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Originally Posted by baddog
Okay, I will have to plead ignorance. What foreclosures are illegal and what makes them so?
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There are problems with mortgage backed securities being sold to multiple people at once, unclear ownership and several other illegal practices that have been called into question around the country, many with litigation ongoing. Not all foreclosures are illegal of course but they are still actively taking peoples homes knowing that they are in the wrong on at least some of them.
Supreme Court casts doubt on Massachusetts foreclosures.
State accuses Bank of America unit of thousands of illegal foreclosures
Banks hoping to settle with states over mortgage abuses and squash future liability.
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In a February 2011 opinion, Robert E. Grossman, a federal judge on in Long Island, wrote: ?This court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law.?
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How MERS and its bank owners will fare with the attorneys general is unclear. The early term sheet for the possible settlement said only this: ?Issues relating to the use and performance of MERS are reserved for further discussion.? Those further discussions may be taking place now. It?s a good bet that the banks want a comprehensive release from liability relating to MERS.
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US To Sue Big Banks Over Mortgages
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The Associated Press reports, meanwhile, that counties across the U.S. are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.
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More importantly.
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Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies, and judges are blocking banks from foreclosing on homes. The findings by various county registers of deeds have also hindered a settlement between the 50 state attorneys general who are investigating big banks and other mortgage lenders over controversial mortgage practices.
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Banks should not be actively taking homes from people when their entire process has been called into question, they are facing lawsuits from all angles, many foreclosures are being blocked and others have been found as probably or definitely illegal.
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