READ ALL ABOUT IT! Wall Street Blames Robo-Signing on Homeowners
In a word...WOW. When I read the msnbc article, I almost (almost) couldn't believe it. Wall Street is actually blaming homeowners for the newest fiasco, this robo-signing problem.
Yep, you heard right. It's not the banks' faults, it's the home owners, specifically those that are being foreclosed. What's the the theory behind this? Well, those on Wall Street say that this problem wouldn't have happened if people just paid their bills.
Again...wow. Okay, to put that into perspective, that's like a murderer saying, "well, I wouldn't have shot the guy if he had ducked!"
This 'incident' was never about whether or not those being foreclosed should, or should not, be foreclosed. They were behind on their payments and the banks started foreclosure proceedings.
That's not the issue. The issue is that the lenders did NOT follow the law when foreclosing.
Think about that, as you read what Anton Schutz, president of Mendon Capital Advisers said,
"Everyone's responsible for following the law."
You said a mouthful there, Anton. By everyone, I'm assuming that you mean the banks to, right?
Now, Mr. Schutz says that because he thinks people aren't following the law if they're not paying their mortgage.
HELLO, McFLY! There is nothing illegal about not paying a mortgage. It's a contract, with terms and consequences if you don't pay. Namely, the banks get to foreclose and take possession of the property. The only thing...THEY HAVE TO DO IT LEGALLY!!!
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