QE3 Mortgage backed Securities $40B/mo

[Rocky_Shorz]

why Mortgage backed securities, why not buy the mortgages on default, spend pennies and offer it to a returning Vet to start his life. The house will go from a rat trap, to the nicest on the block over night...

you want to turn around the housing market, removing houses makes that happen...

so the Federal Reserve is continuing to buy up American assets...

Maiden Lane 4?

the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will continue through the end of the year its program to extend the average maturity of its holdings of securities as announced in June, and it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. These actions, which together will increase the Committee’s holdings of longer-term securities by about $85 billion each month through the end of the year, should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative...
link

If all this money is about to be pumped this direction, Why did America dump AIG right before doing this?

if you want a list of insiders, look who is buying AIG...

[T Smith]

Posted by Rocky_Shorz (here)
why Mortgage backed securities, why not buy the mortgages on default, spend pennies and offer it to a returning Vet to start his life. The house will go from a rat trap, to the nicest on the block over night...

you want to turn around the housing market, removing houses makes that happen...

so the Federal Reserve is continuing to buy up American assets...

...

Why? Because it's not about fixing or turning around the housing market. There are countless solutions to fix the housing market and the economy, at a fraction of the cost, if only that were the real objective.

What's transpiring here is about shaking out the middle class and consolidating wealth and power. It's about transferring wealth from the masses and into the hands of a very small elite, impoverishing the masses en route. It's about corporate welfare at the very top and squeezing out the middle guy. The end game is a dollar collapse, an ensuing World War conflict, and an "official" ushering in of a new world order to restore the chaos.

[ThePythonicCow]

Posted by Rocky_Shorz (here)
oops meant to type $40B can I get a quick edit Mods...

Thread title edited, from $50B to $40B

[Rocky_Shorz]

whew, at least it's nothing to worry about...

[we-R-one]

omg, omg, omg, if I'm understanding this correctly, this is exactly what I feared was going on.....several of us were talking about this on another thread and I will mention over here what I said over there. There's a serious problem going on within the real estate market that is not being discussed or covered in the mainstream media. There's an organization known as MERS, which stands for Mortgage Electronic Registration System and it's membership consists of all the big banks. What they're doing with the mortgages is splitting the note from the deed and packaging them up and selling them as mortgage backed securities. Additionally they are splitting these securities up into a hundred pieces which is known as fractionalization. By splitting the note from the deed they are clouding the title! A PROPERTY IS DEEMED UNSELLABLE WITH A CLOUDED TITLE! YOU CANNOT LEGALLY SELL A CLOUDED TITLE!

EDIT to add:
ESTABLISHED CASE LAW:
Carpenter v. Longan

"The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carriers the mortgage with it, while an assignment of the latter is a nullity."

Which means any loan that has a MERS identification # on it, most likely has a clouded title. It is estimated that over 70 million homes have a clouded title!

What does this mean to the home owner? It means YOU COULD BE MAKING MORTGAGE PAYMENTS TO THE WRONG LIEN HOLDER! Which means, SOMEONE ELSE CAN COME BACK AND MAKE A CLAIM ON YOUR PROPERTY AS THE RIGHTFUL LIEN HOLDER. Which means, YOU COULD BE LEGALLY FORECLOSED ON FOR NOT MAKING PAYMENTS TO THE RIGHT LIEN HOLDER. Which means, if they have fractionalized your loan, ALL SUBSEQUENT OWNERS OF THOSE MORTGAGE BACK SECURITIES CAN MAKE A CLAIM ON YOUR PROPERTY.

EDIT to add:
ESTABLISHED CASE LAW:
It's all ready happening see Bevilacqua v. Rodriguez

Now if I understand the above article that Rocky Shorz posted, the government is buying back these mortgage backed securites, which is beyond scary to me and what I have feared all along as being a scenario in the making.....why? BECAUSE IT MEANS THE GOVERNMENT IS NOW THE RIGHTFUL LIEN HOLDER, ......LEGALLY!!!! AND THE BANKS AREN'T GOING TO CARE BECAUSE THEY ALL READY GOT PAID WHEN YOU SIGNED FOR THE MORTGAGE. THE FEDERAL RESERVE IS IN CHARGE OF BOTH THE BANKS AND THE GOVERNMENT SO THEY ARE ONE IN THE SAME!!

DO YOU SEE WHERE I'M GOING WITH THIS?? THEY CAN START KICKING PEOPLE OUT OF THEIR HOUSES IF THEY WANT TO!

It's not about the property, it's about controlling the masses. See Agenda 21! They were all ready paid for the property, the second you signed for that mortgage, they're just not telling you that, so the house was paid for upfront! They all ready got their money!!! They have securitized your signatures!

Oh god....someone please tell me I'm completely wrong about this.......

You can follow the conversation we had over on this thread starting with post #6
https://projectavalon.net/forum4/show...725#post548725

[jagman]

Quantitative Easing #3 The final death blow! Here comes hyperinflation. Brace yourselves, People of the World,The United States is going down!
Mayday... Mayday....

[Referee]

Here some more........

Source: https://youtube.com/watch?v=QPY4FgLFUy0

[ThePythonicCow]

Posted by jagman (here)
Quantitative Easing #3 The final death blow! Here comes hyperinflation. Brace yourselves, People of the World,The United States is going down!
Mayday... Mayday....

I doubt it will be exactly hyperinflation, where the government prints money by the wheelbarrow full, with increasing numbers of zero's in the amount.

Rather I expect it will be a depression, with few jobs, and most imports priced out of reach of most of us. Unfortunately, most imports include food and fuel, so this one's going to hurt. Foreigners won't want our US Dollars anymore, and until we get our act together and figure out how to make or mine something they want in trade, it will be slim pickings here in the US.

The bright side: there may be a lot of veterans (former U.S. soldiers) in the soup lines with the rest of us.

[cloud9]

we-R-one,
I'm posting these videos because I'd like to have your opinion about them. My sister and I bought our house in 2003 and I'm 100% positive it was one of those bad loans because we didn't have enough income at the time but our real estate agent helped us though it.

We have never been late in our payments so we don't have problems about that but it bothers me a lot knowing that we are paying a house which is not worth what we owe. One day I called chase and asked them what I could do to get a lower interest rate and they told me I should stop paying so they could study a possible mortgage modification but we never wanted to follow that route, it means you have to destroy your credit and there's no guarantees.

After seeing these videos I understood that when they ask homeowner to be late 90 days they receive full payment from the insurance companies but they can still give you a mortgage modification or even sell your loan to somebody else which I think is fraud because they are being paid twice or more times. Also, the closing day we signed so many papers we didn't have the chance to read, they were just saying: sign here, here and here... I'm not lying when I say we signed more than a hundred documents. All I know is that the mortgage company sold the loan to chase and we have been paying to them.

One day I wanted to know who is the owner of the note and I tried MERS with my address or SS # but it never gave any results.

Is there any other way to know who owns the note?

Source: https://youtube.com/watch?v=NNjnQ7tAKCY

Source: https://youtube.com/watch?v=9hdrqTK0HtA

[we-R-one]

Posted by cloud9 (here)
we-R-one,
I'm posting these videos because I'd like to have your opinion about them. My sister and I bought our house in 2003 and I'm 100% positive it was one of those bad loans because we didn't have enough income at the time but our real estate agent helped us though it.

We have never been late in our payments so we don't have problems about that but it bothers me a lot knowing that we are paying a house which is not worth what we owe. One day I called chase and asked them what I could do to get a lower interest rate and they told me I should stop paying so they could study a possible mortgage modification but we never wanted to follow that route, it means you have to destroy your credit and there's no guarantees.

After seeing these videos I understood that when they ask homeowner to be late 90 days they receive full payment from the insurance companies but they can still give you a mortgage modification or even sell your loan to somebody else which I think is fraud because they are being paid twice or more times. Also, the closing day we signed so many papers we didn't have the chance to read, they were just saying: sign here, here and here... I'm not lying when I say we signed more than a hundred documents. All I know is that the mortgage company sold the loan to chase and we have been paying to them.

One day I wanted to know who is the owner of the note and I tried MERS with my address or SS # but it never gave any results.

Is there any other way to know who owns the note?

I will take a look at these and then reply, just give me till later tonight. Most likely the loans that will be affected will be anywhere from the year 2000 to current. The information on the MERS website is poorly documented and inaccurate from what I've been told- big surprise, huh? Here's what you can do, go down to the county recorder's office in the county in which the property resides and pull all the documents on your property. You will probably have to pay a $1 a copy. No need to get it certified at this point, that will come later if you decided to do a quiet title and an attorney would request that from you when the time comes. The certified copy has to be in perfect shape, so that's why I recommend at this point that you just get regular copies so you don't have to worry about messing up the paperwork. What you're looking for is a MERS identification number or min # within the documents. Do this first and then send me a message and I'll tell you what you need to do next.

Whatever you do, don't get involved in any class action suits, not a good idea and most often not to your benefit as each homeowners situation is different. You see it is my understanding that you are better off pursuing the quiet title before a foreclosure situation can come back at you. Meaning, you want to be the plaintiff, not the defendent. This could offer an opportunity for you to get a reduction in your loan based on the fact that it's highly likely you aren't even paying the proper lien holder! You see what I'm saying? So in lieu of them wrongfully collecting on your mortgage, because the can't provide the note and aren't necessarily the legal lien holder, you might be able to get them to reduce your loan to the market value. Personally with what I know, everyone should get their house for free, because it's all ready paid for and has been since the day you signed for it! But the judges just aren't allowing it...don't ask me how they get around that one since there is so much fricken fraud going on it's not even funny.

So yes you are correct, it does have to do with the insurance, but I was told it's being done at the beginning of the transaction and the banks are paid for the amount of the house 90 days after you sign- supposedly this is where AIG comes into play. It's a scam. I'm not completely astute on the process, but as soon as I get it down, I will post...I just know that it's been going on and it continues to go on to this day and it's not just in the real estate industry! It is possible that there's additional monies passing when the foreclosure process takes place, I wouldn't doubt it for a second, but I don't know enough to understand the process. As I get more well rounded I will post what I know.



DISCLAIMER

I am not a Attorney (Lawyer) medical professional or financial adviser orJudge or Tax Expert or expert in anything, I do not offer Legal Advice orany other form of Law. I research and share Information for Fun andEntertainment and for comparison. All theexchanges contained in this email are for personal use only. This private emailmessage, including any attachment[s] is limited to the sole use of the intendedrecipient[s] and may contain Privileged and/or Confidential Information.Since I Know that I am a Freeborn man with a living Spirit, put here by a creator. I have made him Fiduciary over my Soul.
I am a Living Spirit "One of the People" sent here to live in aFleshly Body "Dust of the Earth", Living on the Dry Soil, Domiciledin a place called Idaho and Living under the Laws and Commandments of the creator and having no intentions of causing harm to anyone or anything. Not being the Subject to Slavery or the Unconscionable Contracts ofUndisclosed "Assumptions" "Presumptions""Adhesive""Invisible" and/or Color of Law and/or wordsmith. MAXIMSOF LAW is the foundation....

****AS PER THE UNITED STATES SUPREME COURT;
A. The practice of Law CAN NOTbe licensed by any state/State Schware v. Board of Examiners,353 U.S. 238, 239
B. The practice of Law is ANOCCUPATION OF COMMON RIGHT!
Sims v. Aherns, 271S.W. 720 (1925) ****


NOTICE TO PRINCIPAL IS NOTICE TO AGENT.NOTICE TO AGENT IS NOTICE TO PRINCIPAL.

[cloud9]

Posted by we-R-one (here)

Posted by cloud9 (here)
we-R-one,
I'm posting these videos because I'd like to have your opinion about them. My sister and I bought our house in 2003 and I'm 100% positive it was one of those bad loans because we didn't have enough income at the time but our real estate agent helped us though it.

We have never been late in our payments so we don't have problems about that but it bothers me a lot knowing that we are paying a house which is not worth what we owe. One day I called chase and asked them what I could do to get a lower interest rate and they told me I should stop paying so they could study a possible mortgage modification but we never wanted to follow that route, it means you have to destroy your credit and there's no guarantees.

After seeing these videos I understood that when they ask homeowner to be late 90 days they receive full payment from the insurance companies but they can still give you a mortgage modification or even sell your loan to somebody else which I think is fraud because they are being paid twice or more times. Also, the closing day we signed so many papers we didn't have the chance to read, they were just saying: sign here, here and here... I'm not lying when I say we signed more than a hundred documents. All I know is that the mortgage company sold the loan to chase and we have been paying to them.

One day I wanted to know who is the owner of the note and I tried MERS with my address or SS # but it never gave any results.

Is there any other way to know who owns the note?

I will take a look at these and then reply, just give me till later tonight. Most likely the loans that will be affected will be anywhere from the year 2000 to current. The information on the MERS website is poorly documented and inaccurate from what I've been told- big surprise, huh? Here's what you can do, go down to the county recorder's office in the county in which the property resides and pull all the documents on your property. You will probably have to pay a $1 a copy. No need to get it certified at this point, that will come later if you decided to do a quiet title and an attorney would request that from you when the time comes. The certified copy has to be in perfect shape, so that's why I recommend at this point that you just get regular copies so you don't have to worry about messing up the paperwork. What you're looking for is a MERS identification number or min # within the documents. Do this first and then send me a message and I'll tell you what you need to do next.

Whatever you do, don't get involved in any class action suits, not a good idea and most often not to your benefit as each homeowners situation is different. You see it is my understanding that you are better off pursuing the quiet title before a foreclosure situation can come back at you. Meaning, you want to be the plaintiff, not the defendent. This could offer an opportunity for you to get a reduction in your loan based on the fact that it's highly likely you aren't even paying the proper lien holder! You see what I'm saying? So in lieu of them wrongfully collecting on your mortgage, because the can't provide the note and aren't necessarily the legal lien holder, you might be able to get them to reduce your loan to the market value. Personally with what I know, everyone should get their house for free, because it's all ready paid for and has been since the day you signed for it! But the judges just aren't allowing it...don't ask me how they get around that one since there is so much fricken fraud going on it's not even funny.

So yes you are correct, it does have to do with the insurance, but I was told it's being done at the beginning of the transaction and the banks are paid for the amount of the house 90 days after you sign- supposedly this is where AIG comes into play. It's a scam. I'm not completely astute on the process, but as soon as I get it down, I will post...I just know that it's been going on and it continues to go on to this day and it's not just in the real estate industry! It is possible that there's additional monies passing when the foreclosure process takes place, I wouldn't doubt it for a second, but I don't know enough to understand the process. As I get more well rounded I will post what I know.



DISCLAIMER

I am not a Attorney (Lawyer) medical professional or financial adviser orJudge or Tax Expert or expert in anything, I do not offer Legal Advice orany other form of Law. I research and share Information for Fun andEntertainment and for comparison. All theexchanges contained in this email are for personal use only. This private emailmessage, including any attachment[s] is limited to the sole use of the intendedrecipient[s] and may contain Privileged and/or Confidential Information.Since I Know that I am a Freeborn man with a living Spirit, put here by a creator. I have made him Fiduciary over my Soul.
I am a Living Spirit "One of the People" sent here to live in aFleshly Body "Dust of the Earth", Living on the Dry Soil, Domiciledin a place called Idaho and Living under the Laws and Commandments of the creator and having no intentions of causing harm to anyone or anything. Not being the Subject to Slavery or the Unconscionable Contracts ofUndisclosed "Assumptions" "Presumptions""Adhesive""Invisible" and/or Color of Law and/or wordsmith. MAXIMSOF LAW is the foundation....

****AS PER THE UNITED STATES SUPREME COURT;
A. The practice of Law CAN NOTbe licensed by any state/State Schware v. Board of Examiners,353 U.S. 238, 239
B. The practice of Law is ANOCCUPATION OF COMMON RIGHT!
Sims v. Aherns, 271S.W. 720 (1925) ****


NOTICE TO PRINCIPAL IS NOTICE TO AGENT.NOTICE TO AGENT IS NOTICE TO PRINCIPAL.

Thanks a lot for your answer. What I understand is that to homeowners in distress or the ones like me looking for a lower monthly payment, the bank suggests them to be late for 90 days due to the securitization process. When the banks pooled mortgages and sold them to investors, they had to pay insurance policies to back the mortgages, also every time a mortgage is sold, the homeowner pays for insurance that backs him up in case he can't pay. In any case, it seems like every time somebody defaults is even a better business because the bank can receive several times the value of the loan from different insurance companies (buying insurance from many companies on the same loan), it can be as high as 30 times the initial loan, still the bank can foreclosure or sell the loan to somebody else who also will try to make money our of it.

[we-R-one]

Posted by cloud9 (here)
Thanks a lot for your answer. What I understand is that to homeowners in distress or the ones like me looking for a lower monthly payment, the bank suggests them to be late for 90 days due to the securitization process. When the banks pooled mortgages and sold them to investors, they had to pay insurance policies to back the mortgages, also every time a mortgage is sold, the homeowner pays for insurance that backs him up in case he can't pay. In any case, it seems like every time somebody defaults is even a better business because the bank can receive several times the value of the loan from different insurance companies (buying insurance from many companies on the same loan), it can be as high as 30 times the initial loan, still the bank can foreclosure or sell the loan to somebody else who also will try to make money our of it.

You're right, they want you to default! One of the people I'm working with told me that lenders know exactly how to set you up so you have a higher chance of defaulting! AIG fell due to this insurance scam and homeowners defaulting, is what I'm being told. I think it was set up (AIG), with the mindset that once it served its purpose they would just let it fold. ok, on to the videos...

[we-R-one]

ok watched the second video first,....yes, this guy is saying the same thing...omg are they playing the song "Bridge Over Troubled Water" in the background? lmao, how ironic is that? There's going to be troubled water all right.

See these banks know they're in deep crap, and I believe this is why they're trying to get people to refinance their loans and/or offering unbelievable opportunities that seem too good to be true, such as forgiving your second loan. They need your consent! They're attempting to re-create a new contract because most likely they've shredded your note and the only way they can generate a new note is to get you to consent into a new agreement! They don't even have the right to collect a mortgage payment from you because if its a MERS loan, they've shredded the note and if they shredded the note, they have no right to your property! They are in violation of contract law! This is why I say DON'T DO IT, because right now you have some leverage by attempting a quiet title. You have a better chance of winning if you do this before you go into default.

I strongly suggest that homeowners look into this now, because once everyone else starts figuring this out, you will have an onslaught of people wanting to obtain services in order to obtain clear title. Well at that point, the system is going to be so over-loaded it could take years before you get your turn. Should you want to sell your property, you may be unable to because no one, once they understand, is going to want to buy any property unless you can show proof of having a clear title. This is the purpose of having a title exam done, also called a COTA (chain of title assessment). It serves as an affidavit it court in which an attorney can then proceed with the quiet title process.

I like this video, as it simplifies what's going on within the industry, so the average person can understand....ok, back after I view the first video.

[gripreaper]

The Fed's idea of QE3 is to buy $40 Billion a Month in Junk Mortgage Backed Securities "ad infinitum"? The bottom line is: The same crackheads that crashed the world 4 years ago are still steering the boat and playing slalom with the icebergs.

What it means is the Fed is now willing to transfer to it's balance sheet, all the toxic crap that has been hidden off the books at the big banks, giving the banks 40 BILLION a month to kick the can down the road, and sticking us with the tab.

Here's the thing. Anything less than 40 billion/ month will now cause a market crash. Think about that for a minute. Let it sink in. No going backward from Weimar now, the Rubicon has been crossed. Brilliant Keynesian economics, eh?

Bye bye gold and silver. See ya at 2500 and 75

Source: https://youtube.com/watch?v=vH2NPh-lLaY

[we-R-one]

OK, so the Carl Pierson attorney(first video), I thought it was interesting that he was suggesting doing it in New York state based on where the securitization took place....I have not heard that and I'm not sure that's necessarily the avenue to take. It has been explained to me that the philosophy that serves well with the judges is the KISS method, - keep it simple stupid. If you focus on the securitization end, it can become extremely confusing. Since each case is unique that is something to be discussed on an individual basis with whomever you decide to hire. The people I'm working with have put together a network of attorneys that are suppose to be familiar with a lot of the MERS cases, in addition to quiet title procedures. They're sharing information so they know what's going on up to the minute, on cases across the country. I'm not sure that Pierson is involved with this organization for two reasons....the first being he is focusing on the securitization end and the second is the cost.....100k or more, really??? I realize that each situation is different and it's possible that some cases may take longer than others, so therefore more costly....but I can tell you, I haven't as of yet heard the cost being 100k to have a quiet title done. I can only assume he is referring to more complicated cases. I just found that amount alarming, because who can afford that!

[gripreaper]

We-R-One. Did you see the video with the room full of attorneys and their concern with the "pro se" movement and the access that people now have to information? The courts and attorneys are facing cases where they actually have to lawyer because they are being faced with the actual case law, all the way to the supreme court cases from the last 200 years, plus their own rules (which they never follow) and they are actually having to work and EARN their money.

The people are getting pissed and realize they've been railroaded and are taking matters into their own hands, and I say, "good on ya" for doing so. What is so compelling is that these same people are about to blow the lid wide open on this fraud, and the answer from the banks and Fed's point of view is to take all that toxic crap and bury it where it can't be found, before it's too late.

But 40 BILLION a month? Indefinitely till the garbage is cleaned up and the landfill is full?

[we-R-one]

Posted by gripreaper (here)
We-R-One. Did you see the video with the room full of attorneys and their concern with the "pro se" movement and the access that people now have to information? The courts and attorneys are facing cases where they actually have to lawyer because they are being faced with the actual case law, all the way to the supreme court cases from the last 200 years, plus their own rules (which they never follow) and they are actually having to work and EARN their money.

The people are getting pissed and realize they've been railroaded and are taking matters into their own hands, and I say, "good on ya" for doing so. What is so compelling is that these same people are about to blow the lid wide open on this fraud, and the answer from the banks and Fed's point of view is to take all that toxic crap and bury it where it can't be found, before it's too late.

But 40 BILLION a month? Indefinitely till the garbage is cleaned up and the landfill is full?

Haven't seen it, please send to me or post here, would be most interested. Isn't Rod Class working on something like that? It is my belief that attorneys have no idea what they represent as like many, they are educated idiots. I'm not making fun of them as all of us have been put into that position. Just to be clear when I say "educated idiot" I'm referring to someone who has a formal eductation which in most cases isn't an education but rather indoctrination to the the belief system of what "they" want you to think is true.

I can only imagine that attorneys would have no desire to uphold common law as it would put them out of business due to the wiping out of all the statue laws that have been put into place to control the masses.

[ThePythonicCow]

Posted by we-R-one (here)
They're attempting to re-create a new contract because most likely they've shredded your note and the only way they can generate a new note is to get you to consent into a new agreement!

Here's what looks like an interesting article on this thread's topic:

US banks' disorganization forced 800,000 homeowners into foreclosure

As a result of banks' disorganization and understaffing - particularly at the peak of the crisis in 2009 and 2010 - homeowners were often forced to run a gauntlet of confusion, delays, and errors when seeking a mortgage modification.

But while evidence of these problems was pervasive, it was always hard to quantify the damage. Just how many more people could have qualified under the administration's mortgage modification program if the banks had done a better job? In other words, how many people have been pushed toward foreclosure unnecessarily?

A thorough study released last week provides one number, and it's a big one: about 800,000 homeowners.

The study's authors - from the Federal Reserve Bank of Chicago, the government's Office of the Comptroller of the Currency (OCC), Ohio State University, Columbia Business School, and the University of Chicago - arrived at this conclusion by analyzing a vast data set available to the OCC. They wanted to measure the impact of HAMP, the government's main foreclosure prevention program.

What they found was that certain banks were far better at modifying loans than others. The reasons for the difference, they established, were pretty predictable: The banks that were better at helping homeowners avoid foreclosure had staff who were both more numerous and better trained.

More at http://www.presstv.ir/usdetail/261266.html

[we-R-one]

Posted by Paul (here)

Posted by we-R-one (here)
They're attempting to re-create a new contract because most likely they've shredded your note and the only way they can generate a new note is to get you to consent into a new agreement!

Here's what looks like an interesting article on this thread's topic:

US banks' disorganization forced 800,000 homeowners into foreclosure

As a result of banks' disorganization and understaffing - particularly at the peak of the crisis in 2009 and 2010 - homeowners were often forced to run a gauntlet of confusion, delays, and errors when seeking a mortgage modification.

But while evidence of these problems was pervasive, it was always hard to quantify the damage. Just how many more people could have qualified under the administration's mortgage modification program if the banks had done a better job? In other words, how many people have been pushed toward foreclosure unnecessarily?

A thorough study released last week provides one number, and it's a big one: about 800,000 homeowners.

The study's authors - from the Federal Reserve Bank of Chicago, the government's Office of the Comptroller of the Currency (OCC), Ohio State University, Columbia Business School, and the University of Chicago - arrived at this conclusion by analyzing a vast data set available to the OCC. They wanted to measure the impact of HAMP, the government's main foreclosure prevention program.

What they found was that certain banks were far better at modifying loans than others. The reasons for the difference, they established, were pretty predictable: The banks that were better at helping homeowners avoid foreclosure had staff who were both more numerous and better trained.

More at http://www.presstv.ir/usdetail/261266.html

This article says a lot. No surprise that the big banks aren't cooperating. They could care less as they all ready got their money and then some. You see if you default, which is what they want so they can cash in on the insurance, it just allows them to start with another and create the process all over again.

I need to find out what the statue of limitations are to go back and dispute wrongfully being foreclosed on...this has always been a concern of mine because there are so many people who have bought foreclosed homes and have no idea that the previous buyer may have been wrongfully kicked out by the bank who was "pretending" to be the legal owner when really they had no right to the property due to the clouded title.

I really question what the true purpose of this study was for? A waste of tax payer's money maybe? They know damn well what they're doing and it's not helping the people. Could it be that they wanted to find out who was doing proper modifications so they could eventually shut them down....These big banks have more money than what they know what to do with, there's no excuse for being understaffed and undertrained. Why people even put their monies into the upper echelon banks is beyond me.

[cloud9]

Posted by we-R-one (here)
ok watched the second video first,....yes, this guy is saying the same thing...omg are they playing the song "Bridge Over Troubled Water" in the background? lmao, how ironic is that? There's going to be troubled water all right.

See these banks know they're in deep crap, and I believe this is why they're trying to get people to refinance their loans and/or offering unbelievable opportunities that seem too good to be true, such as forgiving your second loan. They need your consent! They're attempting to re-create a new contract because most likely they've shredded your note and the only way they can generate a new note is to get you to consent into a new agreement! They don't even have the right to collect a mortgage payment from you because if its a MERS loan, they've shredded the note and if they shredded the note, they have no right to your property! They are in violation of contract law! This is why I say DON'T DO IT, because right now you have some leverage by attempting a quiet title. You have a better chance of winning if you do this before you go into default.

I strongly suggest that people look into this now, because once everyone else starts figuring this out, you will have an onslaught of people wanting to obtain services in order to obtain clear title. Well at that point, the system is going to be so over-loaded it could take years before you get your turn. Should you want to sell your property, you may be unable to because no one, once they understand, is going to want to buy any property unless you can show proof of having a clear title. This is the purpose of having a title exam done, also called a COTA (chain of title assessment). It serves as an affidavit it court in which an attorney can then proceed with the quiet title process.

I like this video, as it simplifies what's going on within the industry, so the average person can understand....ok, back after I view the first video.

we-R-one,
i was doing some research for a relative who is having a lot of trouble paying his mortgage and that's how I saw the videos. As I said before, we have never been late in our payments but we'd like not to pay that much every month as our house is priced at less than half of what we owe.

Today I talked to my sister about this thread and she told me that chase has been calling her very persistently, she didn't know what they wanted so she decided to take one of those calls, to make the story short, they wanted to offer a new "Obama program" that would reduce the monthly payments I guess by refinancing again at 30 years as we have been paying for 9 years, they told her that if we were interested, the monthly payments would be at least five hundred less, that it was not a mortgage modification and that chase was offering it because we have never been late.

Would this mean that they don't own the note? I think it's very possible and I'm going to the county and find out. Have you ever heard of a Bloomberg report that homeowners can buy in which they follow the note and the mortgage at every step? I have no idea how to do this but whatever I learn I'll share it here.

Many times I have wondered what would it happened if everybody who owe to banks not just mortgages but credit cards and other credit lines, would refuse to pay? What could the banks do?
Unfortunately the system is so complicated and just a very few people know how it really works, it's almost impossible to find a lawyer willing to help. They really have no idea... so far all I have seen is some people fighting traffic tickets which is just lame, they feel good because they are "beating" the system but are they really accomplishing anything?