I MEANT TO SAY THE FAT CATS ARE GETTING FATTER FROM THE ONGOING MASSIVE FRAUD!!!!…THEY ARE ALREADY RICH!!!

THEY ARE GETTING RICH OFF OF THE THEFT OF OUR HOMES….OFF OF FORECLOSURE FRAUD AND INSURANCE FRAUD…THEM AND THEIR CRIMINAL FRIENDS AROUND THE GLOBE!!!!!!

THIS IS MASSIVE CREDIT DEFAULT SWAP INSURANCE FRAUD….THEY NEVER HAD THE COLLATERAL TO BACK UP THOSE POLICIES..!!!

THEY ARE STEALING THE PROPERTY RIGHTS OF THE AMERICAN PEOPLE AND COLLECTING 3-4 TIMES WHAT THE PROPERTIES ARE WORTH WITH FAULTY CREDIT FAULT SWAP INSURANCE…

FRAUDCLOSURE IS AN ONGOING CRIMINAL ENTERPRISE….THEY ARE RACKETEERING….!!

THEY CAN’T!!!!!…BECA– USE THEY DON’T OWN SHIT…AND THEY NEVER HAD ANY SKIN IN THE GAME…FRAUDCLOSURE IS A CRIMINAL RACKET…..PROSECUTABLE UNDER RICO…

Kathleen, how about the banks provide full disclosure before they can be granted a FRAUDCLOSURE???

Full disclosure is important…and auctioning people stolen homes is CRIMINAL RACKETEERING!!!!!

One state, NJ I think, requires that everyone with a claim to the property to be auctioned come forward on the same day with theie documentation in support of the claim: Faniie or Freddie, the original owner, the servicing bank, the investment bank, etc, Other states could follow the model.

If this were a reqirement, many auctions probably wouldn’t go forward, as the claimnats lack documentation.

Further, a title company representative should be there on auction day to guarantee the buyer’s deed is valid and free of other claims, that is, that the bank selling him the house is the same on that really owns it!

Until this is sorted out, many peopleare afraid to buy foreclosures. Some who are downsizing are planning to rent, though they’d rather buy right away, because of the documentation chaos.Even the house flippers are showing up at auctions in smaller numbers. Their aim is to resell quickly, after making cosmetic changes, but foreclosures usually require more expensive steructural changes (if left vacant, And buyers are leery of foreclosure re-sales for many reasons.

The law should mandate full disclosure of the financial papers to buyers before auction–HOA minutes about assessments, the state of the community’s reserves, and factorssuch as arequirement to eat dinner in the clubhouse two Sundays a month, or, for small business owners, whether the house is in a “truck friendly” neighborhood. It’s possible they”ll have to leave their truck at work and drive to and from the house in their car. People who are excited about a “bargain house” often learn that the banks want to clear their books of the property taxes, HOA fees etc, and make them someone else’s problems–the new buyer’s.

Full disclosure is important and should be mandated by law.