'This is an epic problem that the economy hasn't even begun to digest'
Article Source: msnbc.com
from:msnbc.comOld mortgages rise from the dead, haunt homeowners
Seeded on Fri Jan 27, 2012 4:45 AM EST (msnbc.com)
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Lets start by using change dot org petition drives to put a spotlight on the banks that are doing harm. Please sign this petition.
My link keeps disappearing, I call bull@!$%# on you idiots.
Alessandro:
The Newsvine system that hosts the message boards won't let new users post links for a few weeks (I think it's a few weeks). It's a pain when you first start and can't post, but they do it to reduce spamming.
Be patient and you'll be able to post links soon. I realize that's small comfort when it's an issue about which you feel passionately, but that's how Newsvine message boards are set up.
Cheers,
Add into the fireplace the banks as they take old files and resurrect loans that were written off as they hand them over to collection agencies. Consumers are being bombarded and threatened as they try diligently to pick-up their baggage and survive.
This is not the way to clean the slate and get back on track!
Paying off an old loan during a re-finance is clearly the job of the escrow company, not the lender. Why is the lender being blamed?
There is so much anti-lender hysteria, they're blamed for things that are not their responsibility and the media (MSNBC) joins in and fosters this hysteria with un-informed reporting. Reminds me of the old lynchings.
I can't get my hands around this article it makes no sense. The writer should have investigated who the Title Companies were on some of these transactions and questioned them along with their underwriters. All banks receive a title policy during a refinance transaction, if a older mortgage is foreclosing on the property then that title policy would kick in. This makes no sense.