Housing mess just got messier | The C...

Housing mess just got messier | The Columbus Dispatch

There are 28 comments on the Columbus Dispatch story from Oct 17, 2010, titled Housing mess just got messier | The Columbus Dispatch. In it, Columbus Dispatch reports that:

Michael Fox is trying to save his home from foreclosure. Marya Kurpita is trying to buy a home in foreclosure.

Join the discussion below, or Read more at Columbus Dispatch.

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United States

#2 Oct 17, 2010
Those who committed fraud must be charged with their misdeeds.
Why should the mortgage companies get away with fraud?
L Berry

Alliance, OH

#3 Oct 17, 2010
I can understand the legal issues of someone signing a document without fully reading and investigating it. But I also understand the gravity and scale of the foreclosure crisis. As a former business manager I relied upon my staff to accomplish the details of such matters. I had faith in their ability and did random double checks to validate my faith in their ability.
We are again failing to see the big picture. It's election year and many politicians are running scared for their positions. So what better to do than show compasion and caring for the large number of foreclosures.
But the real reason someone is in foreclosure is not because a manager signed the foreclosure documents without reading them completely. The real reason is the buyers failed to make mortgage payments for a prolonged period. They also didn't try to work with the mortgage companies to work out a repayment plan. Many of these buyers are hard working family people who lost their jobs due to job loss in these hard economic times. Others, teh majority, bought the homes under the Carter-Clinton Legislature that forced banks to give sub-prime loans to people who did not have the means to repay. The vast majority of foreclosures are the result of sub-prime mortgages. We can't blame the banks for trying to recover their money. In most cases it was investors money, managed by the banks for people like myself. I worked hard and saved for my entire adult life to save for retirement. I invested in Mutual Funds which also invested in mortgages. I have a right to recover my money. I rely on it to pay my bills and eat.
So bottom line, stop the craziness and do a simple double check on legality of foreclosure and get on with it. Look at the people who are being delayed in their attempt to buy a house. They have legal rights as well.
Barney19

Columbus, OH

#4 Oct 17, 2010
L Berry wrote:
I can understand the legal issues of someone signing a document without fully reading and investigating it. But I also understand the gravity and scale of the foreclosure crisis. As a former business manager I relied upon my staff to accomplish the details of such matters. I had faith in their ability and did random double checks to validate my faith in their ability.
We are again failing to see the big picture. It's election year and many politicians are running scared for their positions. So what better to do than show compasion and caring for the large number of foreclosures.
But the real reason someone is in foreclosure is not because a manager signed the foreclosure documents without reading them completely. The real reason is the buyers failed to make mortgage payments for a prolonged period. They also didn't try to work with the mortgage companies to work out a repayment plan. Many of these buyers are hard working family people who lost their jobs due to job loss in these hard economic times. Others, teh majority, bought the homes under the Carter-Clinton Legislature that forced banks to give sub-prime loans to people who did not have the means to repay. The vast majority of foreclosures are the result of sub-prime mortgages. We can't blame the banks for trying to recover their money. In most cases it was investors money, managed by the banks for people like myself. I worked hard and saved for my entire adult life to save for retirement. I invested in Mutual Funds which also invested in mortgages. I have a right to recover my money. I rely on it to pay my bills and eat.
So bottom line, stop the craziness and do a simple double check on legality of foreclosure and get on with it. Look at the people who are being delayed in their attempt to buy a house. They have legal rights as well.
Well said. You are to be commended!
John Doh

Columbus, OH

#5 Oct 17, 2010
That headline is bunk. The thing that's going to slow the recovery is political opportunism. The government should stay out of this latest "crisis" that it manufactured. There is no evidence that the banks foreclosed on any homes improperly.
Funny how the banks are scapegoated when Congress keeps giving them billions upon billions of tax dollars.
When in doubt, blame the banks (wink wink, but we'll be sure to keep flooding you with money.)
If you don't pay your mortgage, you're going to lose your home. The government should stay out.
Help its a Lawyer

Windsor, CA

#6 Oct 17, 2010
We know that this is the kind of crap this country is famous for.

Feeding frenzy for the legal system fueled by irresponsible people that can't answer for their own mistakes at the expense of those who can.

Obama and his criminal lawyers will love this.

OBAMA TERRITORY for sure.

WAY TOO MANY ATTORNEYS!!!!!!!
My2Cents

United States

#7 Oct 17, 2010
>>>>>>> >Cecala, of Inside Mortgage Finance, said he expects such suits to flourish, though he doubts their effectiveness. "The lawyers will be lining up to file these suits all over the country," Cecala said. "Ultimately, it won't change the outcome of the foreclosures. If someone hasn't paid their mortgage for a year and a half or two years, there's no way they'll keep the keys to the house in the long run."<<<<< <<<

If the Courts follow the laws that are on the books then not only will the homeowners prevail (and yes a free house is possible if the contract is voided) but the banks, foreclosure mills, and even the notary offenders will do jail time. Bank Fraud is illegal. Filling fraudulent documents in a court is illegal. These are not technical "glitches" or "poor management calls" due to being overwhelmed with the volume of the current workload. It is premeditated fraud. Book 'em!!!! Google search "mortgage fraud" and see what happens to people outside the banking/government protected environment. These people are not above the law and if more reporters would keep this in the forefront of the issues being reported we'd see a change.
Sad

Columbus, OH

#8 Oct 17, 2010
Both political parties sat back and watched this mortgage fraud ponzi scheme run amok while their cronies got rich from about 2001-2007. A huge mis-allocation of capital.

33 to 1 leverage, CDOs, AGI with no colleratal, inflated apprasials, etc. Millions of families hurt, lost homes; lost jobs because of the housing fallout, directly/indirectly; 401ks down the drain, etc.

No one goes to jail, and now we are arguing about technicalities.

The above alone should be why all incumbents should be thrown out because each one of them could have blown the whistle in the media way before the crap hit the fan. I personally knew it was going on in 2002 and I am a nobody in Grove City, Ohio.
Sad

Columbus, OH

#9 Oct 17, 2010
John Doh wrote:
That headline is bunk. The thing that's going to slow the recovery is political opportunism. The government should stay out of this latest "crisis" that it manufactured. There is no evidence that the banks foreclosed on any homes improperly.
Funny how the banks are scapegoated when Congress keeps giving them billions upon billions of tax dollars.
When in doubt, blame the banks (wink wink, but we'll be sure to keep flooding you with money.)
If you don't pay your mortgage, you're going to lose your home. The government should stay out.
If you are not paying, you are not staying...should be the rule. I also agree with you. Dragging it out with technicalities helps no one, except those who are not paying.
Crime Inc

Chillicothe, OH

#10 Oct 17, 2010
A question of scale here. What is more dangerous to the economy: thousands of people who lose their homes for any number of reasons or Wall St bundling the notes and selling them with fraudulent intent, and on top of that selling derivatives on those fraudulent MBSs?

Let's watch congress in the lame duck session pass a law that retroactively gives a pass to the to MBS fraudsters and allows the fraudelent foreclosures to stand and makes it easier for banks to more easily foreclose on the upcoming troubles.

Then let's watch how any semblance of lawfulness in our national character evaporates. Do we as a people want to live in a society based upon lawfulness or not?

“God doesn't like ugly!”

Since: Jan 10

Location hidden

#11 Oct 17, 2010
the banks need to be responsible. They took tax payer's dollars to include the folks who they foreclosed on...those home owners still had to pay their taxes......time for the banks to pay up!
Anonymous

Columbus, OH

#12 Oct 17, 2010
Veteran from columbus wrote:
the banks need to be responsible. They took tax payer's dollars to include the folks who they foreclosed on...those home owners still had to pay their taxes......time for the banks to pay up!
If these homeowners were paying their mortgages in the first place, it wouldn't be an issue. Seems to me that [at least some] are trying to weasel out of their debt obligations without paying. Many got in over their heads, took on more debt than they could handle, didn't read what they were signing, and in some cases flat out misrepresented their ability to repay. Now, we're all suffering, but the article makes them out to be the victim.
Wait what

Medina, OH

#13 Oct 17, 2010
Truth be told, I'm not sure why lenders are so anxious to foreclose anyway.

All they are doing is further eroding their balance sheets. If the banks force a lot of foreclosures through simultaneously, all it does is make the houses cheap, making the losses on the mortgages larger, and reducing the amount of interest the banks will make on the new loans.
Ramsay

Raleigh, NC

#14 Oct 17, 2010
The F/c moratorium recently enacted just did Marya Kurpita (the buyer) a HUGE favor by nullifying her 'buy', although she probably is too undereducated to truly understand why. I think what I find sort of dark but typical in these "forclosure" sales are the fact that these hideously double talking banks (and RE agents) are selling these homes, replete with shady title originations due to the casino style selling off that occurred, to ppl like Kurpita- a non english speaking immigrant. Almost as if they're scraping for the least cognizant buyers to defraud- yet again, via dumping these illegitimately titled homes on unsuspecting ppl- like Kurpita.

At what point are BANKS finally held accountable for this kind of unconsciounable, fraudulent CRAP??
hubris

Columbus, OH

#15 Oct 17, 2010
L Berry wrote:
I can understand the legal issues of someone signing a document without fully reading and investigating it. But I also understand the gravity and scale of the foreclosure crisis. As a former business manager I relied upon my staff to accomplish the details of such matters. I had faith in their ability and did random double checks to validate my faith in their ability.
We are again failing to see the big picture. It's election year and many politicians are running scared for their positions. So what better to do than show compasion and caring for the large number of foreclosures.
But the real reason someone is in foreclosure is not because a manager signed the foreclosure documents without reading them completely. The real reason is the buyers failed to make mortgage payments for a prolonged period. They also didn't try to work with the mortgage companies to work out a repayment plan. Many of these buyers are hard working family people who lost their jobs due to job loss in these hard economic times. Others, teh majority, bought the homes under the Carter-Clinton Legislature that forced banks to give sub-prime loans to people who did not have the means to repay. The vast majority of foreclosures are the result of sub-prime mortgages. We can't blame the banks for trying to recover their money. In most cases it was investors money, managed by the banks for people like myself. I worked hard and saved for my entire adult life to save for retirement. I invested in Mutual Funds which also invested in mortgages. I have a right to recover my money. I rely on it to pay my bills and eat.
So bottom line, stop the craziness and do a simple double check on legality of foreclosure and get on with it. Look at the people who are being delayed in their attempt to buy a house. They have legal rights as well.
Interesting collection of truth and nonsense. You must have been a lousy business manager if you invested in mortgage-based mutual funds a college business student know are risky, and yet you think you have a right to your money back. Hope you didn't think that way managing other people's money. In fact, you're just the type of sucker Wall Street skinned during the George W Bush days of no regulation or enforcement. Yes, we all remember the mortgage crisis, and how it happened. Remember all those conversations with affluent young professionals buying houses with no money down, expecting to flip them in a year for a profit. That behavior brought on the housing crisis, encouraged by an administration using housing as the only good news in a rapidly outsourced and offshored economy. When that bubble burst, so did you mutual funds, and you still blame Democrats, rather than recognizing that you invested in the crisis, and, for a while, personally profited from it.

So, did you buy gold next? Wait till that bubble bursts. Such is the life of a serial sucker. But, by all means, blame the Democrats.
Sad

Columbus, OH

#16 Oct 17, 2010
Wait what wrote:
Truth be told, I'm not sure why lenders are so anxious to foreclose anyway.
All they are doing is further eroding their balance sheets. If the banks force a lot of foreclosures through simultaneously, all it does is make the houses cheap, making the losses on the mortgages larger, and reducing the amount of interest the banks will make on the new loans.
The argument given is so housing can reach the bottom quicker, to facilitate a recovery. No recovery until the bottom is reached and buyer feel confident to come off the sidelines without getting burned by a further drop.

That is what is said on CNBC constantly.
mad

Lake Worth, FL

#17 Oct 17, 2010
to people like L Berry, it is often not that people unable to make their mortgage payments did not try to work with their lender. The lenders (except for 1 major 1) will not work with their customers, even when they have law representation. Perhaps you are not personally involved in this mess, but I have been.
reddog75

Fort Worth, TX

#18 Oct 17, 2010
A big old Thank you to Barney"everythings fine in the morgatge business"Frank,,,and a big thumbs down on Repubs,Dems and Pres Bush for not calling him on it,,,sleeze bag politicians
OMG

Columbus, OH

#19 Oct 17, 2010
The only ones benefitting from this is the attorneys. The homeowners didnt pay their mortgage... therefor according to their loan agreement lose their home. AND SHOULD!
Sad

Columbus, OH

#20 Oct 17, 2010
L Berry wrote:
I can understand the legal issues of someone signing a document without fully reading and investigating it. But I also understand the gravity and scale of the foreclosure crisis. As a former business manager I relied upon my staff to accomplish the details of such matters. I had faith in their ability and did random double checks to validate my faith in their ability.
We are again failing to see the big picture. It's election year and many politicians are running scared for their positions. So what better to do than show compasion and caring for the large number of foreclosures.
But the real reason someone is in foreclosure is not because a manager signed the foreclosure documents without reading them completely. The real reason is the buyers failed to make mortgage payments for a prolonged period. They also didn't try to work with the mortgage companies to work out a repayment plan. Many of these buyers are hard working family people who lost their jobs due to job loss in these hard economic times. Others, teh majority, bought the homes under the Carter-Clinton Legislature that forced banks to give sub-prime loans to people who did not have the means to repay. The vast majority of foreclosures are the result of sub-prime mortgages. We can't blame the banks for trying to recover their money. In most cases it was investors money, managed by the banks for people like myself. I worked hard and saved for my entire adult life to save for retirement. I invested in Mutual Funds which also invested in mortgages. I have a right to recover my money. I rely on it to pay my bills and eat.
So bottom line, stop the craziness and do a simple double check on legality of foreclosure and get on with it. Look at the people who are being delayed in their attempt to buy a house. They have legal rights as well.
Nobody can force a bank to lend to a person who obviously cannot re-pay a loan, that is just plain silly.

The banks lent because they could get the origination fees and hide the bad loan in a grouping of 100 mortgages that are packaged and sold to some unknowing sucker in the secondary market. A lot of these loans were done "out of house" by mortgage brokers on behalf of the banks, with no regard to the employing bank or the borrower, just regard to the broker's pocket and the fees. After the blow up, many banks brought the origination back in-house, to trust the process as the brokers were screwing them.
Jim

Hilliard, OH

#21 Oct 17, 2010
L Berry wrote:
I can understand the legal issues of someone signing a document without fully reading and investigating it. But I also understand the gravity and scale of the foreclosure crisis. As a former business manager I relied upon my staff to accomplish the details of such matters. I had faith in their ability and did random double checks to validate my faith in their ability.
We are again failing to see the big picture. It's election year and many politicians are running scared for their positions. So what better to do than show compasion and caring for the large number of foreclosures.
But the real reason someone is in foreclosure is not because a manager signed the foreclosure documents without reading them completely. The real reason is the buyers failed to make mortgage payments for a prolonged period. They also didn't try to work with the mortgage companies to work out a repayment plan. Many of these buyers are hard working family people who lost their jobs due to job loss in these hard economic times. Others, the majority, bought the homes under the Carter-Clinton Legislature that forced banks to give sub-prime loans to people who did not have the means to repay. The vast majority of foreclosures are the result of sub-prime mortgages. We can't blame the banks for trying to recover their money. In most cases it was investors money, managed by the banks for people like myself. I worked hard and saved for my entire adult life to save for retirement. I invested in Mutual Funds which also invested in mortgages. I have a right to recover my money. I rely on it to pay my bills and eat.
So bottom line, stop the craziness and do a simple double check on legality of foreclosure and get on with it. Look at the people who are being delayed in their attempt to buy a house. They have legal rights as well.
"I invested in Mutual Funds which also invested in mortgages. I have a right to recover my money. I rely on it to pay my bills and eat." Well, as you can see you made a dumb investment. You should be having your Mutual Funds sue the banks that didnt give them the notes like they were supposed to. If I were you Id be very scared at this point because your Funds may NOT own those mortgages for a while especially if they were not transferred. I Suspect there was fraud upon YOU as well. Most of these exotic mortgages mortgages were done under BUSH II. The loans before 2000 were and still are fine. The real estate craziness began AFTER the TECH bubble.

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