All foreclosures based upon toxic loans should be immediately halted and nullified!

[Fire Walk With Me]

It is outrageous that banks are able to hold responsible those who were suckered into taking loans based upon bank shell games. The BANKS should be immediately frozen and all who have been injured, immediately and completely released from any responsibility!

[banned from Kos]

1. lol - its only a toxic loan because its in foreclosure or delinquent

Mortgages kept current are not considered toxic.

[dipsydoodle]

2. The BANKS should be immediately frozen ?

You want to shut all the banks ?

Oddly enough that is the perfect solution for redistribution of wealth.

[Chih]

3. What about those of us without toxic loans?

Do we get released from our responsibility too? (Equal protection under the law)

[Lionessa]

4. Too little too late too narrow a scope. We needed a moritorium on foreclosures

three years ago when the BS hit the fan, then the one's without the original loan paperwork and/or the required transfer paperwork should have been immediately discounted to 1/3 their original loan amount or less.

So many have been foreclosed at this point, it's just too late for any except those that aren't seeming to have difficulties paying.

Obama's admin has so dropped the ball regarding any middle class support, and with no alternatives in sight for a better candidate, we're screwed and will continue to be so. I find it just outrageous that Obama is going to the West coast to get money from the 1% and will be entirely ignoring the 99%. Obama = lying sack of crap. Part of the reason I was for him 3 years ago was because I figured he was too new and too young to be so corrupt, my bad.

[Bigmack]

5. The ones without original loan paperwork...

must be invalid.

I'm not a lawyer, but it seems to me if nobody can make a paper trail - without forgeries, thank you - to the original loan, nobody can say who has a right to issue a deed/release/full reconveyance/title for the property.

I don't know why anybody is continuing to pay on their mortgage without knowing if the person/institution you are paying has the right to be paid and the right to grant you the property when the mortgage is paid off.

[Lionessa]

6. In my case it (both continuing paying then allowing foreclosure) was because

the clause in the title papers indicate that MERS could be the conveyer of the loan in the future. Apparently the county and state here are not concerned that over the years though the laws/rules require paperwork to be filed for every bank transfer of the note (which in my case was 5 transfers, none of which were recorded at the county level as required at a cost of $50 for each filing, hence another way the big banks avoid supporting the economy as they should), none of the big banks are filing them until the day before the date for foreclosure auction is filed. I called the county which told me only the original bank loan/lien was filed, so I wasn't too worried. Then I got the foreclosure auction notice, called county again, and surprise! MERS had filed a claim to the lien the day before, and the county clerk told me that every bank along the way was supposed to file an Assignment of Deed from one bank to the next, but that the foreclosure court was too overloaded they just didn't care anymore, and hadn't cared even when it first started (and in that state foreclosures do NOT go through the court unless the homeowner files a complaint, so the homeowner has to be able to afford an atty and all up front fees for such).

[customerserviceguy]

7. Are you talking about toxicity

to the borrower, who freely signed the documents, or to the assignees, who should have known better than to buy them?

I guess I don't feel sorry for those who are left standing when the music stops in a game of Musical Flip this House.