Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Predatory Payback!
Bill Allowing Mortgage Lawsuits Expected to Stir Fierce Opposition - New York Times

House Democrats introduced legislation on Monday that would for the first time let homeowners sue Wall Street firms for relief from mortgages that the borrowers never had a realistic chance of repaying.
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It is a wonderful idea, but the ruling class will never allow it to become law. Maybe it could be entered as a non binding protest bill.

"They" are already acting like the passage of this bill would ensure that everyone lives in the street because no one could afford homes. That sounds like they plan to let business as usual go on while generating huge legal fees for the lawyers.

I just don't know how our grandparents did it. How did they buy homes? Well a decent home could be bought for the price of flooring these days; it was nothing to pay $15,000.00 for a very decent house. They went to banks and gave them ten to twenty percent as a down payment. The bank gave them a mortgage with an average of 2% to 4% interest. Our grandfolks went to the bank every month and paid the mortgage payment, usually with extra for principal because that generation did not like debt. When the mortgage was paid off the bank got into its vault and pulled out the contract, marked it paid, and our grandparents burnt a facsimile of it at a party to celebrate. The original contract marked "PAID" went into the safety deposit box at the same bank that had held the mortgage. No muss, no fuss, few foreclosures.

It is a marked difference from mortgages today, isn't it? In this crazy system no one even knows where the contract is, let alone being able to produce it on demand. A great deal of the time no one can even locate who owns the note. Just try paying extra on principal; it melts their systems down! If you have a problem you cannot go downtown to the bank and talk to a human; instead, the servicers and MERS serve as a standing army to shield the investors/note owners from scary you.

It is a system designed to ensure that borrowers fail. One blip or problem during the span of your mortgage means that you are done and now are food for the predators. They will gut you, strip you clean and then grind up your bones before they are done. You don't even have to have a blip; they may just choose to "age" your payment on their desks one day.

It has to be scrapped completely and some sanity returned to this country. Fiddling with the current system will not help anyone. The good old days were not always so good; our grandparents had harder lives than we realize most times. But in this one issue they had it all over us today. So many of the homes they worked hard to pay for have been lost by their their survivors who simply wanted a small loan to replace the worn flooring. That $10,000 loan cost them everything. A lot of grandparents are spinning in their graves today over this very thing.
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