10-11-17 Foreclosures USA - Robber Baron Revival Era - from the OAK Discussion Board // Era del Barones Ladrónes en EEUU

Comment by Joseph Zernik, Los Angeles, CA 1 hour ago

 

Foreclosures, USA

Hi Dr Jackson:

While legal theories are of interest, you seem to have missed the main point. The true facts in the matter are that most foreclosures in the USA in recent years were conducted through what is alleged as Fraud on the Courts - with no valid mortgage records ever produced by the banks, by collusion of the state court judges and large banks.

Moreover, such conduct was eventually brought recently to an end - not by the judges, but by large banks - first and foremost among them Bank of America, only after markets were glutted by foreclosed properties.

In short: It is Robber Baron Revival Era - collusion of judges and large corporations in the looting of the American people.

See detailed reports on the matter from mainstream media outlets:

[1] 10-10-08 a) AP - Bank of America Issues Nationwide Moratorium on Foreclosures, b) CNBC - Foreclosure Primer:

http://www.scribd.com/doc/40470701/

Comment by Dr. A. D. Jackson 3 hours ago

A lot has been written lately about foreclosures with images of banks pitching people into the street. Some mortgages were written with that in mind, and one thing taught in law schools is that equity abhors a forfeiture. On occasion we read about a court that actually follows that principle and either reforms or doesn't enforce the agreement to prevent that sort of thing.

For some reason, I thought back to a time before I entered the university. I heard of an immigrant with at most a grade school education who became a banker and headed a local S & L. The Depression came and instead of foreclosing and throwing people into the street- which caused many people to like John Dillinger- he collected rent at a lower rate until the economy improved and then let these debtors resume payments. Mortgagees stayed out of the street, and the S & L survived the Depression. There's a lesson in there somewhere, as "Colonel Chilla" was certainly no MBA.

Andrew