congress passes the 'Pigmen Protection Act' on voice vote ...
from a professional investor's BBS ...
(snip)"...which is the law just passed by Congress (and now awaiting Hopey's signature) that will remove all those challenges of "Show me the paperwork!" now being proffered by the deadbeat homedebtors and their lawyers to stave off the foreclosure process.
First the link to the bill:
...which has to have set records for speed of passage and lack of attention by mainstream media. However, the most impressive thing about this legislation is that is less than two pages long.
Now, on to the most important part:
The bill allows for "electronic notarization" to be applied to all these titles which are floating around in cyberspace as part of these MBS/REMICS/CDOs/CDO-squareds/Cubeds.
Which means that the Pigmen can now simply hit the F10 "Confirm Ten Million Titles as Valid" key on their Magic Mortgage Validation Machine and then continue to proceed with foreclosures on the proles.
Furthermore, one has to ponder why Congress--who clearly has plenty of large issues with which to deal--suddenly and seemingly randomly decided to rush through this obscure bill, which doesn't even MENTION McMansions or McMortgages, per se.
Well, the answer is clear:
The Pigmen NEEDED this law to be passed, and pronto, because they were getting their butts kicked in court due to the fact that they have "diced-and-sliced" these mortgages into so many pieces (and didn't bother to properly record the titles when the loans were sold over-and-over) that no one has any clue where the paperwork is.
(Conclusion):Once again we see the awesome power of the Thugocracy (manipulated by the Pigmen) to simply "change the rules" as they go along to suit their needs.
Now, what other laws, rules, precedents, articles of the U.S. Constitution, boundaries of good taste or other former constraints are these goons willing to stomp all over in their pursuit of pure power?
Answer: all of them. "(snip)
... of course, if this bill becomes law it WILL in fact trash states' rights in regard to real estate transfers, notarization laws etc.
(snip)"On it's face, this bill looks simple and would facilitate interstate commerce.
However, despite this appearance, you must not sign it.
Not all that long ago a similar bill was proposed. It essentially nationalized what had been up until then a State's Right - usury laws. These laws set maximum interest rates, and were state-specific.
The credit - that is, bank - industry argued that everyone should have the right to have credit cards on consistent terms, and that this would promote interstate commerce. They won.
What happened?
The Banks then shopped for a couple of states where they could bribe the legislature with a bunch of call centers and jobs. They found South Dakota along with a handful of other states, which had no usury law at all.
By doing this we welcomed into the world the 39% credit card interest rate and destroyed the 50 State's ability to discern that this was an abusive practice that they should not allow anyone to subject their citizens to.
Now the banks are at it again, and they will once again abuse the law.
Once this law is passed they will find some state that needs jobs, and bribe the legislature to enact ridiculously loose notary laws, such that a notary signature will become effectively meaningless.
This law will force every other State in the Union to accept that signature even though it signifies nothing.
Notarization is an extremely important legal protection. It provides verification that the person who is alleged to have signed a document in "wet ink" actually did so, and actually made a personal appearance in front of the Notary.
Further, land titles and land transactions, along with the private property rights that vest thereupon, are inherently a state function, and their protection and verification is also a state function.
We must not allow "foreclosure mills" - or any other scheme - to destroy these protections. HR 3808, while appearing to be innocent and intended to promote commerce, will instead promote and elevate fraud through our financial and land title system."(snip)
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Re: congress passes the 'Pigmen Protection Act' on voice vote ...
Well that is one view. The other side of the coin is that if they didn't do something, the entire foreclosure process would slam to a halt and it would take an additional five years to unwind the current housing mess. In some states there already is a moratorium on foreclosures. Part of extricating ourselves is permitting foreclosures to go forward. Enough people have been living for enough time in homes they can't afford where they have not paid anything on the mortgage. Getting them out and moving the property is essential if we are ever going to see light at the end of the tunnel.
The other footnote is the total failure of all the programs Obama and the Dems put forward to try and help people stay in their homes. None of them have worked. It would have been far better to just let the house of cards collapse and THEN step in to clean up the mess as opposed to continual efforts to prop up a crippled system.
Re: congress passes the 'Pigmen Protection Act' on voice vote ...
Re: congress passes the 'Pigmen Protection Act' on voice vote ...
Quote:
Originally Posted by
Deogol
Just in!
VETOED.
Yep. Obama used his pocket veto and would not sign the bill. Since Congress is not in session they will have to start all over again once they reconvene.
Obama's shorts are showing. He clearly has stepped out in support of rent free living for thousands of people who by all rights ought to have moved out long ago.All he's doing is perpetuating the housing mess. To serve what interest ? To help deadbeats ? To keep foreclosed homes off the market ? To help cloud titles ? He's already proven to be an economic ignoramus but he did go to Law School.
Property is a first year course ! Oh that's right. He never really practiced law.
Re: congress passes the 'Pigmen Protection Act' on voice vote ...
^^^ actually, Barack Obama was part of a landmark legal case against Citibank ... essentially forcing mortgage lenders to write mortgages for subprime inner city applicants if they expected to ever be approved to open new branches / offer new services etc. President Obama was also instrumental in the original lawsuit leading to the Motor Voter law, which now 'guarantees' voting rights for anybody who chooses to walk into a polling place with fake ID. See
But yes the effect of Obama's veto is shaping up to be as follows ...
- underwater / delinquent mortgage borrowers are now guaranteed an additional year's worth of 'free rent' ( on top of the year's worth of time delays that already exist in most states ) if they choose to totally stop making mortgage payments. This is actually 'helping' the US economy in the short term, since this 'free rent' puts an extra $600-1000-more money than that every month into the pockets of the delinquent homeowners that they can then use to buy an IPad, take a cruise, etc.
- the 'repackaging' lenders ( including Fannie and Freddie plus all of the major Wall St. banks ) are no longer sure that they have legal collateral rights. This will in turn result in larger loss write-offs when the paperwork mess is eventually sorted out. It will also result in fewer new loans being approved / written, as these lenders again must 'build capital' in anticipation of future losses.
- packaged mortgage bond holders ( including pension funds, retirement plans etc. ) face a stiff devaluation and/or lack of a liquid market as potential buyers have no way to know whether they are in fact buying a 'secured' debt or an 'unsecured' debt.
- imputed mortgage interest rates will rise rapidly as a result of the devaluation of existing packaged mortgage bonds.
- the cumulative effect on the housing market will be profoundly negative, as both prospective new mortgage lenders and prospectie buyers shy away from 'cloudy title' issues.
Re: congress passes the 'Pigmen Protection Act' on voice vote ...
Quote:
Originally Posted by
Melonie
^^^ actually, Barack Obama was part of a landmark legal case against Citibank ... essentially forcing mortgage lenders to write mortgages for subprime inner city applicants if they expected to ever be approved to open new branches / offer new services etc. President Obama was also instrumental in the original lawsuit leading to the Motor Voter law, which now 'guarantees' voting rights for anybody who chooses to walk into a polling place with fake ID. See
http://www.suntimes.com/news/politic...-law17.article
But yes the effect of Obama's veto is shaping up to be as follows ...
- underwater / delinquent mortgage borrowers are now guaranteed an additional year's worth of 'free rent' ( on top of the year's worth of time delays that already exist in most states ) if they choose to totally stop making mortgage payments. This is actually 'helping' the US economy in the short term, since this 'free rent' puts an extra $600-1000-more money than that every month into the pockets of the delinquent homeowners that they can then use to buy an IPad, take a cruise, etc.
- the 'repackaging' lenders ( including Fannie and Freddie plus all of the major Wall St. banks ) are no longer sure that they have legal collateral rights. This will in turn result in larger loss write-offs when the paperwork mess is eventually sorted out. It will also result in fewer new loans being approved / written, as these lenders again must 'build capital' in anticipation of future losses.
- packaged mortgage bond holders ( including pension funds, retirement plans etc. ) face a stiff devaluation and/or lack of a liquid market as potential buyers have no way to know whether they are in fact buying a 'secured' debt or an 'unsecured' debt.
- imputed mortgage interest rates will rise rapidly as a result of the devaluation of existing packaged mortgage bonds.
- the cumulative effect on the housing market will be profoundly negative, as both prospective new mortgage lenders and prospectie buyers shy away from 'cloudy title' issues.
Add in that the nation's three largest banks have voluntarily stopped foreclosures.
You're right about Obama and his "public interest" sic. practice. I should have said that he never had a private practice.
Re: congress passes the 'Pigmen Protection Act' on voice vote ...
Either way the law went, it's quite the mess. On one hand people have roofs over their heads and some numbers someplace work out for a fat man. On the other hand people are kicked out, lose everything they got, but the numbers on a computer screen work out.
Which one leads to civil war faster?
Re: congress passes the 'Pigmen Protection Act' on voice vote ...
^^^ indeed |
(snip)"True story: A retired couple I know, Brian and Ilsa, own a home in the Southwest. It’s a pretty house, right on the manicured golf course of their gated community (they’re crazy about golf).
The only problem is, they bought the house near the top of the market in 2005, and now find themselves underwater.
They’ve never missed a mortgage payment – Brian and Ilsa are the kind upright, not to say uptight 60-ish white semi-upper-middle-class couple who follow every rule, fill out every form, comply with every norm. In short, they are the backbone of America.
Even after the Global Financial Crisis had seriously hurt their retirement nest egg – and therefore their monthly income – and even fully aware that they would probably not live to see their house regain the value it has lost since they bought it, they kept up the mortgage payments. The idea of them strategically defaulting is as absurd as them sprouting wings.
When HAMP – the Home Affordable Modification Program – was unveiled, they applied, because they qualified: Every single one of the conditions applied to them, so there was no question that they would be approved – at least in theory.
Applying for HAMP was quite a struggle: Go here, go there, talk to this person, that person, et cetera, et cetera, et cetera. “It’s like they didn’t want us to qualify,” Ilsa told me, as she recounted their mind-numbing travails.
It was a months-long struggle – but finally, they were approved for HAMP: Their mortgage period was extended, and the interest rate was lowered. Even though their home was still underwater, and even though they still owed the same principal to their bank, Brian and Ilsa were very happy: Their mortgage payments had gone down by 40%. This was equivalent to about 15% of their retirement income. So of course they were happy.
However, three months later, out of the blue, they got a letter from their bank, Wells Fargo: It said that, after further review, Brian and Ilsa had in fact not qualified for HAMP. Therefore, their mortgage would go back to the old rate. Not only that, they now owed the difference for the three months when they had paid the lowered mortgage – and to add insult to injury, they were assessed a “penalty for non-payment”.
Brian and Ilsa were furious – a fury which soon turned to dour depression: They tried contacting Wells Fargo, to straighten this out. Of course, they were given the run-around once again.
They kept insisting that they qualified – they qualified! But of course, that didn’t help at all – like a football, they were punted around the inner working of the Mortgage Mess, with no answers and no accountability.
Finally, exhausted, Brian and Ilsa sat down, looked at the last letter – which had no signature, and no contact name or number – and wondered what to do.
On television, the news was talking about “robo-signatures” and “foreclosure mills”, and rank illegalities – illegalities which it seemed everyone was getting away with. To top it off, foreclosures have been suspended by the largest of the banks for 90 days – which to Brian and Ilsa meant that people who weren’t paying their mortgages got to live rent free for another quarter, while they were being squeezed out of a stimulus program that had been designed – tailor made – precisely for them.
Brian and Ilsa are salt-of-the-earth people: They put four kids through college, they always paid their taxes. The last time Brian broke the law was in 1998: An illegal U-turn on a suburban street.
“We’ve done everything right, we’ve always paid on time, and this program is supposed to help us,” said Brian. “We follow the rules – but people who bought homes they couldn’t afford get to squat in those McMansions rent free. It would have been smarter if we’d been crooks.”
Now, up to this point, this is just another sob story of the Mortgage Mess – and as sob stories go, up to this point, it’s no big deal.
But here’s where the story gets ominous – here’s where the Jaws soundtrack kicks in:
Brian and Ilsa – the nice upper-middle-class retired couple, who always follow the rules, and never ever break the law – who don’t even cheat on their golf scores – even when they’re playing alone (“Because if you cheat at golf, you’re only cheating yourself”) – have decided to give their bank the middle finger.
They have essentially said, Fuckit.
They haven’t defaulted – not yet. They’re paying the lower mortgage rate. That they’re making payments is because of Brian: He is insisting that they pay something – Ilsa is of the opinion that they should forget about paying the mortgage at all.
“We follow the rules, and look where that’s gotten us?” she says, furious and depressed. “Nowhere. They run us around, like lab rats in a cage. This HAMP business was supposed to help us. I bet the bank went along with the program for three months, so that they could tell the government that they had complied – and when the government got off their backs, they turned around and raised the mortgage back up again!”
“And charged us a penalty,” Brian chimes in. The non-payment penalty was only $84 – but it might as well been $84 million, for all the outrage they feel. “A penalty for non-payment!”"(snip)
(snip)"But Ilsa is quietly, constantly insisting that they stop paying the mortgage altogether: “Everybody else is doing it – so why shouldn’t we?”
A terrible sentence, when a law-abiding citizen speaks it: Everybody else is doing it – so why don’t we?
I’m like Wayne Gretsky: I don’t concern myself with where the puck has been – I look for where the puck is going to be.
Right now, people are having a little hissy-fit over the robo-signing scandal, and the double-booking scandal (where the same mortgage was signed over to two different bonds), and the little fights between junior tranches and senior tranches and the servicer, in the MBS mess.
But none of that shit is important.
What’s really important is Brian and Ilsa: What’s really important is that law-abiding middle-class citizens are deciding that playing by the rules is nothing but a sucker’s game.
Just like the poker player who’s been fleeced by all the other players, and gets one mean attitude once he finally wakes up to the con? I’m betting that more and more of the solid American middle-class will begin saying what Brian and Ilsa said: Fuckit.
Fuck the rules. Fuck playing the game the banksters want you to play. Fuck being the good citizen. Fuck filling out every form, fuck paying every tax. Fuck the government, fuck the banks who own them. Fuck the free-loaders, living rent-free while we pay. Fuck the legal process, a game which only works if you’ve got the money to pay for the parasite lawyers. Fuck being a chump. Fuck being a stooge. Fuck trying to do the right thing – what good does that get you? What good is coming your way?
Fuckit.
When the backbone of a country starts thinking that laws and rules are not worth following, it’s just a hop, skip and a jump to anarchy.
TV has given us the illusion that anarchy is people rioting in the streets, smashing car windows and looting every store in sight. But there’s also the polite, quiet, far deadlier anarchy of the core citizenry – the upright citizenry – throwing in the towel and deciding it’s just not worth it anymore.
If a big enough proportion of the populace – not even a majority, just a largish chunk – decides that it’s just not worth following the rules anymore, then that society’s days are numbered: Not even a police-state with an armed Marine at every corner with Shoot-to-Kill orders can stop such middle-class anarchy.
Brian and Ilsa are such anarchists – grey-haired, well-dressed, golf-loving, well-to-do, exceedingly polite anarchists: But anarchists nevertheless. They are not important, or powerful, or influential: They are average – that’s why they’re so deadly: Their numbers are millions. And they are slowly, painfully coming to the conclusion that it’s just not worth it anymore."(snip)
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