Wall Street Firms Blame Home Owners For Foreclosure

Sunday, October 17, 2010, AM | 3 Comments

In one of the previous posts, I said one of the things that has flourished in this lousy economy is the blaming industry. Wall Street executives put the blame on home owners for the foreclosure fiasco. Some said the issue is one of personal responsibility for one’s own debts. Can their blame remove the responsibility from the shoulders of the banks and the “robo-signers” entirely? I don’t thinks so.

The “robo-signers” sitting behind the desks are a disgrace to the financial lending institutions. Robo-signers is the term for bank employees who signed hundreds of foreclosure documents daily without reviewing them. Would we ever know if senior executives were involved as well? Perhaps not.

The time has probably come to look at the whole process of lending money, the bankruptcy and the resulting foreclosures from inside out. There seems to be something wrong about the system. When it is said that it’s a free country, that does not give anybody the right to do as they please.

The rule of law must prevail in a society. It can prevail only when folks respect the law. Folks at any level whether they are working behind the desks in a bank lending and foreclosing on mortgages without looking at the papers or senior executives running the companies must respect and obey the law.

If anyone disagrees, the only way to change a law is by legislation and not by some artificial hooks and nooks which have been going on for too long. It’s about time the Congress of these United States did something about it. Out of court settlement and sending crooks to jail is one thing, but the whole process of lending and potential foreclosing on mortgages must be examined from the bottom up.

Too many folks have been hurt. Too many good and decent folks.

Wall Street’s reaction to the allegations that some banks cut corners while foreclosing on 3 million homes since 2007: Pay your mortgage in the first place.

I don’t disagree with the fact that millions of folks borrowed money according to their wishes instead of their needs. During the times when credit was readily available to almost anybody, they didn’t look deep inside themselves whether they actually needed the amount they were borrowing. They were slaves to their wishes. I guess we all are one time or another. We had captured a genie in a bottle. Whatever loan we wished, we got it.

Folks would say “open sesame” and the financial doors of the nation would wide open to them. They didn’t care for their legitimate needs. I agree with Wall Street executives when they put the blame on the home owners. But that does not remove the responsibility from the lending institutions in general and the “robo-signers and their managers” in particular.

One commenter said…

This is very funny to me. The banks that were bailed out of this mess with little or no consequences are the ones saying “you should be paying your mortgage”. The same banks that took billions only to sit on it to collect investment dollars.

In a Nutshell
Whatever the new financial laws have been put in place recently, I hope they are not just patches but a genuine financial system that is equally implemented on all – may they be lenders or borrowers.

Throw us a like at Facebook.com/doable.finance


  1. 3 Responses to “Wall Street Firms Blame Home Owners For Foreclosure”

  2. By leslie on Oct 17, 2010, 8:36 am | Reply

    SUBJECT: GOLDMAN SACHS EMBEZZLEMENT SCHEME – SECRET SECONDS

    THE LATEST SCAM – ALERT!!! DO NOT WAIT FOR THE FORECLOUSRE MILLS, SERVICERS OR LENDERS TO GIVE YOU FORECLOSURE DOCUMENTS OR ASSIGNMENTS – THEY ARE NOT GIVING YOU EVERYTHING – ORDER A TITLE SEARCH OR GO TO YOUR COUNTY RECORDER TO SEE WHATS BEEN RECORDED ON YOUR PROPERTY ? WE DID AND THIS IS WHAT WE FOUND:

    In May 2005 we deposited and invested $200,000 in Real Property, where we recently found out that $118,800 was embezzled out of our property from Mortgage Lenders and Trust Brokerage Companies, namely Goldman Sachs through an escrow Transaction. The $118,800 in funds was paid to these embezzlers from the Investors unbeknownst that the securitization happened by encumbering our property and making up a fraudulent fake Promissory Note and Deed of Trust.

    See the link for further information: https://fdaaccount.box.net/shared/a1pjz9sz5c

    Or visit my blog at http://bushnellcomplaint.blogspot.com/

  1. 2 Trackback(s)

  2. Oct 17, 2010: Kelly Marsh – 5 Tips For Selecting An Online Graduate Program | Viral Online Marketing Tools
  3. Oct 18, 2010: Tweets that mention Wall Street Firms Blame Home Owners For Foreclosure | doablefinance.com -- Topsy.com

Post a Comment on Content of the Article

 

This is not a billboard for your advertisement. Make comments on the content else your comments would be deleted promptly.

CommentLuv badge








 

 

 

Blog Top Sites Blog Top List Blog Top List
On Top List Blog Log Blogs Avenue