Wednesday, October 13, 2010

Foreclosure Follies

How ludicrous is this whining by banks about courts requiring them to do foreclosures properly!
Banks have been caught lying on court papers and not properly serving borrowers that a foreclosure sale date is set. They lose notes and cannot prove they actually own the loan, yet they want to foreclose faster.

These banks collect billions in servicing fees, yet want to make more and more money so they cut corners and they refuse to hire more people to process the loans. They hire law firms to specialize in the foreclosure process, but all that means is the lawyers lie for them, too. Fannie Mae and Freddie Mac are among the worst offenders. All this is just outrageous. Now they go on TV and get shills to say how all this correct procedure is somehow hurting the real estate recovery.

That's more Boob Bait for the Booboise - talking points for their lackeys in the media and financial industry.

Yet making simply loan modifications and approving short sales quickly - real actions that would save them money - are not done.

In my opinion, any state that permits non-judicial foreclosures should immediately change to requiring judicial foreclosures. The financial industry has proven that it is incompetent, utterly ruthless and selfish.

Make them do it right. That's why they are being paid.

Word of the Day

"Subserve" - verb, transitive [$10]
Subserve means 1. to serve as an instrument or means of; 2. to promote the welfare or purposes of.
Sentence: Courts should be a forum of impartial justice adn correct, fair procedure; they should NOT subserve bank profits.


Frosty said...

Bunky is it because lloyd is a jew or that he is bald or both sir?

Bud said...

amazing Bman.................the dollar is getting destroyed.......and you are cheering QE2

where is the outrage Bman ?????

Frosty said...

Krypto long the rupee in SIZE...traded the afgan collection for a pile o turbans.

Bunkerman said...

"the dollar is getting destroyed"

uh ... look at a two year chart.

trading range.

Bunkerman said...

Timmy a shill for the banks, too.

Who defends the common man ... besides the Bman.

"Poesy" in action.

Frosty said...

Sal you need to cool the anti USA USA USA people drive me are with us or against us.

Bud said...

“Charity degrades those who receive it and hardens those who dispense it.”

who said that Bman ???

Bud said...


defender of the common man...............give me a f'ng break..............the destruction of the greenback will lead to mega-inflation

that's can cheer your portfolio.........just spare me the teddy roosevelt bs

common man will be goin thru garbage cans to feed his're cheering on QE2.......defending your portfolio

mfl59 said...

is Bud a mouthpiece for a certain vodka drinking playboy? What say you Spin?

Bunkerman said...

don't know, Bud ...

It's false, anyway.

Bunkerman said...

at least in general; may be true in some instances.

Bunkerman said...



Wonder when it's gonna start?

Could be lots of inflation overseas in emerging markets, but all they have to do is buy US stuff to control it.

Frosty said...

have you checked the spot price for afgans?