Obama Is on the Brink of a Settlement With the Big Banks—and Progressives Are Furious

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97. Boppers, what party or organization should a homeowner trust for an appraisal or determination of

the value of a home?

Homeowners only hoped and expected to purchase a home and mortgage. They trusted their realtors, their appraisers and their loan originators. Many of the people in the housing and lending industries are licensed and are supposed to be regulated.

No homeowner wrote their own mortgage agreement or approved themselves for a loan. The responsibility for lending is with the lender.

Homeowners had no idea that Wall Street banks were running a scam, nor did MBS investors. The Wall Street banks weren’t lending their own money; they used investor money to fund loans so they didn’t care about the mortgages that were sold. The banks were making their money from large fees and commissions on the garbage mortgage backed securities they constructed that were improperly rated AAA by compromised, well compensated and complicit rating agencies.

The Wall Street banks also made money from Credit Default Swaps. They purchased that insurance at sometimes twice the value of the loans. They intentionally constructed securities that were certain to fail so they could collect those Swaps.

The Wall Street banks set up both investors and home buyers to fail so they could profit from the chaos they created. Not only did they collect those Swaps on loans they never funded but the banks collected again when they sold the failed MBS to the U.S. government and the Federal Reserve.

The banks don’t own mortgage loans. The banks aren't owed any money.

Why do you think that document mills and robo-signers exist? The banks left the original mortgage lien sitting in our public land records. The Notes were never properly or legally pledged to the investment Trusts. After the Notes served their purpose - to defraud MBS investors, collect Swaps and collect again from Uncles Sam or Ben, the lien can be used to reconstruct the loans and steal real property from homeowners.

All it takes is a robo-signed Assignment of Mortgage filed in our public land records and the banks or one of the mortgage servicing companies they own can claim to own the loan. All that really happened with the loan is tracked in the banks private land records system, MERS. If the banks had legitimate documents they would have offered and filed them.

The banks scammed trillions of dollars out of investors, homeowners and taxpayers. Strangely, you appear to only have noticed disappointed underwater homeowners.

Traditionally, over decades and generations, homes have risen in value. It was not unreasonable for home buyers to expect their homes to at least hold their supposed value.