Denninger: You're Paying Your Mortgage - WHY?

so Karl Denninger at Market Ticker, who has been on top of the "foreclosuregate", asks, as he describes a lawsuit in Texas in which Bank of America is accused of trying to collect on the fully-paid mortgage.

I fully agree with his shouting and screaming in bold letters and capital letters. But alas, none of that matters in non-judicial states where even the real estate attorneys tell you to forget it (unless you are financially able to retain them), and it is unlikely to change any time soon. And the big national banks like Bank of America and J.P.Morgan Chase, acting as the loan servicer or the trustee of the mortgage trust, keep pocketing the houses that they have no title to, as government regulators look the other way.

Now, Denninger's shouting and screaming:

Now comes this lawsuit out of Texas alleging that Bank of America not only tried to collect on a PAID IN FULL mortgage but refused to listen to the fact that it had been paid in full and in fact threatened that the owners were "going to lose their home."

These banks all claim there is no "real problem" with securitization, there are no pernicious issues with paperwork not being in order, it's all on the up and up, yet we continue to see filings like this, and these filings - extreme measures, lawsuits even - come only after reasonable attempts to communicate with these institutions and resolve problems are met with STONEWALLING and games - even when, as is alleged here, there is evidence that the loan in question was paid in full and discharged!

Had enough yet?

This is all "minor paperwork errors" and "nobody has lost their home" (or been unjustly harassed, dunned and threatened for money they do not owe, right?)

AGAIN:

WHY ARE ANY OF YOU PAYING ANY OF THESE BANKS ANYTHING?

WHY ARE STATE REGULATORS AND ATTORNEYS GENERAL NOT FORCING ALL OF THESE LOANS THROUGH THE COURT SYSTEM AND MAKING THESE SO-CALLED ALLEGED "CREDITORS" COME TO COURT AND PROVE THE PROVENANCE OF THEIR CLAIMED "DEBTS" WITH A FULL AND UNBROKEN CHAIN OF ASSIGNMENTS?

HOW MANY MORE TIMES DO WE NEED TO SEE THIS BEFORE IT IS STOPPED?

THE ONLY WAY WE ARE GOING TO GET THESE INSTITUTIONS' ATTENTION, AND THAT OF THE LAWMAKERS AND LAW ENFORCEMENT BODIES IN THIS NATION, IS WHEN THE PEOPLE OF THIS COUNTRY REFUSE TO PAY ANY OF THESE BANKS ONE SINGLE DIME - OWED OR NOT - UNTIL ALL OF THIS CRAP STOPS AND EVERY ONE OF THESE "DEBTS" HAS ITS PROVENANCE PROVED UP IN A COURT OF LAW.

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