Author Topic: Who Owns Your Mortgage? Well you might be shocked-  (Read 9184 times)

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DefLepGirl

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Who Owns Your Mortgage? Well you might be shocked-
« on: November 24, 2010 05:54:04 AM »
I literally had to read and study this for about 2 hours straight to believe what I was seeing......

http://www.huffingtonpost.com/2010/11/16/mortgage-security-chart_n_784274.html



~I'm not an attorney (nor) do I play one on the internet.. Take everything I *write* as just my personal opinion and experience~

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micahvi

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #1 on: December 16, 2010 03:27:43 AM »
Wow my eyes hurt from that, I don't think I have the same focusing ability that you do.  Kind of like who owns my student loan...  I think it got sold off a couple of times but not near as complicated as this looks.

rob11woods

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #2 on: January 26, 2011 01:39:42 PM »
Quote
Kind of like who owns my student loan...  I think it got sold off a couple of times but not near as complicated as this looks.

well, how complicated did your situation get?
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CreditCardSlayer

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #3 on: November 19, 2011 01:16:26 AM »
The government and the federal reserve used to own your mortgage, then about 10 years ago they let wall street and wall street's investors in to take their place, and that moment in time correlates with the 10 trillion dollar loss in home equity that occurred since then.

CleaningUp

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #4 on: November 19, 2011 03:14:31 AM »
Totally, absolutely, unequivocally, and absurdly incorrect.

nomorecredit

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #5 on: November 19, 2011 03:44:23 AM »
What's incorrect CU?  the article?
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Fighting Irish

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #6 on: November 19, 2011 04:36:20 AM »
The government and the federal reserve used to own your mortgage, then about 10 years ago they let wall street and wall street's investors in to take their place, and that moment in time correlates with the 10 trillion dollar loss in home equity that occurred since then.

That one. One could argue all sorts of things in regards to the mortgage mess, and have at least a degree of accuracy.

But to claim that up to 10 years ago that all mortgages were owned by the government is, to quote CU, "absurdly incorrect."
Dang it, Jim! I'm a nurse, not an attorney!

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CreditCardSlayer

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #7 on: November 19, 2011 06:39:07 AM »
That one. One could argue all sorts of things in regards to the mortgage mess, and have at least a degree of accuracy.

But to claim that up to 10 years ago that all mortgages were owned by the government is, to quote CU, "absurdly incorrect."

The government and the federal reserve used to be directly involved in home mortgages.  Once Glass Steagall was rescinded in late 1999, wall street came in and with their merry band of investors and basically began screwing over the homeowner.

Not just on the balloon mortgage deals, but the penalties and fees became onerous.  One homeowner lost his home over a 13 cent error on a payment.  The loan servicer hit the homeowner with so many penalties and late fees that the homeowner could never check up and eventually they lost their home.

The government and the federal reserve did not want to hammer the homeowner until they were bled drive, but after 2000, wall street and their investors did not give a about the homeowner.

They needed the home mortgages for their fraudulent home securitization deals. Surely you must know about this.

Americans have lost almost TEN TRILLION DOLLARS in home equity over the past 10 years, wall street and their investors are largely to blame.

CleaningUp

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #8 on: November 19, 2011 02:18:26 PM »
<shaking head>

FHA is the only program that was involved in mortgages directly from the US government.  They acted as insurers.

Glass-Stegall removed the wall between investment banking and retail banking, and yes, to the extent that it allowed banks to trade on their own accounts, they helped contribute to the banking melt-down of 2008.

To say that the Federal Reserve was involved shows a consummate lack of understanding of what the Federal Reserve does.

Should you wish to get more deeply into the weeds, the Community Reinvestment Act and the Congressional push to lower the standards set by the FDIC for lending had as much, if not more to do with the debacle than the repeal of Glass-Stegall.

If you wish to continue with your patently political rant, I would strongly advise you to instruct yourself on the facts of matter instead of relying on the press releases of the lunatic fringe.

CreditCardSlayer

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #9 on: November 19, 2011 08:46:11 PM »
The federal reserve prints money, the U.S. government creates rules and guidelines to make sure the made up money is not frittered away.  The U.S. government abdicated their prior role in home mortgages and simply got in the back of the wall street line around 2000.

That's just what happened.  You can begin to cite all of the different groups that are involved, but the backbone of home mortgages went spineless and let wall street create all kinds of fraudulent securitization investments.

The result were irresponsible home loan offers because wall street did not care about that one mortgage, they cared about the exponential profit that that one home mortgage, no matter how ridiculous it was, would generate.

Once the home mortgage was consummated, no new negotiations could be made unless the homeowner was placed in default first because of the wall street "investor" backing the home.

If it was the government and the federal reserve, they both would have a vested interested in negotiating with the homeowner, whereas wall street and their investors did not.  There is nothing really to argue here, I'm just explaining what happened over the past 10 years.

CleaningUp

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #10 on: November 19, 2011 11:16:53 PM »
Broaden your horizon to 100 years and you will find that many of the assumptions that you are making are stunningly incorrect. (Note:  The Federal Reserve was founded in the early 1900s for a very specific purposes, and built on the concepts that Hamilton propounded in the 1830s regarding the necessity of a national bank.)

While I agree with you that the interest in making trading commissions had a part of driving the bubble, you cannot lay that at the feet of the Federal Reserve...indeed the Federal Reserve was warning regularly about the irrational exuberance that was embedding itself in the nation's psyche. The 1980s and 1990s saw both congressional and executive office support of extending the availability of home ownership to a broader slice of the population.  That pressure necessarily, lowered the standards for lending that lead to allowing anyone who could fog a mirror to qualify for a substantial mortgage. 

You can lay at the feet of the homeowner his willingness to take on debt that he could not afford based on his assumption that real estate would continue its meteoric rise. That is neither the government's cross to bear or the cross of the banks or of the investment community.

As for not being able to get a loan modification until one is in default, it certainly is an agonizing place in which to find oneself.

But that goes back to the formation of Fanny and Freddy and the interest in expanding the secondary market for mortgages so as to free up mortgage the mortgage markets for more home purchases.

Again, note that these entities were created in 1938 and 1970, respectively, and involved the securitization of mortgage portfolios for sale in the bond markets.

For decades, Fannie and Freddie made it possible for the middle class of our nation to become, in fact, the middle class. Fannie was brought to you by none other then Franklin D. Roosevelt as part of his New Deal.

Before you continue your ranting, it is wise for you to get a full view of the who, what, where, when, why, and how's of what has become known as our national banking failure. 

It is also wise for you to come to grips with what policies have been pushed by which side.  As you do this, you may just well come to see that there are not as many boogie men as you would like to think, and that there is a baby in the bathwater that you are trying to throw out.

You may also find out that the boogie-men that YOU see are not boogie-men, and that YOUR heros stand firmly in their place.

Take off the ideological blinders and ditch the irrational anger.  The college loan that you took out and now must repay is a college loan that you took out and now must pay, and the mortgage on which you are being foreclosed is being foreclosed because you cannot...and possibly could never...honor.

« Last Edit: November 19, 2011 11:21:06 PM by CleaningUp »

CreditCardSlayer

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #11 on: November 19, 2011 11:50:41 PM »
The last ten years have produced nearly 10 trillion dollars in lost home equity. This coincides with the government and the federal reserve stepping aside and letting wall street create digital financial products that were so easy to replicate that wall street could not satiate it's own desire to create more and more financial products hinged together by slicing tiny pieces of various home mortgages together. If the real truth were known, it would probably reveal that each home mortgage was sliced into 300%'s worth of securitization funds.

Wall Street took over what the government and the federal reserve used to do as a team as late as 1999. The infiltration of wall street into banks that were insured by the FDIC even as these financial goons residing within the banks were not insured, probably is one of the biggest heists against the american people ever perpetrated, but you keep blaming the homeowner.  Perhaps when a doctor prescribes the wrong medicine you would also blame the patient for ingesting the doctors medicine, just as you seem to want to blame the homeowner for the fraudulent products offered by walls street and their fraudulent securitization investment opportunities.

And you appear to be clueless as to what my positions are on home mortgages and student loans so you may want to refrain from the use of the word "you".

CleaningUp

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #12 on: November 20, 2011 01:54:23 AM »
I would suggest that there is a cluelessness to your political screed that fails to recognize facts...you know those pesky little things that trip up the ideologically obsessed.

Perhaps you should do some reading and studying.



CreditCardSlayer

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #13 on: November 20, 2011 02:47:06 AM »
I would suggest that there is a cluelessness to your political screed...

You got screed from Keith Olbermann, didn't you.

cbarnett97

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Re: Who Owns Your Mortgage? Well you might be shocked-
« Reply #14 on: November 20, 2011 03:43:24 AM »
Our current crisis can be traced to certain groups and politicians using the Community Reinvesment Act (CRA) to force banks to take on loans that they would otherwise not have taken. Every step taken from there was the banks reaction to the greatly increased risk.

Now not every decision they made to handle the increase in bad debt was a winner but the roots all go back to that act. And of course there were many other factors but that was the first big stepping stone