Will We Be Seeing the Loss of Private Property Ownership Rights on a Mass Scale?
Pamela Seley has made some great points here. I certainly worry frequently about the shrinking number of adults who will be able to own their homes any time in the near future.
And, the MERS issues are huge.
Read on, for some interesting and sobering information regarding the growing foreclosure crisis which will be around for years and years to come.
Recently I attended a workshop on the foreclosure crisis and what defense homeowners, who are or may be facing foreclosure, may have to save their homes. Homeowers are the very core of our residential real estate business; they are our clients, the consumers whom we serve.
This workshop was of particular interest to me coming on the heels of the MERS' questionable, if not downright illegal, practices of cheating local counties out of recording fees, and the robo-signing perpetuated by the Big Banks, and the subsequent, voluntary moratorium on foreclosures by GMAC, Bank of America, and others.
Have millions of homeowners been illegally evicted? If so, do homeowners have recourse?
At this moment in time, it is being determined that not only was there illegal paperwork involved, but the FBI is investigating whether there were crimes committed in the foreclosure process. This could get ugly, as maybe it should.
Other fraud perpetuated by the Banks was to the Investors who bought their packaged mortgage securities. For a great read on this topic, see Tim Maitski's post, Banks Committed Fraud on Investors of Mortgage Backed Securities.
The speaker at the workshop, George W Mantor, who has over 30 years experience, actively participating in the real estate business, brought up the most interesting point of the whole day -- the value of private property ownership rights. The mortgage meltdown was years in the making, and now looks as if private property ownership rights may be losing ground in the battle between big government and big banks, on one side, and the American homeowner on the other.
The following are two websites involved in helping homeowners fight back.
http://www.foreclosurehamlet.org/
IMHO, the banks cannot be allowed to get away with their past, illegal practices and improper paperwork on millions of mortgages. BANKS ARE NOT TOO BIG TO FAIL. BANKS ARE NOT TOO BIG to PROSECUTE.
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