Posts Tagged ‘bailout’

Verify Mortgage Accuracy

October 20, 2010, the New York state court system said lawyers for lenders must present a signed statement that the papers they file for foreclosures are accurate. Of course, attorney statements should always be truthful – accurate – to the best of their knowledge. This new measure is more of a “stop and think about it” nudge than anything else.

This news comes when we’re also hearing the bailout of Fannie Mae and Freddie Mac might cost taxpayers up to $259,000,000,000 (that’s billion). We’ve already given them $142,000,000,000 (they’ve repaid $13,000,000,000 in dividends). Other financial companies and the auto industry have cost us $50,000,000,000.

AIG, once considered the most-expensive bailout of all time, cost us only $5,000,000,000. And it might return a profit.

There’s money flying all over the place – if you’re a big company whose CEO’s and employees were not held to the new standard for lawyers representing banks against homeowners; that is, if you could fudge documents without immediately getting caught.

Does this burn you up that you’re paying your mortgage, working long hours – sometimes even hating your work – trying to keep up or even get ahead – and also shouldering a percentage of our collective tax burden to clean up extremely selfish and ignominious actions of a few elitists?

I’m not arguing whether or not we should bail out companies or what sort of economic collapse could result if we don’t. I’m just mad that I’m:

  1. paying my mortgage
  2. paying my taxes
  3. paying a bunch of other people’s mortgages lost through securitization, and
  4. keeping dishonest lenders, brokers, and institutions afloat.

Can I say “@#$%^&*”?

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