Philip Gvinter
Philip Gvinter
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Why 'Operation Twist' Is Especially Stupid: There's No Lack Of Short-Term Financing [View article]
Why 'Operation Twist' Is Especially Stupid: There's No Lack Of Short-Term Financing [View article]
The reduction of regulation argument is different. One can argue that reduced regulation will motivate corporations to hire and grow market share. However, one can also argue that increased regulation creates new jobs. A perfect example is environmental regulations. If the regulations call for a reduction of emissions which require new equipment the purchase of the equipment will stimulate the economy and create jobs for the manufacturers, distributors and service providers who take care of the equipment. I personally lean towards the second argument but there are few hard facts which one can point to which establish which argument is definitively correct.
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
So whom to believe? The foreclosure mess likely will blow over, says one analyst who is baffled that banks - which have every incentive to keep people in their homes - are being accused of all sorts of chicanery. Or, up to 9M foreclosures in the pipeline may face legal challenges, lenders could eat up to $6B and housing Armageddon could ensue. [View news story]
I don't think you fully understand the technicalities of the law. The actual original note must be in the possession of the owner of the debt in order for them to be able to take possession of the collateral for the debt if the debtor defaults and that collateral is a home. This means that an electronic copy of the note is not sufficient to foreclose. The debt is still owed. But the collateral cannot be seized. The person can still be sued and a lien can be won which would allow for wage garnishment. But this debt could than be discharged in bankruptcy.
This is not a rewrite or reinterpretation of the law. This is simply a matter of requiring all of the parties to honor all of their contractual obligations. One of these obligations is the appropriate handling of the actual loan file. If the bank/investor/owner does not live up to this obligation they lose their secured interest in the collateral.
You are right that almost any mortgagor can try to challenge the enforceability of their mortgage contract by attempting to verify that the current owner of the mortgage payment stream, as represented by the servicer has possession of the original paper note. If they do not than the homeowner can get the mortgage cleared off from the property and renegotiate as they would now only face damage to their credit rather than the damage to credit and loss of home they would have previously faced.
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
Foreclosure Moratorium: What Does It Mean for the Housing Market? [View article]
So whom to believe? The foreclosure mess likely will blow over, says one analyst who is baffled that banks - which have every incentive to keep people in their homes - are being accused of all sorts of chicanery. Or, up to 9M foreclosures in the pipeline may face legal challenges, lenders could eat up to $6B and housing Armageddon could ensue. [View news story]
So whom to believe? The foreclosure mess likely will blow over, says one analyst who is baffled that banks - which have every incentive to keep people in their homes - are being accused of all sorts of chicanery. Or, up to 9M foreclosures in the pipeline may face legal challenges, lenders could eat up to $6B and housing Armageddon could ensue. [View news story]