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Use of Eminent Domain Will Cause Irreparable Damage to Recovering Housing Market

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  • 5pence | | 07 Sep 2012, 04:12 PM Agree 0
    The mortgage contracts aren't legal anyway. The banks broke the contracts at signing by securitization and clouded all the titles they had their hands on. I wish these guys would stop whining and start addressing the real problems. The real problem isn't that SIFMA won't make a profit - it's that the contracts are null and void. No one knows who owns them and if the states stand up and claim them, they are doing you a favor.

    Long-standing black letter mortgage law – the 1872 US Supreme Court precedent Carpenter v. Longan, 83 U.S. 271, at 274, inter alia, which states any separation of the Note from the Deed of Trust is a Nullity. “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity”.
  • TomZeus | | 10 Sep 2012, 07:28 AM Agree 0
    You just have to love schemes on how to side step responsibility for a mortgage (yeah I get it's ugly out there)...but to hear this crap: I was tricked into signing this mortgage or why should I have to pay this back the house isn't worth what it was when I took out the mortgage...well were you tricked into depositing the proceeds from the third and fourth refi mortgage so you could payoff your credit card balances and auto mortgages, or buy cars, motor homes and jet skis or take those great vacations??? Or maybe the excuse was to keep up with the Jones on the home purchase you had to lie on the application to qualify for? Ok I understand

    It'll be interesting to see one of these municipalities move forward on this and then hear the screams when the local citizens can't get a mortgage again in those areas.....oh yeah, the government will come in and say that's Disparate Treatment, you can't charge more for risk in these areas or you have to lend there, you bad lenders are punishing borrowers for the dim witted acts of politicians trying to get votes!
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