RE: Obama proposes new task force to tackle investigation of banks' mortgage lending practices

RE: Obama proposes new task force to tackle investigation of banks' mortgage lending practices (Full Version)

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Edwynn -> RE: Obama proposes new task force to tackle investigation of banks' mortgage lending practices (1/26/2012 9:10:51 AM)
quote: Edwynn, you go right on believing your fanatical beliefs, including that no one but you can possibly understand what is going on. Don't flatter yourself, even in such back door fashion. The fact that you (and another) cannot comprehend what has been said does not mean that I am the only one who can figure it out. I am in fact relating what people in the business know. I am using my own education and the input of those much smarter than I in this process, which seems to trouble you greatly. The only ones making all the noise here are the ones who cannot figure it out, no matter how simply stated. Those who portend to be serious about the matter can start with reading about what they apparently missed out on 3-4 years ago. Here's another hint: if you consider university study and training in finance and economics to be "fanatical," then don't waste your time, or mine, any further. The "20% solution" thing was indeed a lark, a play, that seemingly all but you could discern as such. The fact that you keep harping on it as if it had any potential in reality brings greater attention to your faculties than you might wish. This is indeed a serious matter, and your incessant antagonism and jumping on the bed even harder is not making your best case here.

Iamsemisweet -> RE: Obama proposes new task force to tackle investigation of banks' mortgage lending practices (1/26/2012 10:04:55 AM)
Actually the lender does not sign anything but the check. The documents for a home mortgage consist of a promissory note and trust deed, at least in the states I work in. I have never seen a promissory note or a trust deed signed by the lender. But thanks for the lesson in contract law, I will take it for what it is worth. quote: ORIGINAL: Edwynn quote: oh boy.. you know how to twist things around and focus only on what you want to read and see.. Thanks for informing all of your ignorance in contract law. The lender signs the loan too, and is responsible for their decision. Both borrower and lender are responsible for conducting matters that conduce to fulfillment of their obligations. The vast majority of borrowers held up their end to that purpose, the vast majority of lenders did not.

Edwynn -> RE: Obama proposes new task force to tackle investigation of banks' mortgage lending practices (1/26/2012 10:12:11 AM)
Who wrote the loan? Who wrote the contract? Granted, I should have stated it thusly, but the writer of the contract is the counter party. The required stipulation of signature on the part of the party extending the contract is tantamount to their own equivalent bond. A contract is an agreement between two or more parties, including the writer, regardless of signature or not. Contract law. PS No, I'm not an expert in law, not even an expert in finance, I am just close to people who are (the latter). But you are closer to the lawyers, so ask them if any of the documents you mention are contracts or not. Thanks.

Iamsemisweet -> RE: Obama proposes new task force to tackle investigation of banks' mortgage lending practices (1/26/2012 10:25:36 AM)
Who wrote the documents has little to do with it. FNMA issued a form deed of trust that is pretty commonly used, doesn't make them a party to the agreement. It is incorrect to say that a deed of trust is a "contract". A DoT is a securitization document, and is no more a contract than a deed. A promissory note is a unilateral promise, the lender has already performed at that point. The lender's obligation at that point is statutory (reconvey the property once paid), not contractual.

Edwynn -> RE: Obama proposes new task force to tackle investigation of banks' mortgage lending practices (1/26/2012 10:35:04 AM)
Thanks again. Hard for me to fathom something that requires a signature that isn't a contract of some sort, but then again my business law class was more than twenty years ago. Things change. In any event, somebody somewhere down the pipe is a counter party.

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