The New Banking Scandal

Discussion in 'Current Events' started by Baba gounj, May 17, 2009.

  1. Baba gounj

    Baba gounj pensioner

    This is the story of a Hillsboro, Mo ( Dawn Welsh ) who got involved with our current mortgage mess. She thought and had the documents to prove that she had paid off her mortgage, yet since her mortgage had been resold many times the last bank to hold it claims otherwise. There is an audio link since she was on the phone with a radio station as the sheriff's deputies raided her home.
  2. wkmac

    wkmac Well-Known Member

    There is also a flip side to this as well. Many people have been foreclosed on but a few smart lawyers have stepped in and asked, "produce the paper" meaning the mortgage note. The problem for the mortgage companies is that they've traded mortgage notes like stocks and they've traded some many times the original notes are becoming lost. Most foreclosures are generated off of computer data entires these days and when an account (mortgage) gets moved, the focus has been more on passing the data entires rather than concern for the original paper.

    Last year as this began to become apparent to the moprtgage companies, a panic set in because to compound the situation as mortgage companies went back to the law firms that closed the mortgage and to everyone's horror, the law firms themselves had done a terrible job of record keeping and the required record retention was not met. My wife's firm around this time got requests from several mortgage companies and title companies to conduct full audits of all records and make sure all proper court recording had been done. My wife's firm was AOK in this but it was shocking to learn just how shoddy many firms were acting in accordance with required law.

    Here's a couple of videos that are nothing more than thought provokers. They are not all the answers, just a tip of the iceberg. BTW: Watch Greenspan closely with Jon Stewart. Greenspan was at least honest about the truth that this is not a true Free Market contary to the political myth makers.

    Federal Reserve

    Ron Paul and the Austrian Theory of the Business Cycle
  3. wkmac

    wkmac Well-Known Member

    Banking and the Business Cycle

    Very good review by economist Robert Higgs of this almost forgotten 1937' work on the boom of the 1920's and bust of the 1930's with it's obvious instructive lessons for today. Many thanks to the Mises Institute for re-printing this all but almost forgotten work and for Robert Higgs review.