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Forum Post: A Modest Proposal Re: Foreclosures & Bailouts.

Posted 2 years ago on Oct. 3, 2011, 6:16 p.m. EST by SwiftJohn (79)
This content is user submitted and not an official statement

I agree wholeheartedly with two of the specific complaints regarding foreclosures. Accordingly I propose the following language as a way of turning the specific complaints into legal directions. My thinking would be that this be taken as a statement of belief and then moved forward into specific demands, like forcing states to enforce existing laws on financial fraud:

(1) WHEREAS: Wall street firms have taken homes without documents.

THEREFORE: No foreclosure should be permitted in the U.S. unless: a) All original documents can be presented by the party seeking foreclosure; and b) no "document reconstruction," "robo-signing" or other fraud was perpetrated in the production of said documents; and c) the path of title is clear and was not sold to multiple parties; and d) the party seeking foreclosure can present documentary evidence that homeowner modification was attempted and rejected by the foreclosee.

AND All foreclosures previously made in error that violate any of the above criteria are to be rescinded with homes and just compensation being paid to the foreclosee.

WHILE many of the parties seeking foreclosure may object to the loss of property they claim title to we remind them that the decision to bundle mortgages in MERS and to shred original documents turning to fraudulent "reconstruction" practices was theirs alone and not made by the foreclosee. We further remind them that they were bailed out, the homeowners were not.

(2) WHEREAS They have taken bailouts from taxpayers with impunity, and continue to give Executives exorbitant bonuses.

THEREFORE As we do not believe in rewarding failed and incompetent executives even as workers are laid off: a) All institutions receiving bailout funds shall be banned from providing bonuses or other grants to their executives until the bailout loans are paid in full.
b) All individuals who head or chair bailed out institutions, particularly those who were active in said institutions before the crisis and yet remain employed despite manifest incompetence, shall return any and all bonuses received during the bailout period so that the existing loans can be paid down or, if the loans have already been paid back, then the funds are to be donated to serve as a bailout fund for all laid off workers.

3 Comments

3 Comments


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[-] 1 points by DavidA (27) from Brooklyn, NY 2 years ago

Not so "modest" but perfect as far as I can see.

[-] 1 points by revg33k (429) from Woodstock, IL 2 years ago

bravo!

[-] 1 points by gawdoftruth (3698) from Santa Barbara, CA 2 years ago

good ideas...