by the lenders.
But then again, they couldn’t because none of them owned the notes anymore and didn’t want to take a chance on getting stuck when the bottom fell out.

We are never going to get out of this mess as long as the people in charge deny what the real problem is, keep hanging on to the securitization option, act like foreclosures are caused by deadbeats who bought into the subprime scam and that “Incentives, i.e. Bribes” a pay raise to employees are all we need to clear “problem loans”.
Refusal to face the truth or knuckle down and force all mortgage to go thru modifications to re-establish a clear chain of title and the whole “don’t worry, be happy” mindset, has already hopelessly mired any chance of a real estate recovery in less than 5 years.
Just how long do they think it will take to overhaul over 65 million mortgages at this current snails pace?
All those invisible and non-existent modifications so glowingly spoken of are the cause of the bottleneck.
There is no way to keep this boat afloat without drastic action on the part of the government.
We know the banks and mortgage brokers will never do anything without the government putting a gun to their heads and making them give everybody a modification.
It was their refusal to give them that caused the meltdown and the lasting recession.
Or better still just admit that no one owns any mortgage anywhere, hand out mortgage discharges and start over.
The borrowers did not cause this mess, why are we the only ones to be punished in order to fix this mess?
And all the solutions offered so far do nothing to remedy the lack of clear chain of title the real estate market is dead in the water and will stay that way until that one issue is properly addressed and fixed.
No clear titles, no sales. What fool will buy a home with storm clouded titles?