Comments on: Buying a Home in the Midst of the Bush Depression — and Marcy Kaptur’s Squatting Option http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/ Firedoglake weblog Sat, 18 Feb 2012 08:28:03 -0600 hourly 1 http://wordpress.org/?v=3.1.2 By: klynn http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1814676 klynn Sun, 01 Feb 2009 17:47:33 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1814676 <p>As an Ohioian, I love Kaptur’s approach. This starts happening nationally, I would imagine the banking industry will be turned on it’s head and start begging for regulatory measures.</p> As an Ohioian, I love Kaptur’s approach. This starts happening nationally, I would imagine the banking industry will be turned on it’s head and start begging for regulatory measures.

]]> By: mookieblaylock http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1814617 mookieblaylock Sun, 01 Feb 2009 16:16:20 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1814617 <p>and the friggin countrywide dude in charge made like 400 million, sick</p> and the friggin countrywide dude in charge made like 400 million, sick

]]> By: masaccio http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1814435 masaccio Sun, 01 Feb 2009 14:55:32 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1814435 <p>Yes, the note strategy is applicable in deed of trust states. My comment at 21 explains why. The issue is who holds the note, not the way the security interest in the house is set up.</p> Yes, the note strategy is applicable in deed of trust states. My comment at 21 explains why. The issue is who holds the note, not the way the security interest in the house is set up.

]]> By: runfastandwin http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1814165 runfastandwin Sun, 01 Feb 2009 07:06:04 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1814165 <p>I am a liberal Deomcrat, but I can’t for the life of me understand how it is fair to people who bought a house they could afford, and are making the payments, to give those who can’t make the payments, either a write down of the mortgage, or an interest rate below market. Look at it this way: say my neighbor and I each bought roughly the same house, at the roughlysame time, for roughly the same amount, with roughly the same mortgage. I make all my payments on time. He, on the other hand and for whatever reason, can’t. Let’s say we live in California and the houses were both bought for, say, 800,000. Let’s say the bank is forced to write his value down to 500,000. Let’s say we both sell our houses in 10 years, again for the same price, say for 500,000. At that point I owe 600,000, he owes 300,000. He would receive a 200,000 windfall, paid for in part by me. I would have to pay 100,000 to get out. I can promise you he won’t be at my door, offering to pay the 100,000 out of his profit. How is that in any way fair? It’s not.</p> <p>The only way out of this mess is for a judge to look at each and every case individually. If a criminal act was committed, then the criminal should be made to make the victim whole. If the government contributed to the criminal act, either by way of failing to enforce the law, or actively assisting the criminal, then the government should be made to pay an amount equal to their share in the crime.</p> <p>Just making a blanket law that says anyone in trouble gets their interest or their loan reduced, is wrong.</p> <p>Although, if I thought I could get away with it, I would stop making my payments and say produce the note, as well. If the bank screwed up so bad that they cannot prove they own the mortgage, then I guess there’s not much to say other than, the homewoner basically won the lottery…</p> I am a liberal Deomcrat, but I can’t for the life of me understand how it is fair to people who bought a house they could afford, and are making the payments, to give those who can’t make the payments, either a write down of the mortgage, or an interest rate below market. Look at it this way: say my neighbor and I each bought roughly the same house, at the roughlysame time, for roughly the same amount, with roughly the same mortgage. I make all my payments on time. He, on the other hand and for whatever reason, can’t. Let’s say we live in California and the houses were both bought for, say, 800,000. Let’s say the bank is forced to write his value down to 500,000. Let’s say we both sell our houses in 10 years, again for the same price, say for 500,000. At that point I owe 600,000, he owes 300,000. He would receive a 200,000 windfall, paid for in part by me. I would have to pay 100,000 to get out. I can promise you he won’t be at my door, offering to pay the 100,000 out of his profit. How is that in any way fair? It’s not.

The only way out of this mess is for a judge to look at each and every case individually. If a criminal act was committed, then the criminal should be made to make the victim whole. If the government contributed to the criminal act, either by way of failing to enforce the law, or actively assisting the criminal, then the government should be made to pay an amount equal to their share in the crime.

Just making a blanket law that says anyone in trouble gets their interest or their loan reduced, is wrong.

Although, if I thought I could get away with it, I would stop making my payments and say produce the note, as well. If the bank screwed up so bad that they cannot prove they own the mortgage, then I guess there’s not much to say other than, the homewoner basically won the lottery…

]]> By: behindthefall http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813953 behindthefall Sun, 01 Feb 2009 04:58:15 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813953 <p>I still haven’t figured out why the idea of using the “bailout” money to pay off the mortgages of people like these is so off-the-wall. We’re throwing around trillions of dollars, and we might be able to do a great deal of good for ten million households at $100,000 each. Adjust the figures to suit … It certainly might prevent a lot of suffering and, since people seem to care about it, <em>expense</em> to society to have people living in their own homes instead of bunking in tent cities and under bridges, gettin sick, turning to crime, removing their talents from the job pool — and on and on.</p> I still haven’t figured out why the idea of using the “bailout” money to pay off the mortgages of people like these is so off-the-wall. We’re throwing around trillions of dollars, and we might be able to do a great deal of good for ten million households at $100,000 each. Adjust the figures to suit … It certainly might prevent a lot of suffering and, since people seem to care about it, expense to society to have people living in their own homes instead of bunking in tent cities and under bridges, gettin sick, turning to crime, removing their talents from the job pool — and on and on.

]]> By: Palli http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813944 Palli Sun, 01 Feb 2009 04:52:27 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813944 <p>That’s our Congresswoman….and she will be there for her communities!</p> That’s our Congresswoman….and she will be there for her communities!

]]> By: Synoia http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813939 Synoia Sun, 01 Feb 2009 04:51:28 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813939 <p>One debt, and its hard to file bankruptcy. Loose the house (a non-recourse loan I hope), and now you hve no debt (no roof either).</p> One debt, and its hard to file bankruptcy. Loose the house (a non-recourse loan I hope), and now you hve no debt (no roof either).

]]> By: Synoia http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813931 Synoia Sun, 01 Feb 2009 04:49:42 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813931 <p>Ohio is a mortgage state, in Ohio one has a mortgage. California is a note and deed of trust state. </p> <p>Is the “show me the note” valid in California? In California Title to the property is hypothecated to the trustee, who is the foreclosing entity, acting on the borrower’s instructions.</p> <p>Is EW of bmaz there to answer this? Or must I ask my attorney (which I will Monday).</p> Ohio is a mortgage state, in Ohio one has a mortgage. California is a note and deed of trust state.

Is the “show me the note” valid in California? In California Title to the property is hypothecated to the trustee, who is the foreclosing entity, acting on the borrower’s instructions.

Is EW of bmaz there to answer this? Or must I ask my attorney (which I will Monday).

]]> By: siri http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813894 siri Sun, 01 Feb 2009 04:31:46 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813894 <p><a href="http://digg.com/politics/Marcy_Kaptur_s_advice_for_those_facing_foreclosure_Squat" rel="nofollow">dugg!</a><br /> awesome, Howie.</p> <p>nighty night all.<br /> :)</p> dugg!
awesome, Howie.

nighty night all.
:)

]]> By: billybugs http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813887 billybugs Sun, 01 Feb 2009 04:29:37 +0000 http://firedoglake.com/2009/01/31/buying-a-home-in-the-midst-of-the-bush-depression-and-marcy-kapturs-squatting-option/#comment-1813887 <p>My replacement is here ,my workday is officially over .<br /> Be back in 30 mins. !!<br /> bye!</p> My replacement is here ,my workday is officially over .
Be back in 30 mins. !!
bye!

]]>