Found an article on market-ticker site which might
interest you guys. Fighting foreclosure, they make
the argument that the derivative insurance (credit
default swap) has already made the bank whole;
and so there is therefore now no grounds for
foreclosure (unjust enrichment and one satisfaction
rule).
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On the one hand, in contract law, the purpose is get multiple parties to do what they have agreed to do, per the terms of the contract, regardless of other circumstances. If one of the parties, for their own behalf, makes arrangements to provide in case of the default of the other party, then that doesn't relieve the first party of their obligation to fulfill the contract, because those other arrangements are not a part of the contract.
On the other hand, it's up to the courts to interpret the law, and so I suppose if one of the parties gets creative about how they see the terms of the contract being fulfilled, and if they can get the court to agree with their interpretation, well then ....
~Tim~
Mon Jan 16, 2012 7:10 pm
eastmn Senior Member
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They're claiming that CWALT has no right to sue or seize cause they're collector and not the owner. Does AIG have any right to recovery with CDSs (it's not insurance)?
Coast, your activism sig reminds me of this article from yesterday:
Chris Hedges: Why I’m Suing Barack Obama
...
Tue Jan 17, 2012 7:23 am
coaster Senior Advisor
Cash: $ 1626.30
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Location: Wisconsin
Boy, I gotta tell ya, there are some really scary things happening in the U.S.A.
Thomas Jefferson is rolling over in his tomb at Monticello, but I wouldn't be too surprised to hear that Lenin in his mausoleum off Red Square is wearing a very big grin.
~Tim~
Wed Jan 18, 2012 2:55 am
LottomagicZ4941 Senior Member
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quote:Originally posted by coaster Boy, I gotta tell ya, there are some really scary things happening in the U.S.A.
Thomas Jefferson is rolling over in his tomb at Monticello, but I wouldn't be too surprised to hear that Lenin in his mausoleum off Red Square is wearing a very big grin.
How bad would things have gotten if the banks were not bailed out?
If you can't afford a 15 year mortgage perhaps you shouldn't have bought the house. BUT the banks haven't educated people on this!!!! So they should eat the losses!!!!! Because of their failure to educate the public.
Home prices are still to high in many areas. To many big fancy houses were made. Many of which should have never have been approved. Instead of home mort ded we should have had a sur tax on big homes to keep homes affordable for the masses.
Home deduction should be eliminated for new home purchases. Faze it out. And if it is kept it should only be on modest homes not unenvironmental ones. If that makes me a commie so be it.
And I'm not an environmentalist cuz if I were I wouldn't commute 20 miles a day to work.
