Maxine Waters: National moratorium on foreclosures

Really,After listening to "we will nationalize you" maxine, is it any doubt why the U.S. is 15 trillion in debt and headed to bankruptcy. She is as economically illiterate as the average 6th grader. Congress is a disgrace. Would any one on this board let maxine or pelosi or the leader of the regime run your company? They can only extort and steal and act like thugs.

"They never anticipated that."

Many of them also never anticipated being thrown out of work for nearly two years.

Maxine from south central. Mrs. Handout if there ever was one. She does represent much of what is wrong...a complete lack of personal responsibility.

Waters consistently embarrasses herself during committee meetings by displaying her lack of understanding of even basic financial matters.

Maxine Waters is clueless and should focus on her ethics violations. Foreclosure-gate has nothing to do with people not affording their mortgages and everything to do with property rights laws and the MERS system.

Does Ms. Waters honestly believe banks stopped foreclosures because they were worried about people who haven't made a mortgage payment in months/years. They're worried about the ability to sell homes they've foreclosed on and Title insurance companies walking from providing coverage while this issue is out there.

This kind of populist pandering is mostly political theater. A lot of her constituents are up to their eyeballs in debt, so she scores cheap points with them by proposing a magical fix. It will never happen.

Maxine Waters doesn't have any solutions, but she isn't a significant part of the problem either.

Sorry West, I have to disagree with you. While she is a recognized whacko that doesn't make her inconsequential.

Her vote makes her at least 1/435th of the problem, and being on any committees increases that proportion even higher. For one person to be even 1/435th of the problem is still pretty huge in any objective way of viewing something the size of our economy.

Wouldn't you rather someone even moderately competent to understand these matters be in her seat? Regardless of what decisions they make or what their partisan leanings, at least they won't waste all the time she does. I would rather hear the views of a reasoned and committed communist than her ignorant rants. At least it would be worth the time to ponder their arguments.

Salient point West81. I might add that CNBC likes putting her on for the explicit purpose of making fun of her and getting good ratings out of it.

The better story is how our property laws got re-worked via MERS without a single law changing on the books. Why wasn't Congress which certaintly has a lawyers on its staff raised this issue. Protecting property rights is a basic function of government going back before the beginning of .. you know..

W81...respectfully disagree. She is part of the political problem that plagues the nation. And, IMO, she is a symptom of what ails the nation at the very least. Personal responsibility is lost at both ends of the economic spectrum.

Laws haven't been changed yet, and that is the problem. The practices have been "automated" without the state/local systems being changes, hence the disconnect and all the present problems.

It is a complicated matter that is both greater and less than it is being made out to be:

Case for Greater - Actual criminal laws were broken by major institutions who knew better. Improper notarization, the signatures themselves on documents upholding their standing in the case (and reviewed by lawyers) when such was not the case, etc. These should be prosecuted or else these checks on the system (and notarizations themselves) mean nothing.

Case for lesser - If there is naught but the VERY odd case of unjust enrichment or mistaken foreclosure then the problem is that the automation hasn't caught up to the old filing systems and one or the other has to be changed (or changed back) to bring them in synch. Tort can be used to correct (and punish) the odd mistake and make a law that loser pays.

Actually the problem was that original title on the loans was never changed. MERS is only acting as agent. There's a real risk the whole practice is in violation of our real property recording system. The big legal opinion supporting the whole process supposedly came from MOODYS with no citation to any real case? To foreclose on someone's property one must have legal title(be the true owner of the lien). And securitizations are supposed to be stand-alone vehicles , so to think they don't own the loans behind the trust is also worrysome.

While securitization is a good thing, apparently the technology may be way ahead of the laws on this one.

walterh7/AvUWS: I agree that a random selection from the supermarket produce section might occupy that seat with greater distinction. On the other hand, you can say the same thing about much of Congress, and Ms. Waters's constituents have every right to put her there. Besides, each well-intended attempt to improve the electoral process seems to collide with the Law of Unintended Consequences.

She does have an interesting history of campaign contributions collecting from the National Association of Realtors and engaging in some questionable politicing on behalf of One United bank.

Didn't anyone see 30 Rock last week?

I'll make it simple. Queen Latifah = Maxine Waters.

Esther
from Sanford & Son

Watch it, sucker!

I don't want to change the electoral process. I happen to like it even with its quirks.

And you are right about the pick of congress critters. It iw why I ignore all the issues regarding "character" about most of the people running for office. I don't care if O'Donnell said she was a witch or if Palladino has a problem with homosexuality, or whether Cuomo is a good father. I care about how they view real problems and solutions to what ails us (and more importantly, whether the cure can or should come from the government).

Most or all of those issues are red herrings anyway. For example, no congressman, mayor or governor has control over Roe v Wade, yet so many are weighed based on whether they are pro life or pro choice. Insanity. (Heck, most don't even realize that overturning Roe V Wade doesn't make abortion illegal.)

What was that Churchill said about democracy? I heartily agree. Too bad we can't be a dictatorship with yours truly as ruler of the known Universe. Oh, how simple things would be.

Alan & Westie, you can come live on my commune with your loved ones.

avuws.
how can we expect better when our politicaians believe the way to get re-elected is to lie and call their oponents taliban dan

http://www.youtube.com/watch?v=EvGDl14z4h4

10023: How did that work out for most of Stalin's favorites?

If laws are like sausages, then are politicians like pigs?

Will there be Kool-Aid?

And Unicorns?

If banks stop foreclosures on individuals, they might stop foreclosures on developers which will lead to increases in shadow inventory as developers will have no pressure on them to move the excess inventory. Just nail the places shut so the elements don't get at it, and wait until the market turns around.

the interesting thing about this thread is that nobody even tries to defend this nonsense. Alpine? ANYONE?