Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for (Full Version)

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pahunkboy -> Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for (12/16/2010 1:25:11 PM)


Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for CITI to get its "act" together"



DarkSteven -> RE: Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for (12/16/2010 2:41:47 PM)

If I've read it right, there is a new law requiring a foreclosing entity to read its own paperwork and affrim that it is correct prior to filing for an instant judgment.  I wouldn;t consider this so much a victory for justice as much as one for decency.

Not so much a beatdown as a "tut tut"!



pahunkboy -> RE: Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for (12/16/2010 3:39:31 PM)

quote:

ORIGINAL: DarkSteven

If I've read it right, there is a new law requiring a foreclosing entity to read its own paperwork and affrim that it is correct prior to filing for an instant judgment.  I wouldn;t consider this so much a victory for justice as much as one for decency.

Not so much a beatdown as a "tut tut"!



I had not thought of that.  Like why wouldn't one read the paperwork they sign?





tazzygirl -> RE: Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for (12/16/2010 9:03:02 PM)

Because they thought they didnt have too, pa. They were signing, in some institutions, 600 affidavits a day. Clearly, no one could read that many and sign them. Which is why so many foreclosures were put on hold. Not reading and then signing them is fraud.



Termyn8or -> RE: Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for (12/17/2010 2:08:42 AM)

FR

As far as I know this is just like suing someone. You are going to court to get it to enforce tort law. You must substantiate your claim of course.

In this case we have a giant as a plaintiff, and the giant is like a bully, "You BETTER be on my side".

It sounds like in this case the judge did his job.

In FL they put pressure on to just forego the court proceeding altogether, and in many cases people really didn't pay. But if I do something for someone whether it is loan them money or perform a service and they fail to pay me I sue them right ? Well the court would want to see proof that I am owed the money right ? It's been fucked up for a long time now, with whoever has the most resources winning alot of cases. Yes it is not always the case but did you notice you only hear about when the little guy wins against the big guy in court ? That is because it is noteworthy. Really, millions of lawsuits are filed every year.

T



DarkSteven -> RE: Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for (12/17/2010 2:39:14 AM)

quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: DarkSteven

If I've read it right, there is a new law requiring a foreclosing entity to read its own paperwork and affrim that it is correct prior to filing for an instant judgment.  I wouldn;t consider this so much a victory for justice as much as one for decency.

Not so much a beatdown as a "tut tut"!



I had not thought of that.  Like why wouldn't one read the paperwork they sign?



That's the whole point, hunky.  The mortgage companies thought they had found a source of easy money.  As long as real estate prices rose, their collateral (the house itself) meant that they could not lose money in making loans.  So the mortgage companies:

1. Sold mortgages to people that were not creditworthy.  In one of the more egregious cases, a gardener making minimum wage was given a mortgage on a home worth some $700k (IIRC).
2. Forced appraisers to make fraudulent appraisals to justify loans.
3. As tazzy said above, had people sign hundreds of papers a day, if not an hour, stating that they had read the papers.
4. Spread the risk by slicing and dicing the loan instruments in collateralized debt obligations (CDOs).
5. Got risk agencies to issue AAA ratings on these pieces of crap CDOs.

In other words, they committed massive fraud.  When the crap hit the fan and RE prices fell, they got the government to bail them out using tax money.  Yep, you and I and all of us paid off the criminals for the crimes they committed, so they could continue to earn seven figure salaries.

The latest problem is that these greedy criminals have no way to deal with foreclosures on the scale they have caused.  So they're trying to continue business as usual - rush things through without doing proper paperwork or looking at what they've done - and they were told that they have to actually DO THEIR JOB.




Termyn8or -> RE: Brooklyn Beatdown! Judge Shack Slams Citi "The Court does not work for CITI and cannot wait for (12/17/2010 3:45:31 AM)

And what happens now DS ? They want what they can afford to hold onto and reap a bit more in the future. It'll probably take 6 - 8 years before prices get back up into the reasonable range so now I see they are going to have to pick and choose. In time they'll be sitting on alot of properties and once the time is right they will again make money renting the money to buy it to those who want it. Thus the process repeats, unless the system collapses.

Damn shame, alot of us are sharp enough to see the scam, but dammit, to come up with the scam was impressive. Eventually we will, by inflation and deflation, wake up as serfs and paupers in a land that was fought and died for. Jefferson was right.

T



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