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Sheriff Auctions – Government Auctions.
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Lack Of Rules Caused Property Foreclosures? No, Banks Just Don't Care
The amount of federal laws ostensibly created to shield homeowners and borrowers from predatory or discriminatory lending is mind boggling. Using the dozens of laws in place that had been supposed to protect individuals buying houses and regulate the financial market, it should have been a huge surprise to politicians and regulators once the real estate bubble burst and foreclosure rates skyrocketed - soon after all, this is what all those regulations were sure to protect against, right?
Numerous commentators, politicians, pseudo-economists, and other media proclaimed professionals have pointed out only one (false) trigger of the housing crisis - the lack of regulation on Wall Street, on subprime lenders, and other people inside the genuine estate industry. These identical experts who failed to foresee the collapse, though, can only suggest one remedy - give far more power to the government in the type of far more regulations, more laws, and more bailout programs.
The following is really a partial list of some of these laws and rules that had been put into place particularly to regulate the financial or housing markets, also as a large number enacted for other reasons but which may have relevancy to the great housing market bubble:
Community Reinvestment Act
Department of Housing and Urban Development Act
Equal Credit Opportunity Act
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Fair Housing Act
Homeless Assistance Act
Housing and Community Development Act
Indian Housing Act
National Housing Act
Real Estate Settlement Procedures Act
Truth In Lending Act
Veterans' Disability Compensation and Housing Benefits Amendments
In reality, this is only a incredibly smaller sampling of the Act of Congress that have been produced to regulate the housing marketplace, the financial industry, and mortgage lending in particular. As well as banking acts and laws have been mostly kept out of the above short list, while they're created to control the institutions that provide essentially the most money for mortgages.
It's not lack of regulation of the housing market that caused the foreclosure rate to skyrocket and real estate prices about the country to plummet. The vast number of regulations on banks and lenders and mortgage brokers and appraisers and real estate agents and title businesses had been all supposed to prevent a crisis of the magnitude the country now faces from ever happening.
However it is not the regulations or laws or lack thereof that's the challenge. The genuine dilemma is that banks and financial firms that would like to reap the benefits of their customers face certainly no consequences for fraudulent or predatory actions. This situation where banks own the government which rules over the rest of the individuals within the nation has come about through two principal aspects.
First, access to the courts for homeowners facing foreclosure has been severely restricted. In nonjudicial foreclosure states, homeowners don't even have the right to confront the bank and also the charges against them - the lender is merely able to advertise a sheriff sale of a property, regardless of the borrowers' circumstances or if they've ever missed a payment. And it's going to cost them potentially thousands of dollars to file their very own lawsuit against a bank to stop foreclosure, a cost which quite a few homeowners dealing having a monetary hardship are unable to pay.
But even in states where homeowners ought to be sued in court by the lender, access is still severely restricted. Even discounting the prevalence of “rocket docket” jurisdictions holding 30 second foreclosure hearings and lawyers simply lying to judges so as to push through instances, all of the complex procedural rules have been written to help keep the average person from being able to comprehend how the court method works. And again, if the owners want a fair shot at defending their home, they most typically have to hire an pricey lawyer of their own.
The banks, on the other hand, are easily able to afford high priced lawyers in every state when pursuing foreclosure against customers. The banks and lawyers are the two groups which contribute the most to political campaigns, and it can be no surprise that judges are generally willing to overlook gross deficiencies in lawsuits against borrowers so that you can proceed to auction and eviction far more quickly.
Thus, the banks know that homeowners can not afford the protection of the thousands of pages of laws which can be supposed to protect them. How will yet another few thousand pages of lending laws and regulations make certain a crisis within the housing market never occurs again, if borrowers are still not able to understand the law on their own or afford to hire an individual who does understand?
Second, banks know that they are going to in no way face severe repercussions for their fraudulent lending auctions since they have been given bailout after bailout time immediately after time for decades. Each time there is a slowdown within the economy, the Federal Reserve lowers interest rates along with the politicians borrow or print a lot more cash out of thin air to “stimulate the economy.” In practice, this often means handing out a lot more money to the banks to create even a lot more debt out of thin air.
Thousands of laws have not discouraged predatory lenders from creating money out of nothing, pumping real estate markets full of inexpensive money, after which dumping the worthless investments made from these mortgages onto markets around the world. The most meaningful responses by government to these acts have been decreasing the time homeowners need to prevent foreclosure and stealing trillions of dollars from workers and consumers to hand over to banks.
